Significant Gold Exploration Results near Chatree

Significant Gold Exploration Results near Chatree

Kingsgate Consolidated Limited (ASX:KCN) (“Kingsgate” or the “Company”) is pleased to announce that Akara Resources, (“Akara”) has found more significant gold intercepts only a few kilometres from the Chatree Gold Mine (“Chatree”).

After reporting significant gold intercepts of 26m@3.02 g/t Au and 7m@5.77g/t Au from RC drilling (Hole ID: 7642RC) earlier this year (See ASX:KCN release titled “Significant Gold Exploration Intercepts in Thailand” dated 1 February 2023), follow-up Reverse Circulation (“RC”) drilling returned the following significant intercepts:

• 0766RC: 11m@0.67 g/t Au from 2m to 13m;
• 0767RC:
  • 2m@1.31 g/t Au from 3m to 5m;
  • 2m@1.40 g/t Au from 19m to 21m; and
  • 4m@2.01 g/t Au from 37m to 41m.

The end of hole (50m to 111m) assay results for 0767RC are pending.

In addition, Kingsgate is pleased to advise that significant Rotary Air Blast (“RAB”) assay results were reported in an area immediately to the south of the above reported RC drilling results, and includes highly significant gold mineralization intercepts as follows:

• 33858RA: 8m@5.02 g/t Au from 6m to 14m;
• 33856RA: 10m@1.97 g/t Au from 9m to 19m; and
• 33859RA: 2m@1.27 g/t Au from 5m to 7m.

All intercepts end at the last meter drilled and in phyllic-altered and silicified rhyolitic tuff.

These results are exceptional for RAB drilling, in particular, being mineralized to the end of the drill hole, with the intensity of gold mineralization and proximity to the surface showing similar characteristics to Chatree mineralization.

RAB drilling in SPL10/2563 which is also nearby these 2 aforementioned areas, exposed widespread phyllic alteration and silicified rhyolitic tuff with quartz veins. Significant intercepts from SPL10/2563 include:

• 33800RA: 2m@1.14 g/t Au from 4m to 6m in saprolite; and
• 33799RA: 2m@1.03 g/t Au from 4m to 6m in phyllic-altered rhyolitic tuff.

RAB drilling will continue to focus on these highly prospective near mine and SPL10/2563 areas, with additional RC drilling a priority to prove the continuity of mineralization down depth.

In addition, infilled soil and rock sampling was also undertaken in these areas. Infill soil sampling confirmed an anomalous gold area of +50 ppb, approximately 0.2kms wide and 2.0kms long with a maximum assay result of 0.98 ppm, while rock channel samples from an old quarry returned encouraging assay results of:

• 27m@1.13 g/t Au;
• 18m@0.91 g/t Au;
• 3m@7.3 g/t Au; and
• 6m@1.1 g/t Au in polymictic rhyolitic breccias crosscut by various percentage quartz veins.

Host rocks in this area comprise breccias and quartz veins similar to those at Chatree in a mineralized system currently extending for about 2,000m in length.

Further RAB and RC drilling is proposed for the above areas, as well as for the broader exploration region within the 32 granted Phetchabun Special Prospecting Licence (SPL) areas. Akara has identified 40 potential areas that require additional follow-up, including 6 highly prospective areas that require immediate deep drilling…

Please download the full report to continue reading.

Ross Smyth-Kirk OAM

Executive Chairman
Kingsgate Consolidated Limited