Breaker Resources has set a target to identify up to 800,000 ounces in open pit resources on its Lake Roe gold project, 100km east of Kalgoorlie-Boulder, as the Tom Sanders-led gold explorer looks to recover from the hit it took earlier this year on an underwhelming resource announcement.<\/p>\n
The 624,000oz haul Breaker unveiled at its Bombora project in April fell some way short of the 1Moz mark some analysts had expected after a sustained drilling campaign at Lake Roe, backed by more than $20 million in funding from share placements to investors over the past two years.<\/p>\n
Breaker has struck grades up to 257.3g per tonne in extensional drilling at the Bombora prospect in a bid to upgrade its resource.<\/p>\n
Better hits included 2m at 25.93g\/t, 4.72m at 5.4g\/t and 6m at 4.31g\/t, with up to four drill rigs turning to keep the work going in the coming weeks.<\/p>\n
The company said a new mineral resource is being prepared, targeting a bounty of 700,000-800,000 open pit ounces over the next five to nine months.<\/p>\n
Meanwhile, Saracen Mineral Holdings has continued to demonstrate the deep potential of its flagship Karari underground mine at the Carosue Dam gold project.<\/p>\n
Drilling results from outside the mine’s ore reserve returned thick, high-grade extensions, including 16.2m at 16.2g\/t, 14.7m at 10.2g\/t, 19m at 6.3g\/t and 14.4m at 8.3g\/t.<\/p>\n
Saracen managing director Raleigh Finlayson, who has bumped up Saracen’s drilling budget this financial year to a record $50 million, said the results confirmed the company’s belief in the longevity of the Carosue Dam and Thunderbox assets.<\/p>\n
“These results provide further justification of our decision to invest in organic growth,” he said.<\/p>\n
“We are confident that both Carosue Dam and Thunderbox will reward us with further increases in the inventory which will enable us to continue growing production in line with our seven-year plan.” Saracen shares closed down 3.5, or 1.83, at $1.875 yesterday. Breaker shares were unchanged at 24.5.<\/p>\n
These results provide further justification of our decision to invest in organic growth.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kalgoorlie Miner Breaker Resources has set a target to identify up to 800,000 ounces in open pit resources on its Lake Roe gold project, 100km east of Kalgoorlie-Boulder, as the Tom Sanders-led gold explorer looks to recover from the hit it took earlier this year on an underwhelming resource announcement. The 624,000oz haul Breaker unveiled […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1],"tags":[],"yoast_head":"\n