Forrestania Resources Limited Announces Approval for Initial Step Out Drilling Program at Hyden Project

Strategic Insights -

Forrestania Resources Limited, a Australian company, has announced that planning and approval for the initial step out drilling program at the Hyden Project has been approved by the Department of Mines, Petroleum, and Exploration (DMPE). This development is part of the company's strategy to add value to the high-quality gold assets it is consolidating in the Southern Cross region. The initial step out drilling program aims to expand the previously announced Hyden Gold Project Resource by testing open areas of the gold mineralisation down dip and adjacent target areas.

Key Takeaways:

  • Forrestania Resources has a binding agreement to acquire 100% of the issued ordinary shares of Hyden Project Holdings Pty Ltd, the owner of the Hyden Project.
  • The initial step out drilling program will test open areas of the gold mineralisation down dip and adjacent target areas, with a focus on the Lada Ada and Lady Magdalene deposits on M77/1310.
  • Phase 1 of the drilling program is anticipated to commence this month, with a Program of Work for Phase 1 approved by DMPE.
  • The drilling program is aimed at validating geological concepts and testing open areas in the shear system before proceeding to infill drilling.
  • Subject to the outcome of Phase 1, Phase 2 would step out further to test additional exploration targets.
  • The mineralised part of the shear system is approximately 125 meters wide (true width) with up to seven different lodes lensing in and out across that breadth.
  • The gold mineralisation defined to date remains open in several places, particularly down dip from Lady Magdalene.
  • The Company has planned up to 13,500 meters of resource infill drilling pending the execution, interpretation, and assessment of Phase 1.

Statistics:

  • The Hyden Gold Project Resource covers an area of approximate 1,500 meters in strike within a single shear system.
  • Individual lodes are continuous on a 100-meter scale.
  • The drilling program is expected to test open areas of the gold mineralisation down dip and adjacent target areas.
  • Phase 1 of the drilling program will focus on the Lada Ada and Lady Magdalene deposits on M77/1310.
  • The mineralised part of the shear system is approximately 125 meters wide (true width) with up to seven different lodes lensing in and out across that breadth.
  • The Company has planned up to 13,500 meters of resource infill drilling pending the execution, interpretation, and assessment of Phase 1.

Sources:

  • "Forrestania Resources Limited. (2023, January 5). FRS ASX Announcement: Approval of Phase 1 Drilling Program at Hyden Project." (Source: ASX Announcement)
  • "Forrestania Resources Limited. (2023, January 5). FRS ASX Announcement: Agreement to Acquire 100% of Hyden Project Holdings Pty Ltd." (Source: ASX Announcement)