Minerals 260 Limited (ASX:MI6) has defined a new copper-gold zone in recent drill testing of a chargeability anomaly defined by a Gradient Array Induced Polarisation (GAIP) survey completed at the Mynt prospect, part of its Moora Project in WA.
The 100%-owned Moora Project, which is located ~150km north-east of Perth in the Julimar Mineral Province of SW Western Australia, forms part of a contiguous, 1,000 sq. km land package which includes the adjacent Koojan JV, where the company is in joint venture with Lachlan Star Limited and has earned an initial 30% equity with the right to increase this to 51%.
The latest results are from an 82-hole/12,959m Reverse Circulation (RC) and three-hole/588m diamond core drilling programme completed in February 2023, which was designed to assess multiple targets on the Moora Project and adjacent Koojan JV area.
Subsequent to completing this drill programme, a further 11 RC holes for 1,806m and two diamond core holes for 439m were drilled at the Mynt prospect to follow up the results received late last month.
RC drill-hole MRRC0105 was designed to test a strong chargeability response interpreted to define possible sulphide mineralisation obscured by soil cover. Chargeability highs have also been defined coincident with the main copper-gold zone at Mynt, located approximately 600m to the east, and at the Angepena gold prospect, approximately 900m to the south-west.
The mineralisation intersected in MRRC0105 is located at the south-eastern end of the chargeability anomaly, which extends to the north-west for approximately 700m. Further drilling is required to determine the orientation and continuity of the mineralisation, which remains open along strike and at depth.
The intersection in MRRC0105 is not coincident with surface geochemical anomalism and multiple chargeability highs in the immediate area remain untested by drilling.
The latest intersection is the fourth significant copper and/or gold zone discovered coincident with the broader Mt Yule Magnetic Anomaly, a large, seven km long and up to 2.5km wide WNW/ESE trending high interpreted to indicate predominantly mafic/ultramafic rocks obscured by shallow cover.
The identification of multiple mineralised zones indicates a highly fertile area with the good potential for an economic discovery.
Assays are pending for 22 RC holes and five diamond holes drilled at Mynt and for 12 RC holes drilled elsewhere on the Moora Project and adjacent Koojan JV area.
Drilling activities have been suspended at Moora and Koojan ahead of cropping activities; however, further access discussions with landowners will be undertaken once all assays have been received, processed and interpreted.
In addition to MRRC0105, assays have been received for 13 other RC holes (MRRC0097-0099, 0101 – 0104, 0106-0107, 0110, 0112 – 0115 and 0130). Drill statistics including significant assays are listed in Appendix 1.
“The exciting results from this new area clearly demonstrate that the Mt Yule Magnetic Anomaly is associated with a significant mineralised system, and with each drill programme we continue to get a better understanding of just how significant,” Managing Director, David Richards, said.
“Following our initial discovery of a significant gold zone at Angepena, we have made further important breakthroughs with this latest zone representing the fourth successive copper and/or gold mineralised zone to be unearthed at Moora. At Mynt, we have now identified mineralised zones to the south, east and west of the original discovery hole.
“Further drilling will allow us to determine how interconnected these zones are and/or whether they hold the potential for standalone economic ore bodies.
“We look forward to receiving the outstanding assays and planning the next phase of drilling.”
