Kiwi Gold has good results
The listed exploration company, Kiwi Gold nl yesterday announced the start of a drilling programme in Northland and encouraging results from beach sampling in South Westland.
The company is to spend $90,000 on the Pyrite Creek precious metals prospect, south-east of Kaeo. Kiwi Gold is farming into the prospect with Planet Resources Group nl.
Under its agreement with Planet, Kiwi Gold is earning a 51 per cent interest in five exploration areas in the Northland region. A four-week, eight-hole diamond drill programme was launched on Thursday to test an indicated association of platinum, gold and silver. Drill locations have been selected on the results of explorations carried out in the 19705.
The company’s managing director, Mr David
Seton, said results from several exploration programmes over the past 15 years had been reassessed and now indicated an encouraging precious metals presence.
At the 100 per centowned Jackson Bay prospect in South Westland, Kiwi Gold has been encouraged by the results of shallow sampling of beach deposits at the Arawata River mouth.
Two-metre deep augur sampling had returned gold grades of up to .42 grammes a tonne (or 750 mg per cubic metre), Mr Seton said. An early follow up programme would involve machine drilling over a larger area of the extensive 6 to 8 metre deep beach deposits.
Mr Seton said some New Zealand alluvial gold prospects were being viably mined for grades much lower than those obtained from Jackson Bay.
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Press, 12 September 1987, Page 31
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245Kiwi Gold has good results Press, 12 September 1987, Page 31
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