EXPLORATION & DEVELOPMENT

Golden Queen eyes future potential at Soledad

Drilling potentially identifies new mineralisation

Staff reporter

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Highlights from the latest results included 5 feet at 0.197 ounces per tonne gold and 0.6opt silver, or 1.52m at 5.58g/t gold and 17g/t silver.

The company said the results from nine holes had successfully intersected and verified existing shallow mineralised zones in and around the currently mined East Pit; plus intersected deeper mineralised zones and potentially identified new zones.

"Further interpretive work is required to determine if this ‘new' mineralisation is volumetrically significant, or if it represents a local phenomenon," the company said.

Golden Queen expected the work on the updated resource model for the East Pit and adjacent areas to be completed this month.

Golden Queen's 50%-owned subsidiary that holds the mine reported production of 6,579oz of gold and 58,024oz of silver from Soledad for the March quarter.

The mine, which started production two years ago, produced a total of 3,035oz of gold in April.

Golden Queen had $18.2 million in cash at the end of March.

Shares in the company were trading around C68c a year ago but fell to 15.5c in February. They have gained 4.88% year-to-date and gained half-a-cent on Friday to close at 21.5c, capitalising it at $64.5 million.

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