In November 1998, Watts Griffis & McOuat (WGM) estimated the resource at 20.4 million tonnes grading 5.6 grams gold and 28.7 grams silver per tonne. Since then, Madison has released results from a total of 72 holes.
At the C9 zone, two holes tested deep-seated mineralization that is believed to represent a feeder system for the Western Roscoelite, Black and Central zones.
Hole 164 cut 67.5 metres averaging 2.85 grams gold and 19.1 grams silver, starting at a down-hole depth of 276 metres. Included in this interval was a 25.5-metre section of 4.75 grams gold and 26.2 grams silver.
Hole 177, collared 100 metres southeast of hole 164, intersected multiple zones of mineralization ranging from 0.63 to 4.79 grams gold. The longest intercept cut 48 metres averaging 1.75 grams gold and 5.3 grams silver, starting at a down-hole depth of 177 metres. Included in this interval was a 7-metre section that assayed 4.79 grams gold and 12.7 grams silver.
Hole 173 was collared 250 metres northwest of hole 164 in the Western Roscoelite zone and intersected 43.5 metres averaging 1.4 grams gold and 5.6 grams silver, starting at a down-hole depth of 30 metres. Included in this section was a 3-metre interval of 6.44 grams gold and 6.5 grams silver.
Hole 174 was collared on the same drill pad as hole 173 and drilled towards the west. It intersected 12 metres averaging 2.33 grams gold and 7.6 grams silver, starting at a down-hole depth of 33 metres.
Hole 172 was collared 50 metres east of hole 174 and intersected a gap where faults are believed to have offset the zone to the west.
Madison announced that drilling has also expanded the Central zone. Hole 178 was collared 75 metres south of previously reported hole 146 (39 metres averaging 3.8 grams gold and 62.2 grams silver, followed by 24 metres of 11.8 grams gold and 38.2 grams silver). Hole 178 cut 51 metres averaging 2.46 grams gold and 190 grams silver, starting at a down-hole depth of 26 metres. This included a 12-metre interval that returned 7.72 grams gold and 581 grams silver. The hole ended in mineralization, and the area remains open to expansion.
Follow-up work on a 150-by-50-metre surface geochemical anomaly has further expanded the Central zone to the north and to the east. Trenching, drilling and surface mapping have defined a 1,000-by-100-metre-long extension to the previous dimensions of the Central zone. On the southern end of this zone, hole 176 intersected multiple zones of gold mineralization. Highlights of this hole include a 1.5-metre interval that cut 11.73 grams gold and 4.8 grams silver, as well as a 30-metre section that assayed 1.87 grams gold and 7.2 grams silver, starting at down-hole depths of 19.5 and 136.5 metres respectively.
Assay results from trench 80, situated about 50 metres northeast of hole 176, returned 40 metres averaging 2.82 grams gold and 10.3 grams silver.
Hole 171 was collared 400 metres northeast of hole 164 in the vicinity of trenches 81 and 82. Trench 81 returned 45 metres averaging 3.65 grams gold and 5.4 grams silver, including a 15-metre section of 7.4 grams gold and 4.2 grams silver. Trench 82 returned a 55-metre-long section averaging 1.56 grams gold and 2.7 grams silver.
Hole 171 cut 79.5 metres averaging 1.6 grams gold and 10.2 grams silver, starting at a down-hole depth of 22.5 metres. Included in this interval was a 22.5-metre intercept of 2.87 grams gold and 11.5 grams silver.
Madison says there are indications that mineralization merges in the Central and Black zones, and results from ongoing exploration between the two zones are confirming this geological model.
Holes 180, 181 and 182 have extended the southern limit of the Western Roscoelite zone toward the southwest. Hole 180 was collared 225 metres west of hole 178 and intersected a 9-metre interval averaging 1.47 grams gold and 188.9 grams silver, starting from the surface.
Hole 181 was collared 75 metres southwest of hole 180 and cut 7 metres averaging 1.21 grams gold and 37.1 grams silver, starting at 29 metres down-hole.
Hole 182 was collared 225 metres southeast of hole 180 and intersected a 16-metre interval that averaged 0.27 gram gold and 76.7 grams silver, starting at 21 metres down-hole. This was followed by an 11-metre intercept of 1.06 grams gold and 179.8 grams silver, about 56 metres farther down-hole. Included in this interval was a 2-metre section averaging 3.27 grams gold and 243 grams silver.
Madison is also conducting ground magnetic and very-low-frequency (VLF) geophysical surveys over the Pinuni and Orosa targets. The Pinuni target is about 1 km east of the current drilling, whereas the Orosa target is 2.5 km farther east. Work to date has outlined several strong magnetic anomalies and VLF conductors. Significant alluvial gold resources occur in both areas, and exploration has confirmed that the gold was derived from a local hard rock source separate from the zones drilled to date at Mt. Kare.
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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