August Drilling Results Highlight Promising Gold Discoveries Globally

In the mining industry, drilling is a key part of the exploration process. By drilling, mining companies can evaluate the potential of their mineral deposits and hopefully build sufficient resources to justify spending millions of dollars to build a mine.

A key metric, “Grade x Width”, is used to evaluate the success of these drill programs, which combines the grade, the concentration of gold in grams per tonne (g/t), with the width of the mineralized interval (measured in metres).

This metric helps investors and companies gauge the economic potential of a mining project.

Key Drill Results from August

In August, several mining companies reported significant drill results.

Notably, Snowline Gold (TSXV: SGD) topped the chart and reported multiple intervals from its Rogue project in Yukon, with high Grade x Width values of 1,122.4 g•m/t and 700.4 g•m/t.

Spartan Resources (ASX: SPR) and Navarre Minerals (ASX: NML) also stood out with bonanza-grade results of more than 32 g/t gold.

Spartan Resources reported an impressive grade of 39.2 g/t over a 27-meter interval at its Dalgaranga project in Australia, yielding a Grade x Width value of 1,057.4 g•m/t.

Similarly, Navarre Minerals announced a remarkable result of 33.1 g/t over 12.9 meters at its Tandarra project, also in Australia, with a Grade x Width value of 427.0 g•m/t. These bonanza-grade results are exceptional and indicate the presence of high-value gold deposits that could significantly boost the economic viability of their projects.

Other notable drill results include:

• i-80 Gold (TSX: IAU) with 10.4 g/t gold over 38.8m from its McCoy-Cove project in Nevada, U.S.
• Santana Minerals (ASX: SMI) reported 8.6 g/t gold over 41.6m from its Bendigo-Ophir project in New Zealand.
• West African Resources (ASX: WAF) yielded 7.27 g/t gold over 45.0m from its Sanbrado project in the West African country of Burkina Faso.
• Sitka Gold (TSXV: SIG) delivered 1.1 g/t gold over 290.5m from its RC project in Yukon, Canada, suggesting the potential for a large, lower-grade deposit.

Overall, these results highlight the ongoing exploration success across various regions, with Spartan and Navarre’s bonanza-grade findings underscoring the potential for significant discoveries in Australia.

FIGURE 1: Top Gold Drill Results in August 2024