Shares in LinQ Minerals Ltd (ASX: LNQ) hit a new record high on Wednesday after the company announced more strong drilling results from its Gilmore project.
The New South Wales-focused gold developer said that the second hole of a drilling campaign at the Dam deposit, which is 600m from the Gidginbung open-pit mine, returned 142m at 1.01 grams per tonne of gold.
LinQ Minerals Executive Chair Clive Donner said that it was another "high value result" from the company's Gilmore project, which, coupled with previous exploration results, significantly extended the grade and thickness of shallow gold at the project.
Mr Donner said there were multiple assays still pending, "and we anticipate further news flow this month''.
Image source: Getty Images
Backing up strong results
LinQ earlier this month reported results from the first hole of the drilling campaign, which intersected 114m at one gram per tonne of gold.
The company added on Wednesday:
With the results of the two remaining Dam holes pending, LinQ is highly encouraged by the assay results returned from both (hole one) and (hole two). Additionally, when coupled with the recent results from the Southern Zone phase 1 program, LinQ considers the Southern Zone to represent a significant mineralised district.
Happy hunting grounds
The Gilmore project is 100% owned by LinQ and is located between West Wyalong and Temora in New South Wales.
The company said:
This region is recognised as Australia's premier porphyry gold-copper province home to multiple large-scale operating mines. The Gilmore Project hosts the full suite of the Macquarie Arc intrusive gold-copper systems, analogues to the nearby Cadia, Cowal and Northparkes Systems. The Company holds ~597km2 of tenements with a 60km belt of +20 known prospects and 6 mineral resource deposits. The extensive tenement package positions the Company as a major player in the region offering advanced brownfield and greenfield opportunities for copper-gold porphyry and epithermal gold deposits.
Gilmore itself hosts a resource estimated at 516 million tonnes of ore containing about 3.7 million ounces of gold and 1.2 million tonnes of copper.
LinQ shares traded as high as 43 cents on the news on Wednesday, up 16.2%, a new record for the stock, before settling back to be 5.5% higher at 38 cents.
LinQ shares have more than doubled since the start of this month, soaring after the results from the first exploration hole were announced to the market.
LinQ Minerals was valued at $63.3 million at the close of trade on Tuesday.
