Dacian Gold has revealed results from the recently discovered high-grade Phoenix Ridge deposit, located less than 500 metres north of the Westralia gold mine near Laverton in Western Australia.
The company reported an inferred resource of 481,000 tonnes at 8.1 grams per tonne for 125,000 ounces of gold early in October.
A recently commenced infill drilling program has confirmed the continuity of high-grade gold mineralisation, with latest results including 23.1 metres at 30.2 grams per tonne from 266.9 metres.
With a high-grade shoot lying less than 50 metres into the hangingwall of the main lode, the newly-defined high-grade potential has been unaccounted for in the maiden mineral resource.
Dacian’s executive chairman Rohan Williams said the results were significant because the continuity of the high-grade mineralisation reinforced the potential for Phoenix Ridge to develop into a new, near-term high-grade production source.
The company’s three key focus areas for Phoenix Ridge include the infill program, testing the interpreted near-surface expression of the deposit and testing the hangingwall shoot at depth.
“If the three key focus areas for ongoing drilling focus continue to yield positive results, we are confident there is an excellent opportunity to bring Phoenix Ridge into the near-term production schedule at Mt Morgans,” Williams said.
The resource update for Phoenix Ridge is scheduled for next quarter and expected to underpin the company’s initial estimate.