ASX listed gold explorer Si6 Metals has strategically positioned itself to extend the strike of its Monument gold project in Laverton by kicking off a government co-funded 5000 metre air core drill program where 50 percent of direct billing costs, up to $75,000 will be reimbursed to Si6 by government. The drill program is targeting high level intrusive gold deposits analogous to the seven-million-ounce Wallaby gold deposit, also in the Laverton tectonic zone or “LTZ”.
Air core drilling will look to extend the full length of the Monument gold project from the Two Bills prospect in the north to the southern tenement boundary. The drill program aims to sniff out 25 out of about 60 intrusive targets identified from geophysical interpretation in the prolific Laverton gold district in the north-eastern goldfields.
The company will attempt to determine the distribution of historically identified high level intrusive igneous bodies to identify potential gold mineralisation suitable for bulk tonnage mining based on its geochemical signature. The signature will be analysed by multi element assay, with an end of hole whole rock geochemistry analysis to characterise the rock type. Styles of alteration associated with intrusion related gold mineralisation will be examined through spectral analysis.
The Monument gold project spans a project area of 310 square kilometres in the LTZ and hosts approximately 30 kilometres of relatively untested gold-hosted banded iron formation according to the company. 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 host to numerous other multi-million-ounce gold mines too such as Gold Fields’ eight-million-ounce Granny Smith and Wallaby mines in addition to AngloGold Ashanti’s nine million ounce Sunrise Dam mine.
The governmental exploration incentive scheme co-funding grant that will be reimburse 50 per cent of drilling costs to Si6 was awarded on the back of an aeromagnetic survey flown over the Monument project. That geophysical interpretation identified at least 60 felsic intrusive targets prospective for bulk tonnage gold mineralisation analogous to the Gold Fields owned Wallaby and Jupiter deposits nearby.
Drilling is expected to be completed within two weeks with samples submitted to the lab weekly. The company expects to receive results by mid-November.
With Si6’s key project to be peppered with half price drill holes in proximity to several multi-million ounce producing gold mines, all eyes will be focussed on the company as it seeks to eek out its own golden future for itself in the richly endowed Laverton region.
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