Minerals 260 Limited (ASX:MI6) is fast-tracking follow-up drilling after obtaining initial success with RC drilling at the Moora and Koojan Projects in Western Australia.
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 Project, 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 initial drilling programme was planned to comprise up to 100 holes for approximately 15,000m, testing 26 geochemical and/or geophysical targets defined by previous exploration.
Since drilling began, 55 holes have been drilled for 8,898m. Due to the timing of harvesting activities, drilling across the higher priority targets, including the Mynt prospect, did not commence until early January 2023.
In early 2022, drilling at Mynt, the cokpany intersected significant copper-gold mineralisation in a single RC hole (MRRC0040) coincident with a 1.5km anomalous trend defined by geochemistry and geophysics.
Follow-up drilling at Mynt commenced in January 2023 and comprised an initial programme of 10 wide-spaced RC holes with a second phase of combined RC/diamond cores to be drilled if supported by geological logging.
The initial phase of follow-up drilling at Mynt has been completed with assays pending for all holes. Based on geological observations, the company believes that a second phase of drilling comprising a further nine RC holes and four diamond core holes is warranted. While the Company is encouraged by these observations, there is no guarantee that ore grade assays will be returned from the initial phase of drilling.
Further GAIP and DHEM will also be completed at Mynt to optimise siting of the Phase 2 drill holes.
At the Acga prospect, previous drilling intersected significant PGE mineralisation – 3.0m @ 0.52g/t PGE from 177 -180m – at the bottom of hole MRRC0055, which was subsequently extended to 252m as part of the current programme. MRRC0058 and MRRC0059 were drilled to the west of MRRC0055 with both holes intersecting highly anomalous PGE values indicating a shallow north- easterly dip for the mineralised zone:
There is no surface anomalism coincident with the Acga mineralisation, with the initial discovery hole (MRRC0055) drilled to provide geological data. However, several PGE geochemical anomalies have been defined in close proximity and these high-priority targets will be tested by the current drill programme.
DHEM surveys will also be completed at Acga to test for off-hole conductors that may indicate the presence of massive sulphide bodies prospective for higher-grade PGE mineralisation.
On the Koojan JV, RC hole MRRC0085, drilled into the Mallory prospect, intersected a highly anomalous zone grading 16m @ 54ppb Au, which is 10 – 20 times background. A review will be undertaken once all assays are received from drilling at this prospect to determine whether future work is warranted.
Drilling is continuing on the Moora and Koojan Projects with a further 25 to 30 holes planned for a total of 4,500- 5,000m drilling. This includes the Phase 2 drilling at Mynt which will comprise 13 holes for a total of ~2,500m and three holes for ~600m at the advanced Angepena gold prospect.
We have made good progress with this highly anticipated drill programme,” Managing Director David Richards said.
“While assays are pending for most of the holes drilled, we are very encouraged by the geological observations from the initial drilling at Mynt, prompting the commencement of a second phase RC/Diamond core drilling at this exciting prospect.
“We also look forward to drilling the PGE anomalies around Acga and other priority targets including the Angepena gold prospect, where high-grade gold mineralisation has been intersected in previous programmes.”