Sunday, June 22, 2008

Gold search looking bright

The results of Heritage Gold's air and ground-based exploration programs near Waihi are "encouraging" the company says. Heritage Gold would like to be able to soon expand it's gold activities closer to the town. In Heritage's Friday announcement to the NZX, Heritage Gold realyed that they believed that it had targets in Waihi North and Golden Valley that could potentially represent gold-bearing structures.
The high-resolution aeromagnetic/radiometric survey of the Waihi North, Waitete and Golden Valley tenements has indicated several significant broad demagnetised zones. These areas are very often associated with areas of hydrothermal alteration and gold mineral deposition in this district. One area in particular in Golden Valley approximates the size of the footprint of the adjacent Martha and Favona gold deposits.
Exploration results so far have given Heritage Gold the evidence to lodge an application for an appraisal extension on its Waihi North permit, the company said.
Drilling of the geophysical and geochemical anomalies which could indicate the presence of gold at Waihi North has begun.
Heritage Gold has spent $1.8 million in exploration on Waihi North to this point. They are currently spending $200,000 on drilling targets identified from these surveys.
Heritage Gold is a 21-year-old company with exploration permits around Waihi, including the Talisman Mine which has produced more than 1 million oz of gold and 3 million oz of silver during its peak mining period.
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