Exploration Advancements: Company Initiates Multi-Phase Drilling Program at Madison Copper-Gold Project

A leading exploration company has announced the mobilization of a drill rig to its Madison Copper-Gold Project, marking the commencement of an ambitious multi-phase drilling campaign.

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A leading exploration company has announced the mobilization of a drill rig to its Madison Copper-Gold Project, marking the commencement of an ambitious multi-phase drilling campaign. The initial phase of this program will focus on extending known mineralized zones and testing highly prospective areas that have not been drilled before. This comprehensive exploration effort aims to unlock the full value of the Madison Project by confirming and expanding high-grade mineralization zones and evaluating deeper regional targets.

Phase I Drilling Program

The primary objective of Phase I drilling is to extend the known mineralized zone identified through historical drilling near the mine area. Previous drilling in this region has yielded significant intercepts, including 14.69 meters (m) of 12.10 grams per tonne (g/t) gold (Au) and a further 61.63 m of 6.97% copper (Cu). These impressive results indicate the presence of substantial mineralization, which the company aims to confirm and expand upon.

In addition to near-mine drilling, the company plans to test several highly prospective areas identified through the interpretation of extensive historical and recent data. These areas have never been drilled before, presenting a unique opportunity to discover new mineralized zones. The data suggest the potential for significant mineralization, which could add considerable value to the Madison Project.

Phase II Drilling Program

Following the completion of Phase I, the company will initiate Phase II drilling, focusing on deeper regional targets within the western portion of the project. This region has recorded historical gold values at surface of up to 48.5 g/t Au in undrilled locations. The company believes these surface gold values may indicate the presence of a concealed intrusive heat source, which could be the key to uncovering a larger mineralized system.

Phase II will also follow up on any positive results from Phase I, allowing the company to refine its exploration strategy and target areas with the highest potential. By testing these deeper regional targets, the company aims to evaluate the exploration upside potential of the Madison Project and identify new zones of mineralization that could contribute to a comprehensive mineral resource estimate.

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CEO’s Statement

Warwick Smith, CEO & Director, expressed his enthusiasm for the upcoming drilling program, stating, “We are pleased to be mobilizing a drill rig to Madison in preparation for drilling. Phase I will focus on areas where exceptional copper and gold mineralization have been encountered historically. By drilling the near-mine area, we aim to confirm and expand upon this high-grade zone to build towards a first mineral resource estimate at the Project.”

He continued, “As part of Phase II, our technical team has identified several highly prospective, yet untested, regional targets that we believe may represent the peripheral expression of a larger mineralized system. The upcoming drill program will be an opportunity for us to evaluate the exploration upside potential of these priority target areas. And, with a robust treasury, we are in an excellent position to embark on this multi-phase drill campaign as we aim to unlock the full value of the Madison Copper-Gold Project.”

Timeline and Expectations

The Phase I drilling program is expected to take four to five weeks to complete, with assay results anticipated to be released during Q3 2024. These results will be crucial in determining the next steps of the exploration program and refining the targets for Phase II drilling. The company’s technical team will closely analyze the data to ensure that subsequent drilling efforts are focused on the most promising areas.

Significance of the Madison Project

The Madison Copper-Gold Project represents a significant opportunity for the company to expand its mineral resource base and increase its production potential. The historical drilling results have already demonstrated the presence of high-grade copper and gold mineralization, and the current drilling campaign aims to build on this foundation.

By exploring both the near-mine area and untapped regional targets, the company is adopting a comprehensive approach to unlock the full potential of the Madison Project. The successful execution of this multi-phase drilling program could lead to the discovery of new mineralized zones and enhance the overall value of the project.

The commencement of the multi-phase drilling program at the Madison Copper-Gold Project marks a significant milestone in the company’s exploration efforts. With a strategic focus on both extending known mineralized zones and testing new, highly prospective areas, the company is well-positioned to unlock the full value of the Madison Project. As the drilling progresses and results are released, the industry will be watching closely to see how this ambitious exploration campaign unfolds and what it reveals about the potential of this promising project.

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