Dundas flags caution on Central results as first drilltest turns up low grades; but Matilda South drilling inbound

Fri 02 Dec 22, 11:09am (AEST)
A mineral geologist surveys outcrop in an unknown location in Western Australia
Source: iStock

Key Points

  • Dundas Minerals has published, in full honesty, lacklustre results from drilling at the company’s Central target in WA
  • However, the company starts drilling at the Matilda South target in Q1 of 2023
  • Matilda South drilling campaign is co-funded by WA State Government

Dundas Minerals (ASX:DUN) has today flagged in full honesty lacklustre from its latest drill run at the company’s Central project

Hits for gold were broken up into parts per billion in today’s results as non-material grades came to define the results of the latest exploration campaign. 

Management notes the company has further magnetic anomalies to investigate with the drillbit in 2023 as the company continues its operations. Of first and foremost interest is a 12km long magnetic anomaly at the Central project. 

“Not what we were envisaging”

“The assay results are not what we were envisaging. It is however very early days in terms of understanding the geology and mineral prospectivity at Central,” Dundas chief Shane Volk said. 

“We need to complete the current work streams and the remaining drill program, including the return of all assay results.”

In late October, the company noted it had found promising soil results at the Central project, bolstering confidence at the time gold mineralisation was deeper underground. 

So what comes next? 

The company will move ahead with further downhole surveys in four drillholes at the project, as well as an analysis of geochemical data to be undertaken on all assay results. 

The company is also re-logging the diamond drill core from its first drillhole sunk on-site. The report from that process is due to be delivered back to Dundas later this month, cited as “mid-December.”

Dundas also moves forward with 3D modelling data at its Matilda South prospect, which the company is funded to start drilling in early 2023. Ahead of that exploration campaign, the company raised $1.6m in cash through an issuance of 4m new shares. 

An RC drill rig will be brought to site in Q1 of 2023, a campaign funded in part by the WA government’s exploration incentive fund. 

A look at Dundas's 3 month charts
Disclaimer: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. Dundas was a client at the time of publishing. All coverage contains factual information only and should not be interpreted as an opinion or financial advice.


Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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