Polymetals Resources latest assays point to a large gold target

Polymetals Resources Ltd (ASX:POL) has received the second batch of assay results from its recently completed 7,320-metre Phase 2 drilling program at its Alahiné Gold Project in Guinea’s Siguiri Basin, West Africa.

POL has now received a total of 54% of samples submitted for analysis.

The Phase 2 drilling program comprised of 98 drill holes, consisting of 94 aircore (AC) and four reverse circulation (RC) holes, for a total of 7,320 metres.

This program tested the prolific artisanal gold workings, areas enclosed by 40 ppb gold-in-soil contour and new priority targets recently identified by the Polymetals exploration team.

The company notes that its exploration activities have been unaffected by recent events in Guinea, which saw the military removal of the president and government, and its exploration work and business strategy remain on track.

Is POL sitting on large target?

Assays received so far are highly encouraging and point to the potential for a very large target.

“The additional results received provide further evidence that the laterite mineralisation mined by the artisanals is a very wide re-mobilisation halo. Although we are in the early stages of exploration, this halo demonstrates the potential for a very large target,” Polymetals supervising geologist Clive Hastings said.

“Now that the gold zone has been defined on several lines of drilling, our next stage will be to infill, specifically targeting the mineralised zone.

“We look forward to reporting the remaining assays from our Phase 2 program which should provide a far greater understanding of the scale of gold mineralisation within the Alahiné licence.”

Highlights of gold intersections reported within the latest batch of assays include:

  • 15 metres at 0.42 g/t gold from 7 metres and 1-metre at 21.40 g/t from 81 metres (hole ended in mineralisation);
  • 14 metres at 1.14 g/t from 58 metres;
  • 1-metre at 7.12 g/t from 97 metres (hole ended in mineralisation);
  • 1-metre at 13.00 g/t from 39 metres;
  • 3 metres at 1.31 g/t from 12 metres, 10 metres at 1.32 g/t from 57 metres, 15 metres at 0.92 g/t from 78 metres and 7 metres at 1.63 g/t from 95 metres;
  • 1-metre at 11.56 g/t from 59 metres (hole ended in mineralisation); and
  • 3 metres at 1.25 g/t from surface.

What’s next

The remaining 46% of Phase 2 assay results are expected at the end of September.

These results will enable POL to plan further drilling at Alahiné, as it looks to extend the oxide mineralisation in addition to the testing of new targets.