Montezuma Mining Company Ltd discovers two high grade gold zones
Date
9/26/2016 2:25:28 AM
(MENAFN- ProactiveInvestors - Australia)
Montezuma Mining Company Ltd (ASX:MZM) has completed its 30 hole drill program at the priority Jatz gold prospect within the wholly owned Yamarna Project in Western Australia.
The deeper drilling identified two high grade gold zones with assays grading up to 17.5 g/t gold and 15.5 g/t gold in each of the zones.
Semicontinuous gold mineralisation was also identified over a 1 kilometre strike.
Planning is now underway for follow up drilling to test the strike continuity of these zones and for the potential for structural positions where the mineralisation may occur over thicker widths.
Yamarna Project
All prospects at Yamarna lie along strike and within 20 kilometres of the 6.2 million gold ounce Gruyere discovery by Gold Road Resources Ltd (ASX:GOR).
Adding to the prospectively of the area, The Yamarna Greenstone Belt is an under explored province, which is geologically similar to the Kalgoorlie Gold Belt.
Regional aircore drilling has successfully identified three other targets at Yamarna, the Ritz, Ryvita and Le Snak prospects.
Assays
Highlights from the drilling included:
- 2 metres at 9.0 g/t gold including 1 metre at 17.5 g/t gold from 140 metres;
- 1 metre at 1.8 g/t gold from 138 metres;
- 2 metres at 7.9 g/t gold including 1 metre at 15.5 g/t gold from 86 metres; and
- 12 metres at 0.9 g/t gold including 2 metres at 3.5 g/t gold from 126 metres.
Analysis
Drilling has identified two high grade gold bearing structures within the Jatz prospect with one showing semi continuous gold mineralisation along a 1-kilometre strike.
The 1 kilometre of gold mineralisation is open to the north.
Further drilling will provide Montezuma with an opportunity to find the source of the high grade gold intersections.
During August, Montezuma completed a $2.21 million oversubscribed placement to sophisticated and institutional investors.
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