Asara Resources hits gold in maiden Guinea drill program
Key points
- Asara Resources hit 38m of oxide gold at its Sogosogoba target in Guinea.
- Shares in the company dropped 8.33% following the announcement.
- The company plans to use the results to build an exploration pipeline beyond its primary deposit.
Asara Resources (ASX:AS1) intersected 38m at 2.1 grammes per tonne gold during maiden drilling at its Sogosogoba target in Guinea.
The maiden reverse circulation drill programme tested the target located 8km northeast of the company's main Massan deposit.
“These early drilling results reinforce our view that there is substantial demonstrated discovery potential beyond Massan and highlight the opportunity to establish additional deposits across the broader Kada project,” said Asara Resources Managing Director Matthew Sharples.
The standout drill hole hit high-grade internal zones, including 5m at 6.1 grammes per tonne of gold from a depth of 48m.
The initial drill results support historical data from 2010, and additional drilling is required to test structural continuity.
Following the announcement, the Asara Resources share price was down at $0.011.
The broader Kada gold project currently holds an estimated resource of 92.9 million tonnes at 0.7 grammes per tonne of gold.
The company stated that its strategy aims to systematically evaluate six drill-ready targets surrounding its existing resource base.
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