EXPLORATION & DEVELOPMENT

Gateway getting confident at Gidgee following gold drill hits

GATEWAY Mining says “outstanding” gold drill results shows the potential for growth at its “cornerstone” Montague-Boulder deposit at Gidgee in Western Australia.

Gateway drilling at Gidgee

Gateway drilling at Gidgee

The results of 5m at 6.9 grams per tonne gold from 67m and 3m at 3.7gpt from 88m were made between 100m and 180m from the existing 120,000 ounces of resources. 

"Importantly, the location and orientation of these new zones is entirely consistent with our emerging interpretation of a continuously mineralised, moderately dipping shear zone along the Northwest Margin, which we also saw in the significant Lower Zone discovery made late last year some 1.1km to the north of the current resource," Gateway said.

"We believe we now have a much better handle on what controls the mineralisation along this prospective horizon, which should help us to target the next phase of drilling."

That drilling is planned to begin next month.

Gateway is backed by Kerry Harmanis and had cash at the start of the December quarter of $8.3 million.

A fundrasing in the second half of 2020 priced new shares at 1.6c each.

Shares in Gateway were up 6% to 3.4c in afternoon trade, capitalisng the company at $65 million.

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