Forrestania Resources doubled the British Hill gold resource to 126,290 ounces at 1.50 g/t. Three rigs are drilling a 100-hole follow-up campaign with metallurgical studies planned.
Alpha Score of 42 reflects weak overall profile with weak momentum, poor value, weak quality, weak sentiment.
Forrestania Resources (ASX: FRS) more than doubled the mineral resource at its British Hill gold deposit in Western Australia, the company said Thursday.
The new estimate totals 2.62 million tonnes grading 1.50 grams per tonne gold for 126,290 ounces at a 0.5 g/t cut-off. The Indicated portion jumped 180% to 1.87 million tonnes at 1.43 g/t for 86,080 ounces.
Forrestania based the upgrade on 322 reverse circulation and diamond holes, plus historical drilling data that predated its involvement at the site.
British Hill sits within the company's wider Forrestania Hub, part of the Forrestania Greenstone Belt. That belt extends south from the 400-kilometre-long Southern Cross Greenstone Belt, which hosts the historic Bounty gold mine.
The deposit's gold is concentrated in shear-parallel quartz lode systems controlled by D2-D3 shear zones trending north-northwest through the belt. Mineralisation occurs in sulphide facies banded iron formation that underwent high-grade metamorphosis, with magnetite and grunerite as the main mineral assemblages. Gold shows up in late-stage breccia zones at metre to decimetre scale, with abundant centimetre-scale veins of pyrrhotite and quartz.
British Hill lies about 60 kilometres south-southeast of Marvel Loch, a gold prospect previously developed by IMD Gold.
Forrestania has drilled 19 holes at the deposit this year totalling 4,765 metres. A 100-hole follow-up campaign has been approved, using three rigs on resource development drilling.
Chair David Geraghty said the company was pleased to deliver a doubling of the previous MRE and a material increase to the Indicated category.
“The combination of resource growth, ongoing drilling success and excellent regional infrastructure positions British Hill as a key asset within our broader Forrestania gold strategy,” he said.
“With three reverse circulation rigs on site and drilling continuing, we believe there is significant opportunity to further expand the resource base and enhance project economics as we progress technical studies and evaluate future development pathways.”
Forrestania also has metallurgical test work and conceptual mining studies planned for the site.
The company's SO stock page shows an Alpha Score of 43 out of 100, reflecting a Mixed rating in the utilities sector.
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