Share price booms after Castle hits high-grade | Australian Markets

Fortress Minerals shares soared to 0.04 cents, up as a lot as 60 per cent this morning after hitting paydirt and jagging high-grade gold intercepts up to eight.29 grams per tonne (g/t) in a current drilling marketing campaign at its Kpali gold prospect in Ghana’s Higher West Area.

The company’s latest eight-hole, 1106-metre reverse circulation (RC) drill program intersected shallow mineralisation in each gap, reinforcing Kpali’s potential as a important gold discovery.

The standout outcomes embrace a placing 12m intercept at 8.29g/t gold in a hanging wall lode from simply 25m in depth, with a 6m part working at 11.60g/t gold and a peak intercept of 1m reaching 20.43g/t gold. One other intercept in the identical gap jagged 4m at 4.16g/t gold from 95m in a decrease footwall lode.

Different noteworthy outcomes have been a 9m intercept grading 4.81g/t gold from 107m, which included a 2m chunk at 8.75g/t gold and a 5m hit of 3.66g/t gold from 78m.

The latest hits have turned up some spectacular widths and grades at shallow depths with sturdy continuity, which the company says could considerably improve the possibilities of getting a mine off the ground.

The Kpali gold prospect is developing into a sturdy discovery and is a sturdy indicator that we could also be coping with a new West African gold mining camp in Ghana’s rising northern area.

The outcomes come on the heels of profitable drilling on the close by Kandia 4000 zone, practically 100 kilometres northeast of Kpali, the place Fortress confirmed gold continuity with sturdy intercepts, together with 7m grading 3.36g/t gold from 149m and 5m working at 3.49g/t gold from 82m.

Stone mentioned the area is proving to be a high-potential gold belt. It’s much like the prolific Birimian greenstone belts that host some of West Africa’s largest gold mines, together with Cardinal Sources’ 5.1-million-ounce Namdini gold deposit.

One other project with multi-million-ounce appeal within the area is Azumah Sources’ 2.8m-ounce Black Volta gold project whose high-grade Julie deposit is instantly alongside strike from Kandia.

Fortress says its Kpali project is shaping up as a prime candidate for large-scale useful resource development. The company is concentrating on an initial one-million-ounce gold useful resource throughout a number of prospects, together with the Bundi, Kpali East and Wa South prospects.

Following its latest drilling successes, Fortress is gearing up for an aggressive follow-up exploration program to conduct step-out drilling at Kpali and the Bundi prospect – the place the company’s drill bit jagged 2m at 9.09g/t gold for 68m and 6m working at 3.32g/t gold from 37m. It needs to additional perceive the useful resource potential and search for further high-grade zones.

Ghana is richly endowed with multi-million-ounce gold discoveries, together with Gold Fields Ltd’s 15m-ounce Tarkwa mine. With its established infrastructure and a secure and mining-friendly jurisdiction, the underexplored nation is a scorching favorite with exploration firms.

With the gold price at the moment at traditionally sturdy ranges, the timing for exploration and development couldn’t be higher. And if related outcomes keep pouring in, Fortress’s latest discovery may mark the start of a new gold district in West Africa.

The early indicators counsel the company is properly on its approach.

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