{kanada_flagge} This too is part of exploration. Queensland Gold Hills Corp. (TSXV:OZAU;FRA:MB3) has failed to find the gold grades it had hoped for in its first drilling campaign at the Big Hill property in the historic Talgai goldfield in Queensland, Australia. A total of 11 reverse circulation holes were drilled for 1,457 meters. The target was suspected extensions of mineralization below historic underground workings on the Queenslander property, one of several high-grade historic mines on the Talgai goldfield.
While drilling successfully demonstrated structural continuity of the mineralized vein system approximately 100 meters down-dip from the base of the historic workings, assay results showed only moderately high-grade intercepts across the vein and altered wall rock, including 10 meters at 0.49 grams per tonne Au from 97 meters (BH013). The higher grade shoots reported in the historical production records were not intersected.
Blair Way, Chief Executive Officer and Director of Queensland Gold Hills, commented, “While our initial drill program at Big Hill did not reveal the grades we were targeting, we did hit the right structures and, as expected, encountered mineralization below the historic mining areas. The information obtained will be extremely valuable as the team continues to analyze the geochemistry and geometry of the veins to find vectors to the higher grade mineralization.”
Bottom line: after exploration is before exploration. Queensland is already planning a follow-up program on other targets on the property. It is noteworthy that Queensland’s share price has had very little reaction to the disappointing news. This may be because the stock had already corrected before. On the other hand, one could also conclude that the share structure seems to be intact. CEO Blair Way is currently experiencing a high with his lithium company Patriot Battery Metals (TSXV: PMET). It is quite possible that he can convince some of his most loyal shareholders to invest in his gold company.
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