NMG strikes gold at Crown Prince Project

New Murchison Gold (ASX: NMG) has reported the discovery of visible gold in diamond drill core at the Crown Prince Gold Project, part of its Garden Gully Gold Project near Meekatharra, WA.

This marks the deepest recorded gold find in the project’s south-eastern zone, suggesting the deposit could extend further underground.

The discovery was made in diamond drill hole NGGRCDD974, which intersected a quartz-carbonate vein containing visible native gold at 252m down hole, within a 16m-wide sheared zone.

Early visual analysis suggests there is strong potential for more gold deeper in the system, with assay results expected in two to three weeks.

Further drilling is underway to explore beyond the current known resource area. Twelve diamond drill holes are planned, with several already showing promising signs of gold-bearing rock formations.

New Murchison Gold chief executive Alex Passmore comments on the significance of the find.

“While we caution that assays are awaited from Diamond Hole NGGRCDD974 we are pleased to report the strong visual indications of mineralisation in a key extensional area for the Crown Prince resource,” he said.

“We look forward to further updating the market on the assay results and what the broader results are from this deeper drilling program.”

As a third hole awaits processing and cutting on site, it has been reported that raw gold grades in this area are likely to supersede the resource average grade.