Carawine Resources Share Price Keeps Rolling Out the Hits (ASX:CWX)
The Carawine Resources Ltd [ASX:CWX] share price has put in another day of strong gains today after announcing further outstanding gold grades at its Hercules prospect.
At time of writing the CWX share price is up 20.59% or 7 cents to trade at 41 cents per share.
Last week, CWX share price just about doubled after the explorer released bonanza grade gold finds from maiden drill program at Hercules.
CWX has kept that upwards momentum going today, reporting the highest grades reported to date.
Carawine Resources caps off ‘outstanding’ drill program
CWX today released the final results from its maiden drill program at its Hercules prospect, with the last drill hole returning the highest grades to date.
Hercules forms part of CWX’s large Tropicana North Project located in the northeastern goldfields of WA.
The results reported today are from the last of 12 holes drilled at Hercules, with highlights of:
- 6m at 26.6 grams of gold per tonne (g/t) from 136m, including 4m at 39.7g/t from 138m
- 4m at 10.4g/t from 150m, including 1m at 40.1g/t from 153m
Mineralisation remains open at depth and along strike to the northeast and southwest.
With hole TNRC020 extending the upper Hercules high-grade zone into an area previously defined as lower-grade by historic drill holes.
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Source: Carawine Resources
CWX Managing Director David Boyd said the extremely high gold grades and multiple zones in this last hole had exceeded expectations:
‘Our last set of results from Hercules were very exciting, so to have the last hole from our maiden drilling program at the prospect return the best results from the prospect to date is fantastic.
‘We have also repeated the new multiple high-grade lode system announced last week, indicating the potential for this wider “blow-out” zone to extend throughout the prospect. We are planning a follow-up drilling program to test for extensions to the mineralisation, which remains open, with the potential to increase the strike length with depth.’
The explorer believes Hercules now has the potential to develop into a major new gold deposit.
Things continue to heat up for Carawine Resources Share Price
We could see the CWX share price set a new all-time high within the coming months.
The explorer said that additional assay results from drilling at Atlantis and regional drilling at the Tropicana North project are expected in the coming weeks.
Source: Carawine Resources
Follow-up drilling at Hercules is currently being designed according to CWX, though no time frame was given.
Given the quality of mineralisation we’ve seen at Hercules, I anticipate that CWX will be looking to expedite the exploration at the site.
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For The Daily Reckoning Australia