The Santana Minerals Ltd (ASX: SMI) share price is in focus after the company reported outstanding bonanza gold intercepts from its Rise and Shine (RAS) orebody, including 24.4 metres at 10.9 grams per tonne gold and a spectacular 2 metres at 89.5 grams per tonne with abundant visible gold.
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What did Santana Minerals report?
- Returned 24.4m @ 10.9 g/t Au from 165.7m in infill drill hole MDD528 (true width 20.2m)
- Additional intercepts: 2.0m @ 89.5 g/t Au (true width 1.7m) and 3.0m @ 2.5 g/t Au (true width 2.5m) in MDD528
- MDD526: 2.0m @ 8.5 g/t Au and 10.0m @ 2.9 g/t Au, confirming continuity and grade
- MDD527: 5.0m @ 1.3 g/t Au and 11.0m @ 1.0 g/t Au, also supporting modelled resource
- Results from drilling further de-risk first mining area at the high-grade core of RAS
What else do investors need to know?
The latest drilling results bolster confidence in Santana's planned first mining zone, as infill drilling tightens spacing and confirms both grade and thickness. These impressive results also highlight the presence of stacked, sub-parallel high-grade zones that can be accessed by open-pit mining methods.
The company notes that regulatory approvals in New Zealand, particularly mining consents under the Fast-track Act, are still pending. Santana is awaiting the green light to advance the project, which is positioned as a significant benefit to shareholders, the local community, and the New Zealand economy.
What did Santana Minerals management say?
Executive Director & CEO Damian Spring said:
More fantastic results enhancing and further de-risking our first mining area. Every hole we drill into our high-grade core just gets better. We continue however, to wait for the regulators in NZ to deliver our mining consents as expected under the Fast-track Act so this fantastic gold discovery and development option can provide for our shareholders, the community and the prosperity of the Country.
What's next for Santana Minerals?
Infill and extensional drilling at the Bendigo-Ophir Gold Project (BOGP) will continue, with a focus on converting inferred resources and exploring new sub-vertical targets. At the same time, ongoing environmental, geotechnical, and metallurgical studies are supporting plans for mining and gold processing operations.
Santana's near-term priorities centre on securing regulatory approvals and finalising pre-mining studies to pave the way for project development and future gold production.
Santana Minerals share price snapshot
Over the past 12 months, Santana Minerals shares have declined 28%, trailing the All Ordinaries Index (ASX: XAO), which has risen 1% over the same period.
