KCN 1.20% 84.0¢ kingsgate consolidated limited.

new gold discovery

  1. 484 Posts.
    lightbulb Created with Sketch. 5
    Good news to all holdes and should prop up the share price against the current negativity...

    Via ASX Online (6 pages) For Public Release
    The Manager
    Announcements
    Company Announcements Office
    Australian Stock Exchange
    Dear Sir/Madam,
    Major new gold discovery in Thai Gold belt
    A major new gold discovery, to be known as Chokdee, has been made in the central Thai gold belt, approximately 20km north of the Chatree gold mine.
    “This discovery has the potential for a new Chatree-size gold system or even larger”, said Kingsgate’s Managing Director, Gavin Thomas. “Ore-grade gold results over wide intercepts in this early drilling stage, supports the Company’s long-held view of a significant new gold belt in central Thailand. Large geochemical gold anomalies with coincident geophysical anomalies like this are the best guide to future open cut gold mining potential.”
    Success came in the first drillholes of a regional drilling campaign on targets within granted exploration leases. Wide zones of significant gold mineralisation with high grade sections were intersected from near surface.
    Best results from the new Chokdee prospect are:
    36.5 metres of 2.9 grams/tonne (g/t) gold,
    including 5.8 metres of 11.7 g/t gold;
    3.2 metres of 21.5 g/t gold; and
    29 metres of 2.0 g/t gold, including 4.4 metres of 7.3 g/t gold.
    A large gold-in-soil geochemical anomaly, covering approximately 30km2, surrounds the area of the discovery, which is larger than the 23km2 anomaly that covers the existing Chatree mine, which has been producing gold for seven years. Chatree grew from an initial resource of just under one million ounces of gold to almost 5 million ounces since the start of mining. Recent resource development drilling has demonstrated that the Chatree resource will increase significantly.
    At Chokdee, the initial drilling is focused on one area of approximately 2.5km x 0.5km of silicification, phyllic and clay alteration zones within the larger gold anomalous zone. The best gold drill results are closely associated with these alteration zones, and numerous rock chip assay results over 1 g/t gold, and up to 108 g/t gold. Banded epithermal veins have been identified (see photo attached) with gold grades of 13 g/t gold. Geophysical resistivity and chargeability anomalies are closely associated with these silicified and mineralised zones, similar to Chatree. Altered zones lie within volcanogenic sediments and andesitic volcanics.
    Drilling of regional exploration targets started recently on granted Special Prospecting Licenses (SPL’s), initially at Chokdee Prospect in Phitsanulok province. This is the first of many drill-ready targets to be tested. The discovery area has been a high priority drill target for Kingsgate, and these results have confirmed the Company’s expectations.
 
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