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Andrew Todd
Premier1 has unveiled solid gold results from the latest drilling at its Yalgoo gold project in Western Australia, delivering high-grade hits while also revealing a compelling geochemical signature pointing to a potentially different style of discovery.
The company says its multi element analysis now hints at a potential volcanogenic massive sulphide (VMS) corridor emerging at its Carlisle and Olive Queen prospects, just 50 kilometres north of ASX-listed 29Metalsโ world-class Golden Grove VMS mine.
Premier1 says reverse circulation (RC) drilling intersected gold mineralisation outside the existing 13,000-ounce resource at its Wadgingarra prospect, with solid shallow grades that are primed for follow-up.
Results from Carlisle include a 4-metre hit grading 1.88 grams per tonne (g/t) gold from 44m and a thicker 14-metre intersection running 0.84g/t gold from 42m, which included a 3-metre core going 2.82g/t gold.
While the gold hits are more than welcome, itโs the multi-element geochemistry that has managementโs attention.
โThe recent drilling program has highlighted the significant exploration potential across the Yalgoo project.โ
Premier1 executive director Simon Phillips
The company says analysis of drill chips identified a strong VMS pathfinder signature, suggesting the mineralisation could be part of a system rich in base metals such as copper and zinc, in addition to precious metals.
VMS deposits are often found in clusters, as seen at Golden Grove and the company believes a new mineralised corridor may exist in the regionโs north, stretching from the Olive Queen prospect, through Cumberland and Carlisle, then opening to the south.
Further evidence of a large mineralising system has come from the nearby Mt Kersey prospect, where drilling has confirmed even more hydrothermal activity. Gold grades were more modest here, with a best result of 8m at 0.54 g/t gold from 68m. Premier1 says the holes were anomalous in a suite of pathfinder elements.
The early results donโt blow away the competition, but a big, fertile system is precisely what you want to see, as it can often point to higher-grade discoveries lurking close by.
Premier1 executive director Simon Phillips said: โThe recent drilling program has highlighted the significant exploration potential across the Yalgoo project, in particular the identification of a VMS association at Carlisle and the nearby Olive Queen Prospects, which opens up a huge opportunity for the Company to expand the Wadgingarra Resource with relatively simple and cost-effective exploration.โ
The companyโs Yalgoo project covers 266 square kilometres of the tier-1 Yalgoo-Singleton greenstone belt, along strike from 29 Metalsโ Golden Grove operations and wedged between major gold producers Ramelius Resources and Capricorn Metals.
300km away at Premier1โs Abbotts Northโs address, the company has just launched first-ever drilling at its Rochefort gold prospect. The project sits just 35km north of Meekatharra in the historically rich, although relatively underexplored Abbotts greenstone belt.
Notably, the Rochefort prospect lies only 20km along strike to the north of New Murchison Goldโs recently discovered and now producing Crown Prince deposit, which hosts a high-grade resource of 2.2 million tonnes grading 3.9g/t gold for 279,000 ounces.
With drilling whirring away at Abbotts and a new geological model emerging at Yalgoo, Premier1 is now planning to run electromagnetic and induced polarisation surveys at Yalgoo to zero in on the core conductors of its now interpreted VMS system ahead of pivotal drilling.
Itโs often said that the best place to find a new mine is in the shadow of an old one. Premier1 went to Yalgoo looking to build on a known gold resource and has seemingly stumbled upon a geological plot twist that could add a whole new dimension to its project.
While the company continues to expand its gold footprint, the prospect of a potentially gold and base metals-rich VMS system is too good to ignore. If the upcoming geophysics can light up some white-hot drill targets, one drill hole could be all thatโs needed.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
