Minerals 260 Limited (ASX:MI6) has confirmed that the first-ever drilling program has commenced across targets on the Koojan JV, which is located ~150km north-east of Perth in the Julimar Mineral Province of SW Western Australia.
The Koojan JV forms part of a contiguous, ~1,000 sq. km land position which also includes the Company’s adjacent 100%-owned Moora Project.
At Koojan, the company is in joint venture with Lachlan Star Limited (ASX: LSA) and has the right to earn up to a 51% direct interest in the Project. The drilling is part of an initial A$6.7 million, six month exploration program that commenced in early November 2021 and is scheduled to be completed ahead of the cropping season that will begin shortly across the Project areas.
The aircore drilling will test coincident geochemical and geophysical targets including the previously announced high-priority Mallory and Bourbana prior to the demerger and IPO of Minerals 260.
At Mallory, which has been defined over a strike length of 2km, highly anomalous gold (up to 18ppb), PGE’s (up to 160ppb) and copper (up 380ppm) are coincident with a conductive zone defined by Gradient Array Induced Polarisation (GAIP).
The Bourbana prospect, a multi-peaked gold anomaly (up to 135ppb) defined over an area of 1km x 2.7km, is also coincident with conductive zones defined by GAIP.
Aircore traverses will also be drilled on the company’s Moora Project including the western extension of the Mt Yule magnetic anomaly, which hosts the recently discovered Mynt copper-gold zone Detailed aeromagnetic and gravity surveys have been completed over the western part of the combined Project areas and the data are being processed ahead of interpretation and modelling of targets.
A 6,000 to 7,000 sample geochemical program, designed to in-fill previously, partially defined anomalies and assess new areas, is ongoing with ~40% of the samples collected and submitted for assay.
The results from the aeromagnetic, gravity and geochemical surveys will provide a significant amount of data, which, once processed and analysed, will be used to optimise drill testing of existing and new targets.
RC/Diamond Core Drilling Programme Update
In January 2022, the Company completed a 37-hole/6,196m diamond core/Reverse Circulation (RC) drilling program over prospects coincident with the Mt Yule Magnetic Anomaly, with the primary focus being the Angepena gold prospect. Assays have been reported for 13 holes with significant results recorded from the Mynt (24m @ 1.9% copper and 0.7g/t gold) and Angepena (up to 9m @ 1.1g/t gold) prospects.