Minerals 260 Limited (ASX:MI6) has confirmed the potential for its 100%-owned Moora Project and adjacent Koojan JV to host significant PGE mineralisation with results from reconnaissance drilling completed earlier this year.
The Projects form a contiguous, 1,000 sq. km land package located ~150km north-east of Perth in the Julimar Mineral Province of SW Western Australia. At the Koojan JV, the company is in joint venture with Lachlan Star Limited and has the right to earn up to 51% equity.
In June 2022, the company completed a 17-hole/2,945m RC/diamond core drilling programme over three targets:
The three RC holes drilled across the MGA were reconnaissance in nature and designed to provide geological data, particularly for the margins of the anomaly, which is interpreted to be caused by a dense mafic/ultramafic intrusive body.
The drill holes were sited where access was available during the winter cropping period and are in an area where there is no coincident geochemical anomalism.
All three holes intersected mafic rocks consistent with an intrusive body with the mineralisation associated with a zone of disseminated sulphides. The anomalous palladium (up to 611ppb Pd) and platinum (up to 76ppb Pt) are also coincident with elevated copper (up to 2,080ppm Cu).
A follow-up exploration programme comprising further drilling and down-hole geophysics will be planned to assess the significance of the latest results. This work will be undertaken as early as possible during the next drilling programme.
While the latest drill results are not coincident with surface anomalism, previous geochemistry and shallow air- core drilling have defined a number of high priority PGE+Cu+Au targets in close proximity which will also be assessed as part of the upcoming drill programme.
We have always been confident that the Moora and Koojan Projects are prospective for PGE mineralisation analogous to that discovered further south in the Julimar Mineral Province,” Managing Director, David Richards, said.
“The intersection of highly anomalous PGE and copper values coincident with a large gravity high confirms this view and we look forward to following up these results as well as testing other priority targets as part of the upcoming drilling programme.”