Elk Range Mining’s 290m at 2.8g/t hit extends historic high grades

• Maiden Friday assays outline a substantial mineralised envelope
• High-grade zones continue beyond the nearby historical hole’s endpoint
• Oriented core guides further drilling towards a maiden JORC resource

Special Report: Elk Range Mining has returned a 290.3m mineralised envelope averaging 2.8g/t gold from its first diamond hole at Friday in Idaho, with high-grade zones continuing well beyond the endpoint of a nearby historical hole.

Within that envelope,Elk Range Mining (ASX:ELK)intersected 89.6m at 5.5g/t gold from 76.6m, including 11.3m at 21.4g/t from 137.2m. That high-grade interval extends beyond the depth where the neighbouring 2014 hole stopped.

The broader envelope runs from 18.7m to 308.9m downhole. Mineralisation was intersected roughly 170m farther downhole than the older hole’s 137.16m endpoint.

The 89.6m zone straddles that historical endpoint, demonstrating that the higher-grade mineralisation continues into ground with limited previous drilling on this section.

Deeper in the new hole, Elk Range returned 12.7m at 4.5g/t from 177.2m and 51.8m at 2.6g/t from 216.4m, including 22.4m at 5.1g/t from 228m.

The hole was drilled broadly along the mineralised structure, with true widths yet to be determined.

Assays give the next holes direction

The results follow earlier visible-gold observations in the completed maiden hole. Laboratory assays now give Elk Range grades to place alongside Friday’s first oriented structural dataset.

That combination helps geologists relate gold distribution to the direction of veins, shearing and deformation. Structural measurements are being integrated with the assays to refine the remaining Phase 1 targets, with future holes designed to intersect the structure at higher angles.

“For the first time at Friday we have oriented core, and it’s showing us how the high-grade gold is aligned. That makes every hole from here smarter than the last,” CEO Edward Keys said.

The maiden hole was collared about 8m from the historical hole and drilled broadly parallel to it before continuing deeper. It confirms the same mineralised zone, although the holes are not exact twins and coarse gold can vary over short distances.

Over the comparable interval, the new hole returned about 2.7g/t, against 5.22g/t reported in the historical hole.

Friday’s historical database contains 386 holes totalling more than 44,200m. Elk Range plans to combine new drilling and historical information as it works towards a maiden JORC resource.

An established foothold in a busy district

Friday already has underground development on patented ground. The wider Idaho portfolio also includes the Orogrande mill, which previously treated Friday ore and remains on care and maintenance.

Elk Range identifies the facility, the only processing plant in the Elk City region, as an option for future evaluation and potential recommissioning.

The district has also attracted some attention from one of the world’s biggest miners, with Agnico Eagle Mines’ US$14.8m investment in neighbouring Scout Discoveries adding some fresh validation and intrigue to the project.

The arrangements also provide for Agnico to earn up to 70% of Scout’s adjacent Elk City project through US$60m of exploration spending over eight years, conditional on closing and the staged earn-in requirements.

At Friday, drilling continues from the second pad of Elk Range’s eight-hole, approximately 2,850m Phase 1 program.

The second hole paused following mechanical issues and will resume after the third is completed.

Core from those holes is due for laboratory submission, with results expected around late November.

Historical quarter-core re-assays remain pending, while further surface holes and potential underground drilling will be assessed as results arrive.

This article was developed in collaboration with Elk Range Mining, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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