- First deep diamond hole intersects target gold-mineralised Fenton Shear Zone
- Second deep hole underway with drilling of another three holes to come
- DeSoto to carry out high resolution airborne EM survey in October
Maiden drilling to follow up on a historical 20m intercept grading 1.74g/t gold at DeSoto’s Fenton project appears to have intersected the target zone.
The project covers 55km strike of the FSZ, a major regional structure sub-parallel and similar in scale to the gold mineralised Pine Creek Shear Zone (PCSZ).
Some 2.3 tonnes of gold has been produced from the broader Pine Creek Orogen since the 1870s, while the PCSZ contains about 17Moz of recorded gold deposits hosted in a 60km-long and 1km-wide, NW-SE trending belt.
In the mid-1990’s, Homestake Gold (now Barrick Gold) undertook a global search for deposits like the +40Moz Lead gold deposit in South Dakota, leading them to Fenton due to its resemblance to the host rocks and structure found at Lead.
This led to the discovery of gold with the initial 20m drill hit at 1.74g/t from a down-hole depth of 423m.
Subsequent drilling returning hits such as 55m at 0.89g/t gold from 418m including 20m at 1.74 g/t gold from 423m and 17m at 0.71g/t gold from 610m.
In 2022, DeSoto Resources (ASX:DES) carried out a petrophysical study on 15 samples of drill core collected from Homestake holes to develop an understanding of physical properties of rocks in the Pine Creek region and to assist with the interpretation of geophysical field data.
This demonstrated a correlation of pyrrhotite sulphide mineralisation with high magnetic susceptibility, conductivity, and chargeability responses.
It indicated that geophysics, and in particular electrical methods, would be the key to successfully exploration at Fenton.
Data from subsequent induced polarisation and fixed-loop electromagnetic surveys have led to the definition of drill targets for the drill program that is currently underway.
Diamond drilling progressing
The company is currently progressing its initial 3,000m drill program with one diamond hole completed and a second underway, which make up the first phase of deep drilling targeting the gold-bearing FSZ intervals.
The first hole is believed to have intersected the FSZ with a number of shears and faults noted during core logging.
Zones of chloritic and potassic alteration containing sulphides such as pyrite, pyrrhotite, chalcopyrite and arsenopyrite have also been observed.
In addition, the company will analyse intervals of pegmatitic granites for battery mineral potential.
Besides drilling the remaining four holes in this initial program, DeSoto is also on track to start a high-resolution airborne electromagnetic survey in early October.
This survey will infill an existing regional scale Rum Jungle TEMPEST survey over the gold endowed FSZ corridor.
Assays from the drilling will also be received over the coming weeks and months.
This article was developed in collaboration with DeSoto Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Closing Bell: Benchmark can’t get back above water, ASX Emerging Co’s Index down over 5pc this week
Benchmark index down -0.08% on Thursday, despite near 3% rise for Energy stocks All sectors lower bar Materials and Energy … Read More
The post Closing…
G88 wraps up Yuinmery drilling, plans to double down on gold targets
Special Report: Golden Mile Resources has competed RC drilling at its Yuinmery gold project in WA and plans to kick … Read More
The post G88 wraps up…
ASX Small Caps Lunch Wrap: Which little lambs had a lot of Mary Jane this week?
Local markets are up, everyone’s talking about lithium and the sheep in Greece are partying hard. What a Thursday it’s … Read More
The post ASX Small…
News Releases15 hours ago
Omineca Mining & Metals Announces Grant of Incentive Stock Options
Financing News22 hours ago
Barrick Welcomes Nevada Governor Joe Lombardo and His Delegation to Canada
Base Metals12 hours ago
‘Large scale, multi-generational asset’: Sovereign’s Kasiya will be the biggest, lowest cost rutile and graphite producer in the world
Drilling News18 hours ago
Tudor Gold Intersects 55 Meters of 3.35 g/t AuEQ Within 255 Meters of 1.18 g/t AuEQ at the Goldstorm Deposit, Treaty Creek
Economics22 hours ago
EUR/USD: Dethroning King Dollar will be hard
Uncategorized22 hours ago
Weak S&P 500 Buyers, Very Weak
Financing News22 hours ago
Morien Provides Donkin Mine Update
Economics23 hours ago
Credit Card Losses Are Surging At The Fastest Pace Since The Global Financial Crisis