Brought to you by BULLS N’ BEARS
Murray Ward
The latest round of drilling by Moonlight Resources at its flagship Clermont gold project in Queensland has resulted in a significant expansion in the mineralised footprint to more than one kilometre of strike with the third batch of assays from 37 holes for 6126 metres completed delivering broad and consistent mineralisation.
Notable results from the Phase 2 Reverse Circulation, or RC program include a 24-metre intersection grading 1.22 grams per tonne (g/t) gold from 87m, which held a higher-grade 9 metre core at 1.28g/t gold and a solid 2 metre slice at 4.47g/t gold.
Other significant hits were 19 metres at 1.95g/t gold from 99m, including a solid 6 metre section going 2.29g/t gold, and another 19 metre strike at 1.36g/t gold from 142m that contained a sharp one metre intercept at a high-grade 8.39g/t gold.
Moonlight says the results have confirmed the continuation of the mineralised Leo Grande shear zone to the north and south of the central area, providing a major boost to the scale of the system ahead of a planned maiden mineral resource estimate.Phase 1 drilling at Leo Grande Central earlier this year confirmed the project’s potential with a stellar 40m hit at 1.3g/t gold from surface ending in mineralisation along with 34m running 1.37g/t from a shallow 6m.
‘The mineralised structure extends well beyond the area where most of our drilling has been concentrated to date.’
Moonlight Resources managing director Greg Starr
Moonlight Resources managing director Greg Starr said:“The Phase 2 RC programme has materially advanced our understanding of Leo Grande. What began as a programme to validate historical drilling has now successfully demonstrated a coherent gold-bearing shear system that extends unconstrained over more than 1km of strike, with Leo Grande Central continuing to deliver broad and locally higher-grade mineralisation. At the same time drilling is underway at Goldfinger and Peak Downs, proving an active pipeline of additional discovery opportunities across Clermont while we continue to advance Leo Grande.”
The company, which only listed on the ASX in December last year after a $10 million IPO, has been quick to build momentum across its broader Clermont project in central Queensland’s prolific Drummond Basin. Drummond is credited with a historical production and endowment of more than 6.5 million ounces of gold. Moonlight’s project area covers 268 square kilometres and hosts a pipeline of prospects including Leo Grande, Goldfinger, Petersens and Peak Downs.
While Leo Grande is the company’s main event, Moonlight is also running a maiden RC drilling campaign at its Goldfinger prospect, a compelling high-grade gold target just south of Leo Grande. The company has also kicked off its first drill program at the Peak Downs prospect adding a copper string to its bow.
Moonlight also holds a district scale position at the MacDonnell Ranges REE- Uranium project in the Northern Territory and the Drysdale Project Application in Western Australia also targeting uranium.
The Phase 2 RC program at Leo Grande Central, South and North is now complete and Moonlight is next planning a short diamond drilling campaign to nail down the structural controls of the mineralisation ahead of delivering its maiden mineral resource estimate.
With the final assays from Leo Grande still to come, a diamond rig about to spin the rods to lock in the geology, and drill bits already kissing the dirt at its Goldfinger gold and Peak Downs copper prospects, Moonlight looks to be moving on multiple fronts. As the company marches towards a maiden resource at its flagship discovery and the parallel exploration push across its broader Clermont portfolio it appears the news might be about to potentially hot up and just be getting started.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
From our partners
About the Author
