Green & Gold Minerals has identified follow-up targets across Copper Hills, Elizabeth Bluffs and Mt Wandoo after a quarter of strong polymetallic and gold exploration results. The company held $2.268 million in cash at quarter-end, with assays from the latest 3,000-metre Mt Wandoo program expected from late November.
- 5m at 131 g/t silver, 1.05% copper and 205 g/t indium at Copper Hills
- November drilling planned at Copper Hills and Elizabeth Bluffs
- 3,000m Mt Wandoo program testing resource extensions and infill targets
- Elizabeth Bluffs rock chips returned up to 1,020 g/t silver and 11.05% tin
- $728,502 rights issue completed after quarter-end; cash runway estimated at 4.2 quarters
Three drilling programs move into view
Green & Gold Minerals Limited (ASX:GG1) is entering a busier exploration phase after its September quarter produced high-grade polymetallic results at Copper Hills and a broader target emerging at Elizabeth Bluffs. Drilling is now underway at Mt Wandoo, with follow-up work scheduled at Copper Hills and Elizabeth Bluffs in November.
The most compelling result came from the first modern drilling at Copper Hills Main Lode in 45 years. Hole CHC003 returned 5 metres at 131 g/t silver, 1.05% copper, 205 g/t indium, 0.37% tin, 9.1% zinc and 1.1% lead from 102 metres. Within that interval, 2 metres ran at 300 g/t silver, 2.3% copper and 421 g/t indium. The result formed part of the company’s maiden Copper Hills drilling, which previously reported high-grade copper, silver, tin, indium and zinc intersections.
Copper Hills open for step-out drilling
Green & Gold said the Copper Hills Main Lode is defined over roughly 250 metres of strike and remains open in all directions. A second hole, CHC001, returned 6 metres at 67 g/t silver, 0.46% copper, 11 g/t indium, 4.1% zinc and 2.7% lead from 35 metres, including 2 metres at 120 g/t silver, 1.2% copper, 28 g/t indium, 10.6% zinc and 6.9% lead.
The November program is intended to extend the mineralisation up and down dip from the thicker, higher-grade intercepts. That is the next test of whether the standout assays represent a coherent zone rather than isolated high-grade sections. The company describes the intercepts as near true width, but the results remain exploration-stage and do not establish a mineral resource.
Elizabeth Bluffs adds a second polymetallic target
At Elizabeth Bluffs, a 4-kilometre-long zone of chert, faulting and historical workings has produced a mixture of modern rock-chip assays and historical evidence for copper, silver, tin and gold. Laboratory results from rock chips included peaks of 1.93 g/t gold, 1,020 g/t silver and 11.05% tin. A historical underground channel sample at the Elizabeth Mine was reported at 8.5 metres grading 1.08% copper and 0.22% tin across true width. The target had already been highlighted in Elizabeth Bluffs sampling results, which described mineralisation over the wider trend and incomplete historical drilling.
Those Elizabeth results carry a more substantial qualification than the Copper Hills drilling. The company says historical assay methods, sample security and quality-control procedures cannot be verified, and that the historical traverses are unsuitable for any future Mineral Resource Estimate. Rock chips and portable XRF readings support the presence of mineralisation, but November drilling below the Elizabeth Mine workings will need to establish thickness, continuity and grade under modern sampling standards.
Mt Wandoo program tests the existing gold resource
At Mt Wandoo, a 3,000-metre reverse-circulation program is testing extensions and infill opportunities across Mt Wandoo, North Wandoo and Little Wandoo. The project currently carries an inferred resource of 905,000 tonnes at 1.11 g/t gold and 13 g/t silver, containing 32,430 ounces of gold and 387,520 ounces of silver. First assays from the new drilling are expected around the end of November.
Elsewhere, two Mt Gossan holes returned broad, weathered mineralisation from surface, including 11 metres at 10.4 g/t silver, 0.20% tin, 0.14 g/t gold and 15.7 g/t indium in MGC002. The company says weathering may have redistributed metals near surface, leaving fresh-rock drilling as the key follow-up. Sentinel was more modest, with the best reported result of 1 metre at 2.97 g/t gold.
Funding supports the next round of assays
Green & Gold ended the quarter with $2.268 million in cash after spending $253,000 on exploration and evaluation and $288,000 on operating activities. Its Appendix 5B calculation indicates approximately 4.2 quarters of funding at the current rate of relevant outgoings. A renounceable rights issue completed after quarter-end raised $728,502 before costs, with proceeds directed towards Mt Wandoo and the Herberton projects. A drill-for-equity arrangement with Centurion Drilling is also intended to preserve cash while exploration continues.
The immediate value test is now geological rather than promotional: whether November drilling converts promising surface and historical indications into repeatable, adequately sampled intersections. Copper Hills offers the clearest modern evidence so far, while Elizabeth Bluffs remains a larger but more qualified proposition until drilling reaches the mineralised structures below the old workings.
Bottom Line?
November drilling at Copper Hills and Elizabeth Bluffs, followed by late-November Mt Wandoo assays, should determine whether the quarter’s strongest indications have scale and continuity.
Questions in the middle?
- Will follow-up drilling confirm that the high-grade Copper Hills intersections continue beyond the initial holes?
- Can drilling at Elizabeth Bluffs validate the historical copper-tin widths using modern sampling and quality control?
- Will the $2.268 million cash balance and drill-for-equity arrangement sustain the planned multi-project program beyond the next assay cycle?