Octagonal Resources has received USD 150,000 drilling grant from the Western Australian Government to help fund first phase diamond drilling at the Burns gold copper silver Prospect at the Hogan's Project.
The funds under Round 6 of the Exploration Incentive Scheme Co funded Drilling Program will help pay for up to half of direct drilling costs for a multi hole project.
Octagonal will use the grant to help fund drilling of 4 diamond holes totalling 2,000 meters at the Burns Prospect next year to provide lithological, structural, geophysical and mineralogical data. This drilling will help the company understand and better explore this unique style of deposit.
Hogan's Project is surrounded by the 12 million ounce St Ives gold field, the 0.8 million ounce Daisy Milano Mine and the 0.4 million ounce Salt Creek Mine.
The Burns Prospect was discovered in May 2011 when wide spaced aircore drilling intersected significant gold in regolith anomalism. During the H2 of 2011 infill and extensional aircore drilling ultimately defined 1 square kilometre area of gold in regolith anomalism.
Reverse circulation drilling in 2012 intersected broad zones of gold, copper and silver hosted within fractured high magnesian basalt and intermediate intrusive rocks.
Notable results included 6 meters at 4.9 grams per tonne gold, 2.2 gram per tonne silver and 0.4% copper from 23 meters as well as 3 meters at 16.1 gram per tonne gold, 4.5 gram per tonne silver and 0.5% copper.
