Australian exploration company Doray Minerals is set to undertake a 3,500 metre drilling program to test multiple gold targets at Mithril’s Duffy Well Gold Project located 30 kilometres east of Meekatharra, WA.
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 and a review of previous exploration at Duffy Well (which comprises reconnaissance RAB and aircore drill traverses with little or no follow-up).
“The targets are typically characterised by zones of structural complexity with coincident bedrock gold (+50ppb) and arsenic (+200ppm) anomalism within wide-spaced drillholes,” the company said in a statement.
“Heritage Clearance Surveys are scheduled to be undertaken late this week with drilling to commence thereafter in September and Mithril looks forward to informing the market once the program starts.”
Doray are exploring the Duffy well under the terms of a Farm-in and Exploration Joint Venture Agreement whereby they can earn an initial 51% by completing expenditure of $300,000 within two years (by November 2017) and can elect 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).