Mithril Resources announced that Doray Minerals has commenced a 3,500 metre Aircore drilling program to test multiple gold targets at its Duffy Well Gold Project located 30km east of Meekatharra.
Doray are exploring Dufy Well under the terms of a Farm-in and Exploration JV agreement that allows the company to earn an initial 51% interest in the project by completing expenditure of $300,000 within two years (by 3 November 2017). The exploration company also has the option to earn an additional 34% interest by completing further expenditure of $200,000 within another year (in total 85% by spending $500,000 over three years).
Duffy Well (EL51/1649) covers the interpreted southern extension of the Gnaweeda Greenstone Belt where Doray has intersected high-grade mineralisation in RC drilling at the Turnberry Prospect, including 3m @ 10.1g/t gold from 149 metres, 5m @ 17.4g/t gold from 71 metres, and 4m 17.9g/t gold from 45 metres.
Mithril said the gold targets have been identified from an interpretation of a newly acquired aeromagnetic data a review of previous exploration at the project.
“The targets are typically characterised by zones of structural complexity with coincident bedrock gold (+50ppb) and arsenic (+100ppm) anomalism within wide-spaced drillholes,” the company told the ASX.
Drilling is expected to be completed by late October, with final analytical results to be available in late November.
