Westgold Resources Limited (ASX:WGR) Reports High Grade Gold Intercepts at South Fingall Prospect
Perth, Nov 3, 2011 AEST (ABN Newswire) - Westgold Resources Limited (
ASX:WGR) ("Westgold") is pleased to advise its recent drilling has intercepted a high-grade reef structure at the South Fingall Prospect in the Day Dawn Goldfield at its Central Murchison Gold Project (CMGP).
The area has previously been subject to wide-spaced shallow drilling, with a small open-pittable mineral resource of 65,000t @ 3.0 g/t Au defined. Westgold has reviewed the area with regard to the geological setting, structural interpretation and the proximity to the prolific Great Fingall and Golden Crown reef systems.
Westgold believes the area holds potential for additional narrow, moderately dipping quartz lode structures within the basalts in the footwall of the Great Fingall Dolerite unit. A focussed program of RC drilling was completed, with the following significant results returned:
GCRC1359 3m at 16.09g/t Au from 43m
Including 1m at 46.4g/t Au
GCRC1379 3m at 6.4g/t Au from 26m
Including 1m at 13.9g/t Au
GCRC1380 6m at 9.54g/t Au from 37m
Including 2m at 25.95g/t Au
GCRC1382 3m at 10.77g/t Au from 24m
Including 2m at 15.85g/t Au
GCRC1383 4m at 5.25g/t Au from 43m
Including 3m at 6.58g/t Au
The interpretation of the new and previous drilling from this area indicates a mineralised strike-length for the structure at South Fingall of circa 600 metres. The area now shows considerably more open pit potential and that a larger resource may be defined.
Importantly, the drilling has shown that there appears to be an increase in grade within the vein structure at depth which remains open. The results present real potential for additional high grade material which could be accessed in conjunction with the Company's development strategy for the re-start of underground mining at the Great Fingall and Golden Crown lodes. A depletion zone has historically been identified at the nearby Golden Crown reef being non-economic at surface, only reaching commercial grades below 100m vertical depth. Deeper drilling of the area is planned evaluate for depth extensions.
Westgold Managing Director Scott Huffadine said:
"This mineralisation is considered to be structurally related to the nearby Great Fingall Reef which has historically produced 1.2M ounces of gold at an average grade of 19.5 g/t Au and has been shown to continue to at least 1 kilometre in depth.
"We are excited by these early results which indicates both higher grade open pit potential, and points to additional significant high grade reef development in the area."
The Day Dawn Gold field is located approximately 25 kilometres east of the proposed site for the CMGP processing facility at Big Bell, and 1km from the Great Northern Highway, with haul road infrastructure already in place. Westgold's continued strategy is develop several open-pit and underground mines from the many sources in its overall 2 Million ounce Identified Mineral Resource base as feedstock for a new plant.
For the complete announcement including figures and Appendix, please refer to the following link:
http://media.abnnewswire.net/media/en/docs/ASX-WGR-565284.pdf
About Westgold Resources Limited
Westgold Resources Limited (ASX:WGX) is a dynamic and responsible explorer and developer of gold mines operating in the prolific goldfields of outback Western Australia.
Westgold typifies the world-leading mining technology, ingenuity and pioneering attitude that Australia's mining industry is renowned for by uniquely being the owner-operator of its mines and projects.
Our overall business has two main pillars - gold operations in the Murchison region of Western Australia and a specialised wholly-owned underground mining services arm - Westgold Mining Services.
We strive to create wealth for our shareholders with a respectful and grateful manner knowing we are the custodian of their assets and resources.
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