BMG Resources (ASX:BMG) said phase one drilling at the Abercromby gold project in Western Australia hit broad gold-associated alteration zones, according to a Friday Australian bourse filing.
It encountered intercepts of 46.34 meters at 0.38 grams-per-tonne grade of gold from 116 meters, as well as eight meters at 1.27 g/t grade of gold from 304 meters.
The firm is conducting planning for a second phase of drilling, including diamond drilling and reverse circulation drilling, which will test the Capital South, Archer, and Barrack prospects.
Its shares plunged 30% in recent trading on Friday.
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