Savannah Goldfields Limited (ASX:SVG), an Australian exploration company focused on discovering and developing gold deposits, has announced promising results from its recent reverse circulation (RC) drilling program at the Electric Light prospect. The Electric Light prospect is part of the company’s Georgetown Gold Project, situated approximately 20km north of Georgetown in North Queensland and 30km by road from SVG’s Georgetown Gold Processing Plant (GGPP).
The drilling program, comprising six RC holes for a total of 408 metres, targeted gold mineralisation beneath the historic open pit within the Electric Light Mining Lease (ML3548). The highlight of the program was drill hole EL25RC1012, which intersected 7 metres at 9.92 grams per tonne (g/t) gold from 13 metres, including a high-grade section of 3 metres at 16.74 g/t gold from 14 metres. Other significant intercepts include 7 metres at 0.90 g/t gold from 32 metres in hole EL25RC1010, 1 metre at 2.55 g/t gold from 60 metres in hole EL25RC1011, and 3 metres at 1.16 g/t gold from 44 metres in hole EL25RC1013.
The drilling confirms that the gold mineralisation at Electric Light dips to the east and plunges to the south. These results complement historical drill intercepts, including 12 metres at 12.3 g/t gold from 20 metres and 21 metres at 8.4 g/t gold from 20 metres, indicating a consistent and potentially extensive gold system. Savannah also included a complete set of gold assay results from historical drilling by previous explorers between 1980 and 2010 at Electric Light which haven’t been previously released by Savannah.
Savannah Goldfields plans to conduct further RC drilling at Electric Light in November to test the strike and down-plunge extensions of the high-grade gold mineralisation. Two PQ diamond holes are also planned to provide material for metallurgical test work. According to the company, these latest drilling results indicate the potential to increase the Electric Light Inferred Mineral Resource of 388,000 tonnes at 3.70 g/t for 46,000 ounces.
