KO Gold has secured a five-year exploration permit (EP) for the historic Carrick Goldfield in the Otago Gold District, New Zealand.

Effective 9 May 2024, the exploration permit covers around 105km².

KO Gold’s immediate plan is to drill several holes targeting high-angle, lode-style gold mineralisation and low-angle, shear-hosted gold mineralisation within the CPSZ.

A six-week exploration programme on the Carrick Range Prospecting Permit is under way, focusing on geological mapping, rock sampling, and extensive soil and stream sediment sampling to identify potential drilling targets.

The Carrick Range Prospecting Permit is located immediately south of the Carrick EP and both permits include the ‘Carrick Gold Project’.

Furthermore, the company plans to undertake regional exploration and drilling programmes for other permits in the Otago Gold District.

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KO Gold’s management has allocated a C$3m ($2.2m) budget for regional exploration and drilling programmes on its Carrick Range, Rough Ridge South and Tokomairiro prospecting permits as well as reverse circulation and diamond drilling programmes on its Carrick, Hyde, Glenpark and Smylers Gold exploration permits.

The company anticipates finalising access agreements and selecting a drilling contractor in the coming weeks.

RSC Consulting is responsible for managing and supporting the exploration and drilling programmes.

KO Gold president and CEO Greg Isenor said: “We see great potential for gold deposits in the Otago Gold Belt as pointed out by the presence of the many indicators of gold mineralisation, including old gold workings, gold showings, extensive alluvial gold production, geochemical anomalies and structure, etc.

“KO Gold now has four properties at the drill stage. In addition, we also have regional gold exploration programmes working to bring more properties to the drill stage. We are pleased to be working closely with both RSC and Hardie Pacific, both of whom have extensive knowledge and experience in the Otago Gold Belt.”

The Carrick Goldfield, located within the Otago Schist Belt, has seen limited modern exploration until now.

KO Gold aims to discover reef/shear-hosted gold lode mineralisation in this area, which has a history of 98 historical drill holes completed since 1980 using various drilling techniques.