Ophir exploration results promising

Junior gold exploration company Ophir Gold has reported some "spectacular" results after completion of its first $400,000 drilling programme recently, near Omakau north of Alexandra.

Senior project geologist John Scott said Ophir Gold had drilled 18 holes around its 650ha tenement, which contains nine highly prospective zones, and was ready to begin a second round of drilling before the end of the month. Of the 18 test drills, three returned assays of respectively 12.2 grams of gold per tonne, 8.4 grams and 6.9 grams.

Ophir Gold is privately owned and managed by four Otago-based directors.

Scott said several options were available to get the project headed towards a production stage that could include a joint-venture partnership, floating the company or on-selling its holding.

Ophir Gold has held the five-year permitted area for the past two years and hoped to further prove the estimated recoverable gold in the area.

Scott said the Ophir tenement was situated along the "line of strike" of Oceana Gold's 15-year-old Macraes goldmine which produced its 2 millionth ounce last November.

Macraes had an estimated reserve of more than 8 million ounces and Scott believed the Ophir tenement contained a potential resource worth more than $100 million.

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