Vango Mining to drill three diamond holes into key gold targets at Ned’s Creek JV in WA

Vango Mining Ltd (ASX:VAN) will drill three diamond holes into key high-grade targets in the Contessa Corridor at Ned’s Creek Joint Venture Project where the company is earning a 51% interest from Lodestar Minerals Ltd (ASX:LSR). Ned’s Creek is southeast of the company’s 100%-owned Marymia Gold Project, 300 kilometres northeast of Meekatharra in the Mid-West region of Western Australia. The initial two diamond drill holes will test immediately down plunge to the northeast of previous high-grade intersections at Contessa: 4 metres at 78 g/t gold from 140 metres in LNR026; and 5.1 metres at 28.1 g/t from 143 metres in diamond drill hole LND0032. This diamond drilling program is set to begin this month upon completion of a diamond drilling program in progress at the Marymia project.  Subject to results, stage-2 resource definition drilling will be planned for the highly prospective Contessa Corridor. Third diamond hole planned  In addition, examination of previous diamond drilling at Gidgee Flat prospect indicates that mineralisation is associated with intense pyritisation of mafic rocks, in contact with syenite ‘veins’ with haematite. A third diamond hole will test the projection of the Gidgee Flat mineralisation northeast under Proterozoic cover associated with a key flexure in the mineralised syenite contact Syenite outcrops to the north of Gidgee Flat and a mineralised east-west trending fault structure within the syenite, associated with highly elevated bismuth values, projects into the area of Proterozoic cover between Gidgee Flat and Central Park prospects. Earn-in terms Vango has started earning a 51% interest in the Ned’s Creek tenements by expending $5 million, including the option fee of $500,000 on exploration over a three-year period, with a minimum spend of $1 million per annum for the first two years and the balance in year three. Upon Vango earning 51%, should Lodestar elect not to form a contributing JV, Vango may increase its interest in the Neds Creek JV to 80% and Lodestar may revert to a 20% interest.