• BUS flags Fosterville-style geology at Crosbie North
• New targets support rock chip samples of up to 12.1g/t gold
• The company plans to start drilling in Q3

 

Special Report: Bubalus Resources has spotted some compelling Fosterville-style targets at the Crosbie North gold-antimony prospect within its Crosbie project in the heart of the Victorian Goldfields.

The Fosterville mine near Bendigo was a struggling operation until the discovery of the Swan Zone in 2016, which had a reserve grade of 58.8 grams per tonne gold.

The discovery transformed Fosterville into a 500,000 ounces per annum producer, in turn elevating then-owner, Canada’s Kirkland Lake Gold, into a market darling.

Fosterville now produces around 150,000ozpa but still has resources of around 3.3Moz at roughly 4g/t Au.

Bubalus Resources’ (ASX:BUS) Crosbie licence sits within 20km of Fosterville and the Costerfield gold-antimony mine owned by Mandalay Resources.

The company is one of several juniors looking for the next ultra-high grade deposit in the region, and has noted the latest targets at Crosbie North have geological similarities to Fosterville’s host rock.

 

Drilling planned in Q3

A recent Induced Polarisation (IP) survey revealed strong chargeability anomalies within a faulted fold system – features highly analogous to those associated with Fosterville’s deep high-grade zones. 

The company is bolstered by the similarities and says the geophysical anomalies are also supported by surface rock chip results of up to 12.1 g/t gold and 2.02% antimony.

In addition, BUS noted that results from the directly adjacent intrusion related gold system (IRGS) target at Crosbie South further enhanced the prospectivity of Crosbie North – demonstrating a significant mineralised system is present in the area.

The next step is diamond drilling in Q3, which will consist of 5-6 holes for around 1,000m.

 

 

This article was developed in collaboration with Bubalus Resources, 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.