Si6 Metals wasted no time smashing through 4,198 metres of Government co-funded drilling at its Monument gold project in Laverton where 50 per cent of direct billing costs, up to $75,000 will be reimbursed to Si6 by the WA State Government. Of the 126 holes drilled, 50 holes intersected the targeted high-level felsic intrusive rock suite analogous to the seven-million-ounce Wallaby Gold Deposit, also in the Laverton Tectonic Zone or “LTZ”.
The co-funded air core drilling aimed to extend the entire length of the Monument Gold Project from the Two Bills prospect in the north to the southern tenement boundary. The program was designed after 60 fresh targets were identified from a recent geophysical interpretation that was the focus of the recent AC program.
Si6 Metals has sent samples collected from the AC drilling at Monument to the assay lab where they are now undergoing gold and multi-element analysis with end of hole samples analysed to characterise rock type. Alteration assemblages, which are often the result of hydrothermal processes breaking down a primary mineral source and associated with intrusion-related gold mineralisation, will also be tested by spectral analysis with the results expected in 3 to 4 weeks.
The Monument Gold Project spans a project area of 310 square kilometres in the LTZ and according to the company hosts approximately 30 kilometres of relatively untested gold-hosted banded iron formation. The banded iron formation is interpreted by Si6 to be the same unit that hosts Dacian’s two million ounce Mount Morgan gold project. The LTZ is also host to numerous other multi-million ounce gold mines including Gold Fields’ eight million ounce Granny Smith and Wallaby mines in addition to AngloGold Ashanti’s nine million ounce Sunrise Dam mine.
Only 10 per cent of the 30km strike length at the Monument Gold Project has received detailed drill testing with 6 other priority targets identified along the banded iron formations that remain to be tested.
Executive Chairman, Patrick Holywell said:
“It is a great result for Si6 to have completed our maiden AC drilling program at Monument in a swift manner. The program was designed to focus on 60 high priority targets and it is a great result to see that over 50 of the 126 holes drilled intersected the high level felsic intrusives we were aiming for. We look forward to reporting the results and providing an update as soon as possible.”
Having blitzed through the drill program at its flagship project with half-price drillholes successfully intersecting the target rock suite, Si6 looks to be sitting pretty. Nestled in amongst several multi-million ounce producing gold mines and with assay results pending, for Si6 investors it’s a case of watch this space.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
