15th Jan 2020 14:06
(Alliance News) - Trans-Siberian Gold PLC said Wednesday it has discovered a new vein extension at its Asacha gold mine in Russian.
The Russia-focused gold producer said the newly discovered zone, Vein 25 North, is located 400 meters north of Vein 25, within the east zone of the Asacha mine, and has delivered encouraging drilling results.
The company said high-grade gold intersections were obtained in a more or less complex structural environment, with initial drilling results of 133 grams per tonne of gold and 57 grams per tonne of silver at over four meters.
The 400 meters area between Vein 25 North and Vein 25 remains undrilled except for one hole, SRK-001, which gave 22 grams per tonne of gold and 56 grams per tonne of silver at over 0.8 meter, the company noted.
Trans-Siberian said drilling will continue all winter, with a second drill being mobilized to site. In addition to the north extension of Vein 25, five other target areas will be drill tested during the year.
In order to achieve this objective, Trans-Siberian said its board has approved a 2019-2020 drilling programme of 25,000 meters, with the potential to expand further.
Chief Executive Officer Alexander Dorogov said: "The recently conducted drilling programme has yielded some exciting, high grade mineralisation results at Vein 25; this is an important development target for the extension of resource mineralisation."
"We have an ambitious exploration programme planned in 2020 and with drilling continuing we look forward to updating the market on our progress," Dorogov added.
Trans-Siberian shares were up 0.8% in London at 58.95 pence each on Wednesday.
By Loreta Juodagalvyte; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
TSG.L