Moonlight Uncovers Thick Near-Surface Gold at Leo Grande – What’s Next?
Moonlight Resources has reported strong initial assay results from its Leo Grande Prospect drilling campaign, confirming thick, near-surface gold mineralisation and validating its geological model. The promising findings set the stage for an expanded exploration program at Clermont.
- All 14 initial RC drill holes intersected thick, near-surface gold mineralisation
- Step-out holes ended in mineralisation, indicating potential for extensions
- Results validate existing geological interpretation and historical data
- Follow-up drilling of up to 3,000 metres planned to expand resource footprint
- Next drilling phase to target Goldfinger Prospect within Clermont Project
Strong Start at Leo Grande
Moonlight Resources Ltd (ASX, ML8) has delivered a compelling update from its initial drilling campaign at the Leo Grande Prospect, part of its flagship Clermont Gold Project in Queensland. The company completed 14 reverse circulation (RC) drill holes, all intersecting thick intervals of gold mineralisation starting from surface or very shallow depths. These results not only confirm Moonlight’s geological model but also reinforce confidence in the extensive historical drilling database accumulated over previous exploration efforts.
Validating the Geological Model
The consistent presence of gold mineralisation across all holes validates the continuity within the Leo Grande Shear Zone, a key structural feature controlling the deposit. Notably, multiple step-out holes ended in mineralisation, suggesting that the gold system extends beyond current drill limits. For instance, hole LGRC067 intersected 40 metres at 1.30 grams per tonne (g/t) gold from surface and ended in mineralisation, highlighting the prospect’s potential for both strike and depth extensions.
Implications for Resource Growth
These initial results materially increase confidence in the grade, thickness, and continuity of mineralisation at Leo Grande. The company’s Managing Director, Greg Starr, emphasised that the drilling to date is far from defining the limits of mineralisation, pointing to what could be a major new gold system. This sets a clear and compelling pathway for follow-up drilling, with up to 3,000 metres of additional RC drilling scheduled to commence shortly, aiming to expand the mineralised footprint and refine the geological model further.
Looking Beyond Leo Grande
Following the completion of the Leo Grande drilling program, Moonlight plans to mobilise its rig to the Goldfinger Prospect, another high-priority target within the Clermont Gold Project. Goldfinger shares geological similarities with Leo Grande and has demonstrated encouraging historical gold intercepts, including shallow oxide gold mineralisation. This next phase of exploration could unlock additional near-surface gold resources, further enhancing the project’s value proposition.
Strategic Positioning in Queensland
Moonlight’s Clermont Gold Project covers a substantial landholding with multiple walk-up drill targets, positioning the company well to delineate a near-term gold resource. The combination of historical data, recent drilling success, and efficient access to drill sites supports a disciplined and results-focused exploration approach. The company’s broader portfolio, including rare earth and uranium projects, complements its gold exploration ambitions, but Leo Grande remains the immediate focus for value creation.
Bottom Line?
Moonlight’s Leo Grande drilling success marks a promising start, but the true scale of the gold system remains to be defined as exploration intensifies.
Questions in the middle?
- How will upcoming drilling results impact the resource estimate at Leo Grande?
- What are the potential economic implications if the mineralisation extends significantly along strike and at depth?
- How quickly can Moonlight advance from exploration to resource delineation and potential development?
