WA-focused gold, nickel and copper explorer, Mamba Exploration (ASX: M24) rallied 12% as the market opened after reporting shallow and consistent widths of high-grade gold mineralisation at its Calyerup Creek Project.
Of the first 14 holes completed in 2022, 13 intersected significant gold mineralisation, with results including:
9m @ 2.5 g/t gold from 6m
5m @ 1.11 g/t gold from 22m
Generally speaking, grades between 1.5-5g/t is considered medium grade.
“This is an outstanding result given we are testing a soil anomaly, and suggests that the mineralised system is far more extensive than first anticipated,” said Managing Director Mike Dunbar.
“The drilling is ongoing, and the initial programme is anticipated to be completed in the next week, with results expected to be received early April.”
Peak Minerals (ASX: PUA) opened 17% higher after the company’s early-stage Green Rocks project returned an encouraging set of nickel-copper grades including:
57 of 192 rock chips from outcrop with copper grades of more than 1%
17 samples returning copper grades of more than 5%
“These results exceed our expectations from the preliminary mapping observations. We are not the first company to confirm copper on the ground, but we are the first to map individual intrusions that host copper,” CEO Jennifer Neild said in a statement.
“The evidence is stacking up that the source of this mineralisation is nearby.”
Near term catalysts for Peak include:
Ground geophysics to get firm targets for diamond drilling
Commence diamond drilling in the second quarter
Metals Australia (ASX: MLS) shares surged 28% in early trade after rockchip samples returned lithium oxide grades of up to 2.3% and rubidium grades of 0.7%.
These results refer to the company’s Manindi Lithium Project in Western Australia.
Along with the high-grade lithium discovery, the identification of significant rubidium was also viewed as “highly encouraging”.
Rubidium is a rare metal with applications in high-technology industries including biotech, electronics and specialty glass.
A drilling program is currently underway, testing the central, high-grade part of the prospective pegmatites.
Metals Australia said that the samples collected from the initial drilling will “shortly be submitted to Intertek laboratory in Malaga, Perth, for the lithium suite of analyses.”
Toro Energy (ASX: TOE) shares are up 5% in early trade after the company announced commenced the 2022 diamond drilling campaign at the Dusty Nickel Project in WA. To date, drilling at the Dusty Target Area has resulted in the discovery of two areas of significant massive and semi-massive nickel sulphide mineralisation.
The new drilling program will continue exploration at the two significant locations and areas proximal to them.
In other news, Toro also announced that it has kicked off an engineering study for its Lake Maitland Uranium Project.
The company expects to provide a further update when it receives and evaluates the results of Lake Maitland's re-optimised mine and pit.
The Australian Government has acknowledged the strategic significance of Cobalt Blue (ASX: COB) and the company’s Broken Hill Cobalt Project.
The company's stock was up over 20% as the market opened.
“Granting Major Project Status to the Broken Hill Cobalt Project will greatly assist COB to raise development capital by recognising the strategic importance given to this Project by the Australian Government,” said CEO Joe Kaderavek.
”This milestone is critically important for overseas partners and well timed in our development journey. COB can now boast both Made in Australia and Backed by Australia”.
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