To support planned exploration, the company has made a private placement of 53 million fully paid ordinary shares at an issue price of 0.6 cents, raising $318,000.
The shares will be issued under existing capacity with 2 million issued under rule 7.1A and 51 million under rule 7.1.
Significant amounts of alluvial gold
Speaking to Proactive, Dart Mining chairman and managing director James Chirnside said the Buckland project was its number one focus at the moment.
Chirnside said: “The proceeds [of the placement] will be used to gain knowledge through exploration activities – mostly geochemical now but we plan to resume drilling there in December this year.
“The Buckland area is a watershed – the Ovens River and the Buckland River both run through there.
“Historically they were dredged, mined and panned for alluvial gold, significant amounts of alluvial have been extracted from there.”
Target for large-scale gold mineralisation
Earlier this month the company upgraded the Fairleys shear zone as a target for large-scale gold mineralisation, stating the zone is almost certainly the dominant bedrock source of the extensive alluvial gold deposits mined historically in the Buckland River.
Chirnside said: “The Fairleys shear zone is at least 8.5 kilometres in strike around multiple shear zones across a 400-metre width, so it’s very large and very exciting.
“We have some understanding of the mineralisation in terms of depth but we still need to understand a lot more about that and that’s what we’re focused on at the moment.”
Historic prospects and mines
Recent sampling detected a strong 400-metre wide arsenic soil anomaly over the zone about 2 kilometres northwest of the Fairleys prospect.
The Fairleys prospect is where Dart Mining’s earlier drilling confirmed that bedrock gold mineralisation was strongly associated with arsenic mineralisation.
Incomplete follow-up exploration of the anomaly located several historical prospects and small mines.
These had developed on multiple shears and display silicified cores with high-grade gold enveloped by wide zones of disseminated sulphide-associated gold mineralisation.
High-grade gold assays
Sampling of remnant mineralisation from the end of stopes in several prospects at Buckland have returned high-grade gold assays including:
- 1 metre at 48.5 g/t gold at the Try Again prospect;
- 1 metre at 17.8 g/t and 0.2 metres at 83.9 g/t at the Miners Glory prospect; and
- 60.8 g/t in a grab sample and 7.5 metres at 2.66 g/t at the Queens Jubilee prospect.
Subsequent exploration has provided evidence for recurring zones of gold mineralisation along the Fairleys shear.
Contemporary gold rush
Chirnside added: “We’ve held the ground there for quite a long time – it’s only in the last 18 months we've started to do a lot more work on it.
“Across the whole of Victoria there is a huge amount of exploration and development activity happening in various mines.
“A lot of that has been encouraged by successes at Fosterville which is a mine owned by Kirkland Lake Gold (TSE:KL).
“The rationale around Victoria generally is that it hasn’t been properly explored in contemporary times using contemporary methods – that’s the thing driving the activity there.”