SOUTHERN Gold has used a novel method to initiate exploration on a second South Korean gold-silver project. The company has engaged a small team of cave explorers to gain access to the bottom of a small shaft within an artisanal scale mine at Weolyu South, about 150km southeast of Seoul.
|Southern Gold cave explorers advance to lower levels of the Weolyu South project in South Korea.|
The cave explorers ventured about 20 metres below the surface in the shaft and enabled Southern Gold’s exploration team to confirm, in a qualitative fashion, the target of the old mine workings. The workings do not appear on any government maps or records. Adjacent to the workings are mullock heaps that contain banded epithermal quartz vein fragments.
A zone about 1 metre wide, including banded and highly oxidised epithermal quartz, has been observed in the mine wall at the bottom of the shaft. The vein appears to be in-situ, augmenting the quality of the drill target.
In July Southern Gold commenced a diamond drilling program at its first South Korean exploration target, Kochang, south of Weolyu. In mid-August it said that progress had been good with two drill holes completed for 450.8 metres of core and with two drill holes in the still to be completed.
Qualitative results from the second hole have been encouraging with a zone of silicified sulphidic breccia across 1 metre down hole and adjacent, variably altered, hanging wall with multiple narrow quartz veins across 4 metres width downhole.
As the program is receiving funding support from Korean Resources Corporation (KORES), all four holes need to be completed, logged and processed before sample dispatch. Assay results were expected in mid-September, a few weeks after the program concluded.
Southern Gold recently acquired a portfolio of high grade projects in South Korea. These are a mix of decommissioned gold mines with orogenic gold mineralisation and greenfield epithermal gold targets. The aim is to move one or more of the orogenic gold mines into production in the medium term as well as test for world-class epithermal deposits.
The company main focus is the Bulong Gold Project, which is 30km east of the renowned Western Australian gold district of Kalgoorlie. The flagship Cannon mine is projected to produce around 50,000 ounces of gold. Mining at Cannon has commenced with Metals X Ltd financing and developing the deposit under a 50/50 profit share arrangement.