The infill drilling program is aimed at boosting the initial resource estimate, which stands at 20.4 million tonnes averaging 2.4 grams gold and 28.7 grams silver per tonne, equivalent to 3.7 million contained ounces gold and 18.8 million contained ounces silver. (With all individual gold assays cut to 30 grams per tonne, the resource is estimated at 20.1 million tonnes averaging 2.4 grams and 28.8 grams silver, or 1.55 million oz. gold and 18.6 million oz. silver.)
Of the 28 holes drilled, 21 tested gaps in the resource model, as well as extensions on the margins of the known resource.
Drill holes 156 and 164 tested the C9 zone, which is believed to represent a feeder structure for the Roscoelite and Black zones. Hole 156 returned 76.5 metres averaging 2.57 grams gold and 6.9 grams silver, starting at a down-hole depth of 189 metres, including a 6-metre intercept of 3.31 grams gold and 3.6 grams silver, followed by a 22.5-metre interval grading 3.02 grams gold and 8.6 grams silver and another 22.5-metre interval, which ran 4.3 grams gold and 10.1 grams silver. The hole was drilled towards the southeast at an angle of minus 75. Assay results for hole 164 are still pending.
Hole 170 was drilled along the northeastern margin of the Central zone, about 400 metres northeast of hole 156. The hole encountered 22.5 metres averaging 1.68 grams gold and 13.4 grams silver, starting at 45 metres down-hole. It was drilled towards the northwest at an angle of minus 45.
Holes 142, 144, 145, 147 and 161 tested the southerly extension of the Western Roscoelite zone and were drilled 400 metres southwest of hole 156.
Highlights from a few of the assay results include the following:
- Hole 142, was drilled towards the northeast at minus 45 and cut 9 metres averaging 1.05 grams gold and 2.9 grams silver starting from a depth of 6 metres. This was followed by a 4.5-metre interval of 1.06 grams gold and 6.1 grams silver starting at 27 metres down-hole. At 82.5 metres down-hole, a 6-metre section assayed 0.61 gram gold and 31.6 grams silver.
- Hole 144 was drilled vertically from the same platform as hole 142 and cut 13.5 metres averaging 2.55 grams gold and 3.4 grams silver starting from the surface.
- Hole 145 was collared about 75 metres to the south of hole 144 and drilled towards the northeast at minus 45. The hole returned a 1.5-metre interval averaging 1.48 grams gold and 12 grams silver starting at a down-hole depth of 139.5 metres. This was followed by a 7.5-metre section grading 3.4 grams gold and 81.4 grams silver starting at 153 metres down-hole.
Madison also tested several areas that, based on previous surface mapping, sampling and drilling, are known to host high-grade gold mineralization.
Holes 165 through 169 were designed to test outcrops of high-grade quartz roscoelite mineralization in areas that had been assigned low-grade values in the initial resource estimate.
Highlights from this series of holes are as follows:
- Hole 165 was collared in the Western Roscoelite zone about 350 metres northwest of hole 156 and was drilled towards the northwest at minus 45. It cut 7.5 metres averaging 10.8 grams gold and 281.2 grams silver starting at a depth of 9 metres down-hole. This was followed by a 4.5-metre interval averaging 1.2 grams gold and 28.7 grams silver starting at 28.5 metres down-hole. At 42 metres down-hole, a 4.5-metre interval assayed 1.07 grams gold and 7.1 grams silver. This was followed by a 24-metre section of 1.44 grams gold and 20.3 grams silver starting at 49.5 metres down-hole. This interval included a 10.5-metre intercept that returned 2.1 grams gold and 8 grams silver.
- Hole 167 was collared on the same platform as hole 165 and drilled towards the northwest at an angle of minus 75. The hole intersected 10.5 metres averaging 1.92 grams gold and 174.9 grams silver starting from a depth of 10.5 metres. This was followed by another 10.5-metre interval, which averaged 27.21 grams gold and 15.8 grams silver starting at 36 metres down-hole. Within this interval was a 1.5-metre section of 184.85 grams gold and 53 grams silver. At 66 metres down-hole, a 46.5-metre section averaged 1.63 grams gold and 21.6 grams silver, including 30 metres of 2.15 grams gold and 32 grams silver. The hole ended in mineralization.
