Iceni Gold (ASX:ICL) reported the first drill results from the Guyer prospect within its 14 Mile Well gold project in Western Australia, according to a Tuesday Australian bourse filing.
The program confirmed and expanded the presence of a broad anomaly with multiple intervals of gold mineralization being defined within the primary zone of the granodiorite host, the filing said.
The prospect is subject to a farm-in agreement with Gold Road Resources (ASX:GOR). The exploration program is managed by Iceni and is part of an initial AU$5 million minimum expenditure commitment by Gold Road.
The initial early-stage campaign consisted of 31 reverse circulation holes for a total of 6,420 meters. It returned significant intercepts of 10 meters at 0.67 grams per tonne grade of gold from 115 meters as well as 15 meters at 0.47 g/t grade of gold from 189 meters.
A 3,500-meter diamond drilling campaign is also being planned for April, which is designed to confirm structural orientations and vectors toward high-grade zones at the prospect.
Its shares declined 20% on market close on Tuesday.
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