Forgent plc (AIM: FORG) has reported encouraging shallow gold assay results from its central Curley’s prospect at the Peak Hill Project in Western Australia, with intersections of up to seven metres grading 2.32 grams per tonne of gold, prompting an immediate expansion of its drilling programme.
The Australian-focused critical and precious minerals explorer completed 30 drill holes totalling 1,406 metres, with results identifying gold mineralisation across multiple neighbouring holes at central Curley’s.
The standout intersection came from hole CAC010, which returned seven metres grading 2.32g/t gold from a depth of 26 metres, including one metre at 4.32g/t gold.
A second hole, CAC011, intersected seven metres at 1.05g/t gold from 49 metres, including one metre grading 3.63g/t.
Further encouraging results included one metre at 4.10g/t gold in CAC003, alongside individual assays of 3.71g/t, 1.88g/t and 1.49g/t in neighbouring holes.
All 12 closely spaced drill holes at central Curley’s returned gold-bearing intervals, strengthening Forgent’s confidence in the presence of a mineralised system extending across the prospect.
Additional intersections included one metre grading 1.49g/t from seven metres in CAC009 and four metres averaging 0.63g/t from 26 metres in CAC002.
The distribution of gold-bearing intersections supports the company’s geological interpretation of an approximately east-west mineralised trend dipping towards the north.
Forgent believes the shallow depths and proximity of the intersections provide a basis for more detailed drilling to determine whether the mineralisation demonstrates sufficient continuity for future resource estimation.
The company is responding by launching an immediate follow-up drilling programme comprising approximately 55 holes, with the drilling rig expected to return to site this weekend.
The expanded Phase II programme includes 51 holes at central Curley’s, using progressively wider drilling grids of 20 by 20 metres, 40 by 40 metres and 80 by 80 metres.
These holes are designed to investigate connections between the existing gold intersections and assess the extent of mineralisation along strike and at depth.
A further four deeper holes are planned at Northern Curley’s, after which drilling is expected to continue at the Cathedral prospect.
Chief Executive James Parsons described the latest results as an important development for Forgent’s exploration strategy, highlighting the combination of shallow gold grades and mineralisation encountered in adjacent drill holes.
He said the expanded drilling programme would test the continuity of the gold-bearing structures and investigate whether the results support an accelerated pathway towards a maiden JORC Mineral Resource Estimate.
For investors, the latest assays provide encouraging evidence of shallow gold mineralisation at central Curley’s, with the planned follow-up programme offering an opportunity to establish the geometry, grade distribution and potential scale of the discovery.
However, the intersections remain early-stage exploration results, and further drilling will be required to determine whether the mineralisation has sufficient continuity and tonnage to support a defined resource.
Attention will now turn to the results of the expanded 55-hole drilling programme at Curley’s and subsequent exploration at Cathedral, as Forgent seeks to advance the Peak Hill Project towards a maiden JORC-compliant gold resource.
