Savannah Goldfields Limited (ASX:SVG) has announced encouraging results from its recent reverse circulation (RC) exploration drilling program at the Big Reef Extended Prospect, part of the Georgetown Gold Project in North Queensland. Savannah Goldfields is focused on the exploration and development of gold projects in Northern Queensland, aiming to become a significant gold producer in the region. The company owns the Georgetown Gold Processing Plant (GGPP), located approximately 50km north of the Big Reef Extended prospect.
The drilling program, consisting of fifteen RC holes totalling 372 metres, yielded a best intercept of 7 metres at 5.34 grams per tonne of gold from 12 metres downhole, including 1 metre at 26.50 g/t Au from 14 metres. Thirteen of the fifteen drill holes intersected near-surface oxide gold mineralisation. Other significant intercepts included 7 metres at 1.93 g/t Au from surface in hole BE25RC107 and 2 metres at 2.04 g/t Au from 7 metres in hole BE25RC109.
The drilling tested 600 metres of a potential 1,500-metre strike length of the Big Reef Extended shear zone. The oxide zone extends to depths of between 18 and 23 metres, with water intersected in only one hole. These results suggest the potential for delineating oxide Mineral Resources at Big Reef Extended, which could complement the existing Inferred Mineral Resource at Big Reef of 107,000 tonnes at 3.0 g/t Au, containing 10,000 ounces of gold.
Savannah Goldfields plans additional shallow percussion drilling to further assess the gold mineralised shear zone near the high-grade intercepts and to continue testing the Big Reef Extended shear zone along its northwest and southeast extensions. Assay results from drilling at another Georgetown Prospect, Electric Light, are expected in the next two weeks. Preparations are also underway for the commencement of mining activities at Big Reef later this month, focusing on the area of the existing Inferred Mineral Resource.
