Explaurum reported a string of good-looking hits from the Mace prospect, immediately west of the Tampia pit, over a 550m long and 50m wide area with an average thickness of about 5m and uncut grade of 5.17 grams per tonne gold.
The company said the supergene occurs at a consistent depth of around 8m below surface over the 550m strike of mineralisation that's open to the west and associated with a soil anomaly extending about 13km.
"The distribution and continuity of the supergene gold mineralisation has exceeded expectations and should provide additional low cost gold ounces," Explaurum said.
Drilling is continuing.
Explaurum's current mine plan is targeting 8 million tonnes grading 2.07gpt for 534,000oz, with processing at a rate of 1.5 million tonnes per annum flagged.
A bankable feasibility study is due in October, with Explaurum anticipating construction beginning December and production 12 months later.
Following the current drilling at Mace, attention will return to the A8 gravity target that's been identified within a soil anomaly that's four-times larger than the Tampia gold resource.
Cash at the start of the recently completed March quarter stood at $6 million.
Shares in Explaurum were up 6% to 8.6c in afternoon trade, capitalising the company at $41 million.
