225m Strike Confirmed at Ada Ann; Forrestania Raises $1 Million for Bonnie Vale Exploration
Forrestania Resources has reported significant gold exploration progress with successful maiden drilling at Ada Ann prospect confirming open mineralisation over 225m, alongside acquiring a key tenement at Bonnie Vale to bolster its strategic position.
- Maiden RC drilling at Ada Ann intercepts gold mineralisation over ~225m strike length
- High-grade gold rock chip samples up to 222g/t at Bonnie Vale project
- Option agreement secured for strategic tenement E15/1972 at Bonnie Vale
- Historic drill spoils return up to 13.9g/t gold, indicating unexplored potential
- Company raised $1.03 million via placements and share purchase plan during the quarter
Strong Maiden Drilling Results at Ada Ann
Forrestania Resources Limited (ASX: FRS) has delivered a promising update from its Bonnie Vale Gold Project in Western Australia, with the maiden reverse circulation (RC) drilling programme at the Ada Ann prospect successfully confirming significant gold mineralisation. The 21-hole, 1,488-metre campaign intercepted gold mineralisation in 20 of 21 holes, extending the known mineralised strike to approximately 225 metres and confirming continuity both at depth and along strike.
Notable intercepts include 8 metres at 1.5 grams per tonne (g/t) gold from 36 metres, 4 metres at 3.4 g/t from 44 metres, and multiple other intervals ranging from 1.0 to 2.2 g/t gold. These results validate historic high-grade intersections such as 4 metres at 12.8 g/t gold and 16 metres at 2.6 g/t gold, reinforcing the prospect’s potential as a shear-hosted gold system.
Strategic Tenement Acquisition Enhances Bonnie Vale Position
In a strategic move, Forrestania signed an option agreement over tenement E15/1972, dubbed Bonnie Vale East, adding critical tenure along the Kunanalling Shear Zone (KSZ). This shear zone is a significant regional structure hosting substantial gold resources, including Evolution Mining’s nearby 5.9 million ounce Mungari Gold Mine and the Castle Hill deposit with over 600,000 ounces of reserves.
The option allows Forrestania to acquire 100% ownership after a 12-month period for a modest consideration payable in shares, positioning the company to leverage the KSZ’s proven mineralisation corridor.
Encouraging Surface Sampling and Historic Data
Fieldwork at Bonnie Vale yielded exceptional rock chip samples, including a standout 222 g/t gold specimen, alongside historic drill spoil samples returning up to 13.9 g/t gold. These findings suggest the presence of additional highly mineralised zones yet to be fully explored.
In addition, anomalous gold geochemistry was detected south of Ada Ann, with samples from previously unexplored areas returning values up to 0.8 g/t gold. This broadens the exploration footprint and highlights the potential for new discoveries within the project area.
Corporate and Financial Position
Forrestania Resources strengthened its financial position during the quarter, raising approximately $1.03 million through a placement and a share purchase plan. The company ended the period with $373,000 in cash, while exploration expenditure remained focused on advancing the Bonnie Vale drilling programme and tenement management.
Looking ahead, the company plans to reduce expenditure in the coming quarter while continuing to evaluate new project opportunities and advancing its strategic review of the current portfolio.
Outlook and Exploration Potential
The confirmation of open gold mineralisation at Ada Ann, combined with the acquisition of a strategic tenement and strong surface sampling results, positions Forrestania Resources well for further exploration success. The company’s proximity to established gold operations and the presence of significant regional structures like the KSZ underpin the potential for resource growth.
Future drilling campaigns will be critical to delineate the extent and grade of mineralisation, with the company poised to capitalize on these promising early-stage results.
Bottom Line?
Forrestania’s maiden drilling success and strategic land acquisitions set the stage for a pivotal exploration phase that could reshape its gold project portfolio.
Questions in the middle?
- How will Forrestania prioritise follow-up drilling to expand the Ada Ann mineralisation?
- What are the timelines and conditions for exercising the option on tenement E15/1972?
- How might the company’s current cash position impact its ability to fund ongoing exploration?