Exploration of its projects has reportedly begun for the new junior gold firm known as RooGold (CSE: ROO). The company this morning indicated that it has completed an early stage reconnaissance field trip of three of its currently owned concessions within the Peel-Manning Suture Zone, which is found in New South Wales, Australia.
The field trip was conducted at the firms Gold Belty, Lorne, and Trilby concessions along this zone. Land access agreements have begun to be put into place for the concessions, with a hard copy landowner agreement entered into a Trilby South, while positive meetings related to Trilby and the Gold Belt concessions were also held.
Following the positive developments, the firm managed to collect a total of 47 rock chip samples, most of which came from the Trilby South region, where the firm identified quartz veining and gossanous outcrop. Fieldwork at the Lorne concession meanwhile was focused along a river, where the firm encountered numerous prospectors panning for gold – indicating mineralization is present.
A more extensive field mapping program is now said to be in the planning stages, following the positive reception of landowners in the region. Furthermore, the company has also applied for the Peel South Concession, as part of its intent on consolidating its holdings in the region. That concession covers a total of 231 square kilometres along the same zone.
“Commencement of field work marks a very important milestone for the Company. The three concessions are priority targets located along the Peel-Manning Fault Zone, a crustal suture zone that has shed very significant gold alluvials along its length,” commented Carlos Espinosa, the CEO of the company.
RooGold last traded at $0.185 on the CSE.
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