Brought to you by Bulls N’ Bears
Michael Busbridge
Maiden drilling at Golden Dragon Mining has intersected multiple broad, high-grade gold zones near surface at the company’s Coodardy prospect, one of the prime targets at its broader Cue project in Western Australia’s Murchison region.
One standout hit returned 8 metres running at an impressive 7.3 grams per tonne (g/t) gold from 20m, within a broader zone of 24m grading 2.7 g/t gold.
Other high-grade intercepts included 16 metres grading 1.7 g/t gold, featuring a 4-metre slice running at 4.6 g/t gold from 16m, while in a third hole, the drill bit jagged 4 metres assaying 9.7 g/t gold from 24 metres within a wider intersection of 8m grading 5.1 g/t gold.
For a company that listed just months ago, Golden Dragon says these strong results line up neatly with its maiden drilling goals and confirm a continuous high-grade trend stretching at least 700m within a broader near-surface system.
‘The primary focus of the next phase of exploration will be testing this high-grade zone north and south’
Golden Dragon Mining managing director Simon Buswell-Smith.
The shallow oxide mineralisation consists of stacked, flat-lying quartz veins, a geometry that’s well suited to free-digging open-pit mining techniques. The oxidised character of the ore zone suggests the metallurgy may also be amenable to standard leaching techniques.
What makes these results sparkle even more is that the entire mineralised strike now sits with one company, turning a patchwork of leases once under different ownership into a unified exploration story along a corridor steeped in gold pedigree.
Sitting just down the road is Westgold Resources’ massive Big Bell gold mine, home to a hefty 2.3-million-ounce resource base, while the nearby Cuddingwarra mining centre, also held by Westgold, churned out about 780,000 ounces at a tidy 2.1g/t in its heyday.
Golden Dragon’s new approach to consolidating otherwise fragmented land tenure also appears to be paying early dividends elsewhere, with old prospects that contain significant historic intersections suddenly vying for attention.
Golden Dragon Mining managing director Simon Buswell-Smith said: “The primary focus of the next phase of exploration will be testing this high-grade zone north and south in poorly tested areas to extend the mineralisation. The team has interpreted the high-grade zone to plunge to the north into the fresh rock, which would be a very exciting development if confirmed, as we expect.”
The company has a pipeline of drill-ready targets across Coodardy. These include Curtis Find, where past drilling returned 3m at 11.2g/t gold and Piston, which delivered a broader 24m intersection grading 0.9g/t gold. Many of the prospects have seen only sporadic follow-up and remain open in multiple directions and at depth.
The Cue project sits just sixty kilometres north-west of the town of Cue and is surrounded by operating processing plants, including Westgold’s Tuckabianna Mill and Ramelius’ Mount Magnet operations. Should Golden Dragon hit pay dirt, the potential for a lucrative toll-treatment agreement with nearby operators highlights a custom-milling pathway for the company.
With the rods already turning, Golden Dragon has quickly shifted from land consolidator to active explorer and potential discoverer.
Backed by district-scale consolidated ground that appears to have multiple walk-up targets, the company now has all the ingredients and logistical advantages to chase a meaningful discovery – and potentially fast-track any success in an infrastructure-rich region built on gold.
With the gold prices soaring almost 50 per cent in little more than six months to a whopping US$4996 (A$7114) per ounce, the company appears to be letting the reins out at just the right time.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
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