Is Dart Mining on the Cusp of Tipping off a New Gold Rush? (ASX:DTM)
The share price of microcap gold and base metal explorer Dart Mining NL [ASX:DTM] has risen significantly today thanks to news from its Buckland Gold Project in Victoria.
DTM explores the historic goldfields of North East and Central Victoria, primarily at its Buckland Gold Project, 200 kilometres north of Melbourne.
North East Victoria is one of the most endowed mineral areas in Australia, located at the southern end of the world renown Lachlan Fold Belt.
An area that also hosts Australia’s largest gold mine — Newcrest Mining Ltd’s [ASX:NCM] Cadia-Ridgeway.
At time of writing the DTM share price is up 11.11% to trade at 20 cents per share.
High-grade gold extended at Buckland
DTM has today released its latest results from the Fairley’s Prospect at Buckland.
- 13m at 4.82 grams of gold per tonne (g/t) from 12m, including 2m at 11.6 g/t from 20m
- 11m at 2.64 g/t from 28m, including 3m at 7.49 g/t from 29m
- 10m at 2.27 g/t from 4m, including 2m at 5.52 g/t from 7m
According to DTM, mineralisation remains open and untested along strike and at depth.
Source: Dart Mining
Fairley’s Prospect forms a small part of the 17.5-kilometre long gold and arsenic anomaly at the Buckland Gold Project.
As you can see in the figure above, the results essentially demonstrate decent widths and grades of gold mineralisation that occur across a large strike and depth.
DTM said that the program has successfully extended the drilled strike extent to approximately 240 metres.
How good is the potential at Buckland?
Dart Mining believes there is good potential at Fairley’s Prospect for the discovery of a significant body of gold mineralisation.
Although, you’d be hard pressed to find an explorer that doesn’t think their project has potential.
So, what’s the ‘real’ likelihood?
It’s been slow going at the Buckland Project.
There was considerable soil sampling conducted in 2008, which returned some very high-grade gold mineralisation.
We didn’t receive further news from Buckland until 2016, though it wasn’t much to go off.
However, when pieced together, follow-up results began to identify some juicy targets.
Previous channel and chip sample sites targeted during the current program include channel samples of 2.05m at 9.78 g/t and 5.6m at 10.7 g/t, and chip samples of 6.4m at 13.17 g/t (including 1m at 48.8 g/t).
DTM said follow-up drilling is planned for the northern extent of the prospect to chase the structure with the intent of identifying the grade and character of mineralisation at depth.
With the gold price recovering nicely from its drop in September, now could be a good time to make a play. Our resident gold expert, Shae Russell, has tipped Australia to become the next ‘gold epicentre’, meaning there could be big spikes ahead in Aussie gold stock prices. If you want to learn more, download your free report here.
For The Daily Reckoning Australia