A highly active M3 Mining (ASX:M3M) has reported good progress across a range of projects and corporate activities.
“Despite challenging market conditions, M3 Mining’s team has been busy in the field at both our Victoria Bore and Edjudina projects,” Executive Director, Simon Eley, said.
“Following the recent discovery of historic workings containing visible secondary copper mineralisation, the company commissioned a broad soil sampling exercise over a significant area to identify the extent of the mineralisation and further mineralised zones. We have also completed some more ‘boots on ground’ work where a historic mine working has been discovered on newly granted tenements 8km to the southeast of Victoria Bore.
“Similarly, we have completed reconnaissance work at recently granted tenure at Edjudina and mapped the continuation of prospective felsic volcaniclastic units from Northern Star’s Carosue Dam Operations on to our tenure. Several rock chip samples were collected and are currently being analysed at the laboratory.
“At the same time, the company has progressed its efforts to secure an advanced energy asset in the Middle East North Africa region and sought the support of a significant financial partner to assist with funding requirements subject to successfully securing the project.
“With rock-chip and soil assay results expected this coming quarter as well as the outcome of efforts to secure the advanced energy asset, we expect the last quarter of the calendar year to be a busy period for M3 Mining.”
Victoria Bore activities
Following the discovery of further historic copper workings1 in June this year, M3 Mining’s geology team have spent significant time researching the geology of the project area and how it fits into the wider Capricorn Orogen. This was to ensure that the next step of exploration was designed and executed in a way that maximised the chance of a major base metals discovery.
A detailed field mapping exercise, followed by an exhaustive review of the company’s geophysical data and historical exploration data resulted in a large-scale reinterpretation of the extent of the prospective Wyloo Group metasediments that are host to the historic Victoria copper mine along with the fourteen smaller copper workings. All previous interpretations showed the Wyloo group metasediments covering a total area of approximately 7 sq. km. Recent interpretations expanded this to 25 sq. km.
The recently completed soil sampling program consisted of 1,596 samples and covered an area of approximately 60km2. By using an offset sampling grid along with compositing the program has been able to cover a much larger area which covers important contacts between the Wyloo Group and the younger Edmund Group along with intrusive granitoids of the Gascoyne Province.
To complement the soil sampling programme a small passive seismic survey was completed over the same area. The data is still being interpreted; however, preliminary findings indicate that the depth of bedrock is shallow enough such that the soils program should be effective in assessing bedrock fertility.
In addition, field work over one of the newly granted tenements (E08/3326) uncovered a historic working along with associated concrete pads. Multiple samples have been taken and are currently being assayed by a laboratory to assess the level of mineralisation. Once results are received, M3 Mining will update the market accordingly.
The importance of this working is that it is located with the Edmund Group metasediments which cover a large portion of the recently granted tenure at Victora Bore. This working has no information recorded in Western Australia’s MINEDEX system and is potentially a significant finding in terms of Edmund Group fertility elsewhere at the project. In addition to workings and concrete pads, there is a large amount of scraping and trenching that has been completed in the wider vicinity indicating the presence of potentially multiple generations of prospecting activity.
Edjudina activities
M3 Mining’s geology team spent some time at the recently granted Old Plough Dam prospect (E31/1265), adjacent to Carosue Dam (ASX:NST) ahead of planning initial field works. Previous interpretations indicate that the geology at Old Plough Dam is mostly composed of mafic volcanics with minor felsic volcanics. Mapping completed in the eastern portion of the project indicates that the felsic volcanic units are more widespread than previously thought and continuous within M3 Mining tenure.
Multiple rock chips were collected from favourable units as well as prospective quartz veins and structures from the reconnaissance mapping trip and are awaiting assay at the laboratory. The area is along strike from an area that is being actively explored by Northern Star Resources and the Company anticipates completing further work at the prospect to assess the fertility of the eastern portion of the tenement. At its closest, the prospect is 1,100m from the Twin Peaks open cut gold mine that was historically operated by Saracen Mineral Holdings.
The company expects assays from the recent programme in Q4 CY2024 and will provide an update to shareholders at this time.
Energy project update
As announced previously4, M3 Mining has identified an advanced energy asset that it is looking to secure in the MENA region. The company has now met with the national oil company and reviewed project specific data that has assisted in developing proposed work plans to be implemented should the project be secured.
In addition, and contingent on the asset being secured, the company has advanced negotiations for both the long-term purchase of any crude oil produced from the asset as well as development finance. This is a significant endorsement of the asset as well as the team behind its exploration and development activities.
