Olympus Hits Higher Gold Grade At Jugan Hill, Bau, East Malaysia
Olympus Pacific Minerals Inc has drilled a 24.50 meter intersection grading 7.15 g/t gold in drill hole JUDDH68A at its Jugan Hill deposit within the Bau Gold Project in Sarawak, East Malaysia. This result adds weight to the company’s expectation of higher gold grades at depth.
The company is drilling progressively deeper holes within the deposit to test the conceptual model, which predicts higher grades at depth below the existing shallow resource. Consistent with the model, diamond drill hole JUDDH-68 intersected 24.50 meters @ 7.15 g/t Au (including 11.50m @ 10.4 g/t Au) from 317.50m to 342.00m down-hole (270 meters vertically below surface). Further step-out drilling is ongoing.
Jugan Hill is one of several known gold deposits within the Bau goldfield. The Bau region is a historic gold field with many geological similarities to the Carlin District of Northern Nevada, which is one of the world’s largest gold fields.
The company’s CEO, John Seton said; “The discovery of high grade gold at 270 meters below surface provides further compelling evidence that gold mineralisation continues down dip as well as along strike. This fact, along with the continued success of our step-out drilling increases our confidence that Jugan Hill has large-scale development potential. It’s our belief that the surface deposits at the Bau goldfield are the shallow expression of deeper higher grade deposits just as it is true in many Carlin–style deposits in Nevada which Bau has been closely compared. Approx 3M oz of historic mining happened within 70 – 80 meters of surface. The current resource is mostly within 120 meters of surface. Bear that in mind when you consider the latest results and you can start to see the size potential.”
HIGHLIGHTS
- Drill hole JUDDH-68A intersected 24.50 meters at 7.15g/t gold, including 11.50 meters at 10.42g/t Au.
- Gold grades appear to be increasing with depth
- The Jugan hill gold deposit remains open down-dip and along strike in both directions.
DRILLING UPDATE
Relatively high-grade gold mineralisation has been intersected in drill hole JUDDH-68A at approximately 270 meters vertically below surface and 80 meters down dip from the nearest earlier hole (JUDDH-53). JUDDH-68A averaged 7.15g/t gold over a down-hole interval of 24.50 meters (317.50m – 342.00m), including 11.50m @ 10.42 g/t gold, from 320.00m down-hole. The current interpretation is that this approximates the true width of the zone, which remains open down dip and along strike.