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Nelson Resources’ Unveils ‘Highly Encouraging’ Aircore Drilling Results at Fortnum Gold Project

7 December 2023 10:26
Nelson Resources Unveils Highly Encouraging Aircore Drilling Results At Fortnum Gold Project

Nelson Resources Limited (ASX:NES) has unveiled the promising assay results of its recent aircore drilling program at the Fortnum Gold Project in Western Australia, highlighting the potential for significant gold mineralisation and further enhancing the Project’s appeal for future development due to its strategic proximity, merely 12km south of Westgold’s Fortnum Mine.

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Figure 1: Nelson Resources, Fortnum Project location.

Key Findings

Positive assay results from a comprehensive aircore drilling program at its wholly-owned Fortnum Gold Project, reveal valuable insights into the Project’s mineralisation potential, featuring standout results of up to 7.31g/t gold over 4m.

Notable intercepts include:

  • 12m @ 2.59g/t Au from 44m in FTA052, including 4m @ 7.31g/t from 48m.
  • 8m @ 0.54g/t from 36m in FTA007.
  • 8m @ 0.52g/t from 28m in FTA018.
  • 10m @ 0.45g/t from 92m in FTA056, including 2m @ 1.13g/t from 100m (EOH).

These results are highly encouraging and, given the wide-spaced nature of the drilling program, demonstrate the potential of the Company’s Fortnum Project to host significant gold mineralisation.

Fortnum Project Overview

The Fortnum Project encompasses E52/3695 and E52/4133 and is strategically located just 12km south of Westgold’s Fortnum Mine.

Nelson Resources has been actively exploring the Project since 2017, compiling historical data that includes aerial photography, aeromagnetic and remote sensing surveys, as well as 2,992 surface samples and 566 RAB drill holes covering 14,174m.

Historical data outlined gold-in-soil anomalies and produced significant intercepts, with a recent focus on refining targets through a small aircore drilling program. The compiled data revealed two linear targets coinciding with the western edge of the Despair Granite, emphasising areas of the Project that were underexplored due to shallow or ineffective drilling.

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Figure 2: Previously reported, historical intercepts (on modified GSWA geology) with ineffective drilling removed.

Defining Targets

The recent aircore drilling program’s significant intercepts are distributed across a variety of lithologies and regolith, defining a narrow, 4km-long zone within the deformed Labouchere Formation along the interpreted western edge of the Despair Granite. This zone is considered to be related to mineralisation in the basement.

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Figure 3: Significant intercepts from the recent drilling program on interpreted geology (GSWA) showing location of historical intercepts.

Next Steps

While the recent drilling results indicate the presence of a mineralised system at the Fortnum Project, the scale and intensity remain uncertain due to limited drilling coverage over the entire system and a lack of drilling into un-weathered basement rock.

Nelson Resources Non-Executive Chairman Peter Bird commented on the results, stating, “We are encouraged by the results from the recent aircore program at Fortnum. These results come at a time when it appears that investor focus is now shifting back to the gold sector as global inflation fears are appearing to lessen. In addition, the price of gold is reaching new highs, which is a commercial reality that we cannot ignore,” he said.

He also added that the Company recognises the need for further exploration to fully comprehend the potential of the Fortnum Gold Project.

“Fortnum hosts what could be a significant mineralised system, which needs to be further tested through deeper drilling into fresh basement rock.”

NES’s Australian Stock Exchange-listed share price is currently trading at $0.005 (10:20am UTC+ 8 hours).

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