Nelson Resources Limited (ASX:NES) has made a good start in terms of achieving its goal of tracking down the next Tropicana – a prolific gold resource that accounts for a large chunk of IGO’s (ASX: IGO) annual production even though it is majority-owned by AngloGold Ashanti.
Exploration results from initial drilling at the group’s Grindall Project, part of the Woodline Project in the Fraser Range has identified 500 metres of bedrock gold bearing strike.
Grades are well above background and indicate the presence of a significant gold bearing system.
Management said it is pleased with the effectiveness of its targeting methodology, and as a result of this targeting success the company intends to increase its current 6000 metre reverse circulation (RC) program to around 10,000 metres to actively test strike and dip of the Grindall Project whilst also completing RC drilling of Redmill and Socrates West as shown below. Read more…..
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