The IGO Ltd (ASX: IGO) share price is on watch today after the company announced a new joint-venture diamond drilling gold project.
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IGO is an exploration and mining company with a portfolio of operating and exploration assets across Australia. It’s partnering with small-cap Australian miner Moho Resources Ltd (ASX: MOH) on its new Crossroads gold drilling prospect.
IGO and Moho ready to go
The companies announced this morning that they’re preparing to undertake diamond drilling at their Crossroads Project joint gold exploration venture, located in the West Australian wheat belt.
In the release, Moho noted that a geochemical review had identified a “broad zone of gold mineralisation” at the Crossroads prospect. The company will start drilling in four separate target holes, with assays expected in the third quarter of 2021.
The initial drilling projects will largely aim to learn more about the site’s geology and lithology. The company aims to determine the orientation of potential gold deposits within the ore in Crossroads to inform further drilling projects.
The company also noted a “halo” around the surveyed gold mineralisation site of tungsten (W), molybdenum (Mo) and arsenic (As) deposits.
Moho management comments
Moho Managing Director, Shane Sadleir, said the initial surveys are exciting.
The association of a geochemical halo of W – Mo – As anomalism with the recently identified gold mineralisation from RC drilling at the Crossroads prospect is very encouraging. We are looking forward to testing the extension of this mineralisation and the relationship with lithology and structures with the upcoming diamond drilling program.
IGO share price snapshot
The IGO share price is up double-digits in the past month after bullish notes from broker Macquarie on 6 May.
IGO shares have been significant climbers over the past few months, rising by more than $1 per share since the beginning of April. Overall, it’s up 72% over the past 12 months and 23% since 2021 began.
The IGO share price finished yesterday’s trading 2.3% higher at $7.86.
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Motley Fool contributor Lucas Radbourne has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.