Solstice Minerals (ASX: SLS) has announced it will shortly be commencing aircore drilling over multiple new gold targets at the company’s extensive Yarri Project tenure, having received heritage and environmental approvals.
Solstice Minerals’ chief executive officer and managing director, Mr Nick Castleden said, “Early-stage exploration in this part of the Eastern Goldfields has a history of delivering new and exciting gold systems, and the company’ landholdings and capital places it in an excellent position to progress a suite of compelling structural and geochemical targets. Aircore drilling provides fast, cost-effective first pass exploration of areas with space to deliver an entirely new gold system. We look forward to reporting on progress at each of these targets during the first half of this year”.
The company has stated that gold targets at Yarri offer classic greenfield potential in soil-covered structural positions around the >3Moz Carosue Dam-Porphyry gold hub (Northern Star ASX: NST), as well as opportunities to add to a 177,000oz Mineral Resource at the company’s Hobbes Gold Project.
The drill targets comprise areas of open gold anomalism in historical shallow drilling (e.g. Bunjarra, Wallbrook South), strike extensions of recent competitor drilling activity (e.g. Box Soak & Bunjarra), and unexplored soil-covered structural targets (e.g. Hobbes, Box Soak, Boyce, Edjudina Range).
Additionally, exciting follow-up targets are seen at Bunjarra where recent 1m resampling of 2023 first pass aircore has confirmed significant anomalism in several locations including 2m @ 1.85g/t Au in BJWAC0002, 2m @ 0.93g/t Au end of hole (EOH) in BJWAC0023, and 6m @ 0.47g/t Au in BJWAC0020.
Solstice has an ongoing strategy to test new ‘stand-alone scale’ gold targets in gold endowed greenstone belts – typically where shallow (<40m) transported soil cover has prevented effective historical exploration. Sequential aircore drilling is planned to continue through the first half of 2024 following site preparation at each of the targets.
Solstice remains well funded with approximately A$8.2M in cash at 31 December 2023, and with a current EV of circa A$1.3M the company offers shareholders excellent leverage to exploration success.
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