Veteran geologist Peter Langworthy has been promising to turn Gateway (GML) into a player in WA’s Murchison region ever since he arrived as MD at the former sleepy gold explorer.
Langworthy has now started to deliver on the promise.
Gateway has just announced a maiden resource estimate for the Whistler and Montague deposits at its historic Gidgee project in WA of 3.4mt at 2.2g/t for 240,000oz of gold.
It is a good start for the lightly-capitalised Gateway ($25m at 1.9c a share).
But as might be suspected, the maiden resource estimate is just the start of the story for Gateway.
The maiden estimate obviously does not capture the real potential for additional resource growth at the two deposits which remain open in all directions.
And it needs to be remembered Whistler and Montague represent a small part of the prospective contact of the Montague Granodiorite which runs for some 18km.
That came through in Gateway’s other ASX announcement on Thursday of an “exploration target” being set for the Achilles prospect, which covers four mineralised structures previously thought to be distinctly separate.
It is now believed that they form part of a separate structural domain and are likely to be interlinked by additional structures.
Suffice to say that there are good reasons why Gateway has been able to place an exploration target on Achilles of 1.2mt to 3.4mt at 2.3g/t to 3.4g/t – or between 80,000oz and 370,000oz if you prefer.
That’s more than enough encouragement for Gateway to get cracking on a 16,000m drilling program to turn the exploration target into a resource reality.
Plus, whispers that Newmont is drilling two deep holes in NSW porphyry country fires up interest in neighbour DevEx while initial drilling at PolarX’s potential company-makers offers much encouragement. Read more +