Askari Metals (ASX: AS2) has announced a 28% increase in the mineral resource estimate (MRE) at its wholly owned Burracoppin gold project in the wheat belt region of Western Australia.
The updated resource sits at 2.14 million tonnes grading 1.2 grams per tonne gold (capped) using a 0.55g/t cut-off for 82,700 ounces of gold.
An alternative cut-off grade of 0.3g/t would deliver a resource of 3.6Mt at 0.87g/t for 101,000oz of gold.
RC drill program
The new MRE incorporates 155 reverse circulation (RC) drill holes for a total of 11,496m of drilling.
This comprises 69 holes by Askari for 6,354m and 86 historical holes for 5,142m.
It includes mineralised zones across the Benbur-Christmas Gift, Easter Gift and Lone Tree prospects and highlights the potential for resource expansion via further drilling between Benbur-Christmas Gift and Easter Gift.
Renewed opportunities
Askari director Gino D’Anna said the upgraded resource had presented the company with renewed opportunities to consider Burracoppin’s ongoing development and growth.
“As this project approaches the 100,000oz aspirational target, we see tremendous upside in future drilling programs designed to test a number of previously identified high-priority exploration targets,” he said.
Askari is in ongoing discussions with interested parties regarding potential value-adding transactions.
Recent gold price strength has heightened investor interest in the Burracoppin project.
Historical mining
The Burracoppin project comprises exploration licence E70/5049 across 17.6 square kilometres and adjoining licences E70/5997, E70/5998 and E70/6127.
Historical mining has been recorded at Christmas Gift, Benbur North, Benbur and Easter Gift and the Burgess Find, Christmas Gift and Benbur mines also reported historical ore production of 410 tonnes, 750t and 1030t, respectively.
The workings targeted mineralisation hosted in narrow, steeply dipping veins and fault zones within a sequence of gabbro and granite at or close to its western margin in pelitic sediments.
The Easter Gift workings occur in mafic granulite and metasediments and occupy a similar stratigraphic position to the Christmas Gift-Benbur North-Benbur workings to the north.
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