Jan 21, 2021

Citigold has a good morning on the ASX

Citigold has a good morning on the ASX Citigold’s Central Mine site at Charters Towers.

Citigold Corporation’s share price has hit a five-month high.

The junior miner, which has Charters Towers-based gold assets, opened yesterday at 0.014AUD and rose to 0.019AUD before closing at 0.017AUD.

The highest the stock has been in 12 months is 0.020AUD.

New potential for Charters Towers

The company recently announced a 27 per cent increase in inferred mineral resources at its Charters Towers gold project to 14 million oz.

And this week it reported that a regional exploration program had revealed potential for new undiscovered mineralised bodies to the north of Charters Towers, and a different style of mineralisation to the south.

A geochemical sampling program was completed at the end of December 2020 with assay results returned recently.

One sample was considered highly significant due to its base metal and
silver signature, which more closely matched a Volcanogenic Massive
Sulphide (VMS) deposit than the traditional Charters Towers style of
mineralisation, the company said.

In addition, three anomalous samples grading over 0.5 g/t gold were located at the northern extremity of the group’s exploration permits, 5-8km north
of the centre of Charters Towers.

Returning gold values of 0.59, 0.51 and 0.83 g/t gold, these were considered highly significant, as the historical workings at Charters Towers were not considered to persist north of the city. 

Citigold said their occurrence indicated that gold-bearing outcrops were shedding into creeks in an area not previously known to be mineralised.

The samples in the study were all on Citigold’s exploration permits and Mineral Development Licences, and the majority of the anomalous rock float samples fell on or close to Citigold granted mining leases.