The Forrestania Resources Ltd (ASX: FRS) share price is in focus today after releasing strong assay results from its British Hill gold project, with drilling extending high-grade mineralisation both up-dip and at depth.
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What did Forrestania Resources report?
- British Hill drill program completed: 8 reverse circulation (RC) holes for 1,858 metres
- High-grade gold results including 4m at 7.46g/t Au and 7m at 5.69g/t Au from surface
- Multiple zones of significant gold mineralisation confirmed up-dip and at depth
- Drilling aims to expand the British Hill Mineral Resource Estimate, due in coming weeks
- Ore from British Hill already being trucked to the Lake Johnston processing hub
What else do investors need to know?
Forrestania's latest drilling program at the British Hill Project confirms gold mineralisation extends further than previously known, both closer to surface and deeper underground. Standout intersections included 1 metre grading 22.98g/t gold and other wide zones with good grades.
The company's strategy revolves around building up its gold resource base in Western Australia through disciplined exploration and developing a scalable production platform. British Hill is already on a granted mining lease, supporting the company's near-term production efforts.
What did Forrestania Resources management say?
Commenting on the news, the company's executive chair, David Geraghty, said:
These latest results continue to reinforce our confidence in the British Hill deposit, with drilling successfully extending mineralisation both up-dip and at depth while returning multiple high-grade gold intercepts… As we continue to expand the Mineral Resource Estimate over the coming weeks, we see increasing potential for British Hill to become another valuable source of ore within our regional development strategy.
What's next for Forrestania Resources?
Investors can look forward to a revised Mineral Resource Estimate for British Hill in the next few weeks, which could further underpin Forrestania's growth plans. The company has also applied for further drilling approvals and intends to commence additional drilling once granted.
Management remains focused on converting resources into reserves and supporting longer-term production via its two processing hubs at Edna May and Lake Johnston. Ongoing exploration and potential acquisitions will also be part of the company's wider growth strategy.
Forrestania Resources share price snapshot
The Forrestania Resources share price has been among the best performers on the ASX over the past 12 months. During this time, the gold miner's shares have risen approximately 185%.
