Newly-listed exploration company Naracoota Resources says surveying activities at its Horseshoe Range gold project in the Kimberley has identified 21 significant anomalies that will help define its drilling targets.
The company said the anomalies identified by the induced polarisation survey were likely to be resistive quartz veins with associated chargeable sulphides, geology which normally indicates the presence of high gold mineralisation.
Naracoota said an exploratory drilling program set to kick off in October would be guided by the results of the survey.
“I don’t think we could have hoped for better results from the IP survey,” managing director Steve Crabbe said.
“We know from historical workings that there are significant gold occurrences in our project area and the survey has identified at least 21 individual anomalies with geological features that may host gold mineralisation.
“They are very exciting and provide significant new targets for the company to consider in its upcoming drill program.
Naracoota was admitted to the Australian Securities Exchange’s official list on June 24, after its $5 million initial public offering closed oversubscribed.
At 1:40PM(WST) Naracoota’s stock was steady at 18 cents.