Elk Range Mining (ASX: ELK) Hits 290m Gold Zone at Friday

Elk Range Mining has reported a 290.3-metre mineralised envelope grading 2.8 grams per tonne gold from its maiden diamond hole at the Friday Gold Project in Idaho, with high-grade mineralisation continuing well beyond the end of nearby historical drilling.

Hole 26FRD001 returned 89.6 metres at 5.5 grams per tonne from 76.6 metres, including 37.1 metres at 8.3 grams per tonne. Within that interval was 11.3 metres at 21.4 grams per tonne from 137.2 metres, beginning where historical hole PFR2014_06 ended.

Mineralisation continued for about 170 metres below that historical end-of-hole position. Deeper results included 12.7 metres at 4.5 grams per tonne from 177.2 metres and 51.8 metres at 2.6 grams per tonne from 216.4 metres, including 22.4 metres at 5.1 grams per tonne.

The result materially expands the depth tested on this section of the Friday shear zone. However, the hole was deliberately drilled along the interpreted steeply dipping structure. All reported intervals are downhole lengths rather than true widths, which have not yet been estimated.

The broader 290.3-metre envelope is also a longitudinal aggregation between the first and last qualifying assays. It includes about 14% internal dilution and should not be interpreted as 290 metres of true mineralised thickness.

Historical result validated, but with grade variability

Elk Range drilled 26FRD001 about eight metres from, and broadly parallel to, PFR2014_06. The new hole intersected the same mineralised zone, validating the presence of the system while extending the tested depth.

Across the interval previously reported in PFR2014_06, the new hole returned a lower length-weighted average grade of about 2.7 grams per tonne, compared with the historical 5.22 grams per tonne. Elk Range attributed the difference to short-range grade variability in a coarse-gold system, separation between the holes and different sampling and analytical methods.

The latest assays also confirmed previously reported visible gold. Individual samples included 0.30 metres at 268.4 grams per tonne and 0.39 metres at 120 grams per tonne, although no upper grade cuts were applied to the reported averages.

Friday has been tested by 386 historical holes covering more than 44,200 metres. That drilling defined a north–south mineralised body extending about 430 metres along strike and 43 to 55 metres across strike. The latest announcement reports only one new hole, and the data spacing is not yet sufficient to establish the continuity required for a Mineral Resource estimate.

Phase 1 drilling continues

Elk Range is continuing its approximately 2,850-metre Phase 1 program. Hole 26FRD002 was paused at about 151 metres because of mechanical issues and will resume after 26FRD003, which had reached about 125 metres.

Core from both holes is due to be submitted for analysis, with results expected in late November. Subsequent drilling will test the system along strike and at depth, while new and historical data will be integrated towards a maiden JORC-compliant Mineral Resource.

The company said it is fully funded to complete Phase 1 following its $10 million initial public offering.