Manuka Resources (ASX:MKR) has completed a Strategic Exploration Review which has highlighted the substantial gold and silver resource upside along with high-grade base metals potential across the company’s Cobar Basin projects.
Highlights:
- High tempo exploration activity planned over 2023-2024 across Manuka’s Cobar tenements to materially grow the indicated resources inventory.
- Near-mine exploration prioritised given the opportunity to delineate indicated resource targets of 22-35Moz silver at 40-50g/t, primarily from existing pits at Wonawinta, and 250,000-530,000oz gold at +2.5g/t, with Mt Boppy depth extensions, as well as McKinnons & Pipeline Ridge prospects, prioritised.
- Polymetallic indicated resource targets identified, including high grade copper of up to 3%.
- Proposed exploration budget of over $8m over two years including >24,000m of drilling.
The results of the strategic exploration review point to substantial resource upside on our Cobar tenements, particularly in terms of near-mine silver and gold, but also high-grade copper opportunities along with zinc and lead,” Executive Chairman, Dennis Karp, said.
“With our ~1mtpa+ production infrastructure at Wonawinta capable of producing both gold and silver, near-mine ounces discovered are logical priority targets.
“Cobar is a region prolific for polymetallic deposits in particular and the proposed drilling activity will yield a wealth of data to inform our understanding of the structural controls that are key to delineating more precious metal and polymetallic deposits on our ground.”
Key Work Programmes
- evaluation of gold bearing surface rock dumps and tailings at Mt Boppy and McKinnons that have potential to be upgraded through screening (rock dumps) and possible gravity or dense media separation upgrading of tailings impoundments;
- drill conversion of existing silver and base metal Inferred Resources to Indicated Resources at Wonawinta (Manuka-Boundary-Belah-Bimble open-cuts and Boundary South prospect);
- evaluating the Mt Boppy gold mine depth extensions on the back of the 2020-22 Mining Associates modelling and designing deeper diamond drilling to test and establish incremental mineral resources;
- effecting geological modelling of the Pipeline Ridge base metal – gold deposit, resampling and analysing available diamond core, and design of a drilling programme that enables completion of a Feasibility study level mine plan (open cut and or underground);
- effecting geological modelling of the McKinnons gold deposit and surrounds, and design of drilling programmes that enables completion of a pre-Feasibility study level mine plan (open cut and or underground); and
- systematic geological evaluation of other Exploration Targets with geochemical, geological, drilling, and geophysical targets.
https://www.manukaresources.com.au