Aragon Resources Limited (ASX:AAG) Announce Further Shallow Gold Results From Central Murchison Gold Project
Perth, April 11, 2011 AEST (ABN Newswire) - Emerging gold producer Aragon Resources Limited (
ASX:AAG) is pleased to provide an update to the ongoing exploration for new gold discoveries at the Cuddingwarra and Day Dawn Goldfields of the Central Murchison Gold Project ("CMGP"). Aragon has made considerable progress towards achieving its strategic plan of restarting mining operations from multiple open pit and underground sources. The shallow open pittable gold resource component of the development strategy is being evaluated by ongoing open pit mine studies and exploration for new shallow gold deposits.
Recent exploratory drilling at the City of Chester Prospect confirms the prospects potential to host additional open pit style gold deposits typical of the Cuddingwarra Goldfield. The complete set of assay results has yet to be received however initial highlight results include:
- CDRC0686: 8 metres @ 4.33g/t Au from 66 metres and 1 metre @ 4.2g/t Au from 80.5 metres
- CDRC0684: 7 metres @ 1.2g/t Au from 13 metres
- CDRC0685: 6m @ 0.45g/t Au from 30 metres
Cuddingwarra Exploration - City Of Chester Prospect
Exploratory drilling (28 reverse circulation drill holes for 2,346 metres and 1 diamond tail of 58 meters) completed by Aragon has identified a number of sub-parallel gold bearing shear zones. The recent drilling has intersected subcropping quartz veins within a shear zone over a strike length of approximately 300 meters to a depth of 100 metres. The shallow intersections of 16 metres @ 2.38g/t Au from 36 metres, 7 metres @ 1.3g/t Au from 13 metres and 4m @ 2.4g/t Au from 13 metres indicate that significant gold deposition has occurred at shallow depths within the weathered zone of a strongly sheared mafic host. This mineralised shear zone remains open in all directions. Drill hole CDRC0686 includes a diamond tail where the drill core has intersected a brecciated zone of intense hydrothermally altered mafic unit and disseminated sulphides that has the potential to be the feeder zone of a large primary gold system. The results from the remainder of this drill program will be reported in due course.
Day Dawn - Trenton
Mineralisation at Trenton is interpreted to be analogous to high-grade reefs that exist at Great Fingall and Golden Crown which are located approximately 1.8 km to the north east within the prolific Great Fingall Dolerite (GFD). Earlier drilling completed by Aragon, as previously reported has intersected the quartz reef with gold grades typical of that seen at Golden Crown and Great Fingall i.e. 2.7 metres @ 10.8g/t Au from 344.3 metres and 4 metres @ 4.6g/t Au from 66 metres. Assay data from the Trenton reef suggest a strong nugget affect typical of high grade and coarse gold vein systems. A further program of 2 diamond drill holes (TRRD001 and TRRD002) for 1,360 metres has targeted down dip extensions of the quartz reef and have returned:
- TRRD001: 4.2 metres@ 0.8g/t Au from 430 metres
- TRRD002: 3.7 metres@ 1.4g/t Au from 430 metres
A low grade fractured portion of the quartz reef has been intersected in what is interpreted to be a structural inflection and localized compression resulting from regional stresses. These same regional stresses and localized affects on the quartz reef are also observed at Great Fingall and Golden Crown. Therefore continued high grade reef development is expected outside these zones of localized compression and will be tested with subsequent drill campaigns.
Aragon's current focus is on continued exploration activities across the CMGP with the clear aim to discover new open pittable gold deposits as part of the overall mine development strategy. These continued shallow gold results are highly encouraging and clearly demonstrate the potential of the Cuddingwarra Goldfield to host new open pit style gold deposits.
The next aircore drill program of approximately 18,000 metres is scheduled to commence in late April and aims to test both structural and geochemical targets of the under-explored Mafeking Bore Prospect and further delineate the gold occurrences at the City of Chester Prospect. Further gold results will be reported as they become available.
For the complete Aragon announcement including figures and tables, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/536897.pdf
About Aragon Resources Limited
Aragon Resources Limited (ASX:AAG) is an Australia-based gold, nickel and phosphate exploration company. The principal activity of the Company is the exploration of minerals. Aragon has exploration tenements in Western Australia and the Northern Territory.
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