New Ballarat Gold Corp (NBGC) has now found visible gold in four of six completed diamond drill holes for a total 988 metres at Berringa mine in the Victoria gold fields in Australia.
JOINT VENTURE
The company, planned for listing, is a joint venture (JV) between Red Rock Resources plc (51.1%) and Power Metal Resources plc (49.9%).
The programme aimed to test the down-dip and along-strike extensions of previously mined gold mineralised zones and to improve the structural understanding of the deposit area.
SIGNIFICANT
Most recent reports were of visible gold found in the first three completed drill holes.
The JV today said that visible gold was also encountered in the final hole at 133.55m within a broader circa 30m-wide quartz vein (130.5m to 158m) located some 100m east of the main Berringa line of workings.
“This represents a significantly large quartz vein intercept, and it indicates the likely existence of the eastern and parallel trend of gold mineralisation,” added the partners in a statement.
“Within the final drill hole, due to ground conditions, drilling was terminated at 158m whilst still in the quartz veining meaning the 30m-wide intersection remains open downhole.”
The JV now awaits assay results from the drill programme.