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Breaker eyes 800,000oz

1 August 2018

Kalgoorlie Miner

Breaker Resources has set a target to identify up to 800,000 ounces in open pit resources on its Lake Roe gold project, 100km east of Kalgoorlie-Boulder, as the Tom Sanders-led gold explorer looks to recover from the hit it took earlier this year on an underwhelming resource announcement.

The 624,000oz haul Breaker unveiled at its Bombora project in April fell some way short of the 1Moz mark some analysts had expected after a sustained drilling campaign at Lake Roe, backed by more than $20 million in funding from share placements to investors over the past two years.

Breaker has struck grades up to 257.3g per tonne in extensional drilling at the Bombora prospect in a bid to upgrade its resource.

Better hits included 2m at 25.93g/t, 4.72m at 5.4g/t and 6m at 4.31g/t, with up to four drill rigs turning to keep the work going in the coming weeks.

The company said a new mineral resource is being prepared, targeting a bounty of 700,000-800,000 open pit ounces over the next five to nine months.

Meanwhile, Saracen Mineral Holdings has continued to demonstrate the deep potential of its flagship Karari underground mine at the Carosue Dam gold project.

Drilling results from outside the mine’s ore reserve returned thick, high-grade extensions, including 16.2m at 16.2g/t, 14.7m at 10.2g/t, 19m at 6.3g/t and 14.4m at 8.3g/t.

Saracen managing director Raleigh Finlayson, who has bumped up Saracen’s drilling budget this financial year to a record $50 million, said the results confirmed the company’s belief in the longevity of the Carosue Dam and Thunderbox assets.

“These results provide further justification of our decision to invest in organic growth,” he said.

“We are confident that both Carosue Dam and Thunderbox will reward us with further increases in the inventory which will enable us to continue growing production in line with our seven-year plan.” Saracen shares closed down 3.5, or 1.83, at $1.875 yesterday. Breaker shares were unchanged at 24.5.

These results provide further justification of our decision to invest in organic growth.