Sihayo Gold (ASX:SIH) reports additional gold and silver grades from Sihorbo South – The Market Herald
- Sihayo Gold (SIH) is completing its first phase of drilling at the Sihorbo South deposit near Hutabargot Julu, Indonesia
- Results from eight drill holes totaling 5215 meters have been returned showing that Sihorbo South contains significant gold and silver grades
- Resource modeling is now underway targeting an initial mineral resource estimate this quarter
- Meanwhile, a rights offering was completed, raising gross proceeds of $9,666,667, leaving the Company fully funded to complete its upcoming drill program
- Sihayo Gold last traded at 0.3 cents at 3:50pm AEST
Sihayo Gold (SIH) has completed its first phase of drilling at the Sihorbo South deposit at Hutabargot Julu in North Sumatra Province, Indonesia.
Following the completion of the program, the Company has seen drill results from the epithermal gold-silver target in the North Block of PT Sorikmas Mining’s contract of employment.
Results from eight drill holes totaling 5,215 meters have been returned. These samples included three meters of 25.15 gold equivalent at 24.88 grams per tonne (g/t gold) and 20 g/t silver from 112 meters and seven meters of 1.18 g/t gold equivalent at 0.9 g/t gold t gold and 21 g/t silver from 129 meters.
The Company said the assay results demonstrate that Sihorbo South is an intermediate-sulphidation epithermal vein and disseminated stockwork deposit that hosts significant gold and silver values.
Colin Moorhead, Sihayo Executive Chairman said the exploration results for Sihorbo South continue to illustrate the potential of the Sihorbo South deposit to become a satellite operation for the Sihayo starter project.
“By utilizing the existing infrastructure earmarked for the Sihayo starter project, the additional ounces from Sihorbo South have the potential to add significant value to the project,” said Colin Moorhead.
“We look forward to releasing an initial mineral resource on the deposit shortly.”
The remaining assay results from the Company’s last drill hole in the program are expected to be reported later this month.
An Entitlement Offering has since been completed for gross proceeds of $9,666,667. With the funds, the Company is debt free and fully funded to complete the upcoming drill program.
Sihayo Gold last traded at 0.3 cents at 3:50pm AEST.