Austar Gold Ltd

AUL
End-of-day quote AUSTRALIAN SECURITIES EXCHANGE LIMITED - 07/19
0.0035AUD
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AUSTAR GOLD : MORNING STAR EXPLORATION UPDATE McNALLY'S REEF DRILLING CONTINUES TO YIELD SPECTACULAR RESULTS

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07/12/2019 | 04:19 pm

AuStar Gold Limited (ASX: AUL) is pleased to announce a continuing update of definition drilling being undertaken to further expand and fully define the extent of the McNally's Reef, as well as confirmation via high-grade assays results of visible gold seen within drill core from the recent program.

Drilling Results

Material results received to date include: L9016 0.20m @ 2,540.11 g/t Au uphole (visible gold observed in core) (McNally's Reef), interpreted as 0.65m @ 782.2 g/t Au.

L9017 0.41m @ 71.55 g/t uphole (McNally's Reef) including: 0.16m @ 152.43 g/t Au (visible gold observed in core).

L9011 0.30m @ 6.36 g/t Au uphole (McNally's Reef).

The intersections from L9016 and L9017 are all located approximately 10 metres away from an earlier drill-hole L9006 (0.28m @ 20.47 g/t Au) 1 . Infill drilling is ongoing to target the western and eastern down-dip extensions of the McNally's Reef in the favourable dyke - sediment overhang position. Drilling has identified a high-grade pod of mineralisation that remains open to the south-east extending from the western side of the dyke. Further work is planned to test the strength of mineralisation to the south-east.

Continuing Exploration Program

Exploration at Morning Star is continuing from the No. 9 Level south drill chamber for the purpose of testing the McNally's Reef for additional production potential.

Drilling is also continuing from the No 9 level North down into the area below the Level. Results from the first holes of this drilling campaign are still pending.

Drilling productivity has also improved markedly with modifications and changes made to both rigs engaged underground with AuStar's contractors. These improvements will result in a faster delineation and testing of exploration targets within the Morning Star dyke.

Interpretation

Austar Gold's interpretation of these results is as follows

McNally's reef continues to dip gentle 20o - 25o to the south-east (mine grid) and continues below the No. 7 Level.

A second section of the McNally's Reef appears to mineralised along the western contact of the Morning Star dyke (drilling results within this release).

About AuStar Gold Limited

AuStar Gold is focused on building a valuable minerals inventory to generate sustainable economic production from its portfolio of advanced high-grade gold projects - with significant infrastructure including processing plant, a strategic tenement footprint, and prospectively-well positioned for near-term mining. In addition, AuStar Gold intends to develop its adjoining tenements in the Walhalla to Jamieson gold district (particularly the prolific Woods Point Dyke Swarm) into low cost high grade gold production projects

Contact:

Tom de Vries

Tel: + 61 7 3319 4120

Disclaimer

Statements in this document that are forward-looking and involve numerous risk and uncertainties that could cause actual results to differ materially from expected results are based on the Company's current beliefs and assumptions regarding a large number of factors affecting its business. There can be no assurance that (i) the Company has correctly measured or identified all of the factors affecting its business or their extent or likely impact; (ii) the publicly available information with respect to these factors on which the Company's analysis is based is complete or accurate; (iii) the Company's analysis is correct; or (iv) the Company's strategy, which is based in part on this analysis, will be successful.

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