High-grade gold mineralization, which is associated with quartz roscoelite, is a common occurrence in the Roamane fault at the Porgera mine, 15 km to the southwest. High-grade intercepts in a similar style of quartz roscoelite mineralization are reported at Mt. Kare.
About 125 metres north of hole 165, coarse visible gold was found while excavating a drill pad above an east-westerly trending fault on the northern extension of the Western Roscoelite zone. Madison immediately followed up this discovery with mapping and sampling to search for the source. Assay results from outcrop exposures uphill from the drill site returned values of 18.5 grams gold and 7.9 grams gold. Trenching and mapping of this new zone are in progress.
Holes 159, 162 and 163 were designed to test the downward expression of an east-westerly trending structure. Surface mapping of the structure had revealed coarse visible gold. Hole 159 was collared about 175 metres southeast of hole 167 and drilled towards the northwest at minus 80. The hole hit several mineralized intervals, ranging from 1.21 to 2.44 grams gold and extending over lengths of 3 to 39 metres. One intercept assayed 26.35 grams gold and 19 grams silver starting at a down-hole depth of 222 metres.
Holes 162 and 163 were drilled about 150 metres southwest of hole 159 and tested the same structure. They were both drilled from the same platform and oriented to the northwest at dip angles of minus 45 and minus 55, respectively. Hole 162 encountered the structure but returned only anomalous results, whereas hole 163 cut 6 metres averaging 7.9 grams gold and 11.2 grams silver starting at a down-hole depth of 13.5 metres, including included 1.5 metres of 28.5 grams gold and 25 grams silver. At 75 metres down-hole, a 4.5-metre interval averaged 1.07 grams gold and 2.9 grams silver. Madison attributes the variable results to the nugget effect of high-grade coarse gold.
Holes 143, 146, 148, 149, 153 and 157 were drilled to test another area of known high-grade mineralization, which the company believes may represent a second east-westerly trending structure. Highlights from this series of holes are as follows:
- Hole 146 was collared about 100 metres south of hole 162 and drilled toards the northwest at minus 65. The hole intersected coarse crystalline gold and assay results returned 39 metres averaging 3.67 grams gold and 62.2 grams silver starting at 27 metres down-hole, and this was followed by a 24-metre interval that assayed 11.77 grams gold and 38.2 grams silver starting at 73.5 metres down-hole. The highlight of the hole was a 9-metre section of 30.19 grams gold and 97.8 grams silver starting at a down-hole depth of 79.5 metres. The high-grade assays were confirmed by pulp and metallic check assays.
- Hole 153 was collared about 100 metres west of hole 146 and drilled towards the northwest at minus 62. The hole intersected 4.5 metres averaging 1.53 grams gold and 44.3 grams silver starting at 16.5 metres down-hole. This was followed by a 31.5-metre section of 1.73 grams gold and 10.3 grams silver starting at 30 metres down-hole, including 10.5 metres grading 3.94 grams gold and 27.1 grams silver.
- Hole 157 was drilled from the same platform as hole 153; oriented toward the north, it was drilled at minus 70. The hole cut 4.5 metres of 1.35 grams gold and 3.4 grams silver starting at the surface, followed by a 16.5-metre section grading 4.35 grams gold and 9.2 grams silver starting at 25.5 metres down-hole.
At 72 metres down-hole, a 12-metre interval averaged 7.42 grams gold and 12.7 grams silver, while, at a down-hole depth of 93 metres, a 4.5-metre section averaged
2.26 grams gold and 2.1 grams silver.
The Mt. Kare project is owned 65% by Madison and 25% by Matu Mining, a wholly owned subsidiary of Australian-listed Carpenter Pacific Resources. Kare-Puga Development, a company representing the Mt. Kare landowners, holds a 10% interest, which will be carried until a production decision is made.
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