Metals Australia Ltd

Fully-Permitted Drilling Program to Test Priority Gold, Silver and Lithium Targets at Corvette River in Quebec

19-hole diamond drilling program expanded to include new high-grade gold & silver targets of up to 29.7 g/t gold & 44.1 g/t silver, along a22km strike within the prolific Lac Guyer Greenstone Belt

Metals Australia Ltd (ASX: MLS) (“the Company”) is pleased to announce that it has received all permitting approvals for an extensive new drilling and trenching program to test key high-grade gold/silver/copper targets and key lithium-caesium-tantalum (LCT) pegmatites identified within the Company’s Corvette River Project, along strike and on a parallel belt to the world-class Corvette Lithium Project of Patriot Battery Metals (ASX:PMT)1 in Quebec, Canada (see Figure 1).


Metals Australia has received all required permitting approvals for a major new drilling and trenching program. This fully-funded program will test new high-grade gold and silver targets and priority lithium bearing (LCT) pegmatite targets at the Company’s Corvette River Project.

The Project is along strike and on a parallel belt to Patriot Battery Metals’ world-class Corvette Lithium Project1 on the prolific Lac Guyer greenstone belt in the tier-one global mining jurisdiction of Quebec, Canada (see Figure 1).

High-Grade Gold with Silver and Copper Targets (see Figure 1 for locations):

  • East Eade Gold Target on the Corvette South Trend, where previous rockchip sampling2 across a 300m wide complex fold-closure, never before drill-tested, included assays of up to 29.7 g/t gold (Au) and 12 g/t Au2 (see Figure 2).
  • West Eade Gold Target on the Corvette South Trend (see Figure 3), which produced historical assays of up to 11.45g/t Au2 and more recent rockchip sampling results including 3.37 g/t Au over 3m2.
  • Felicie Gold-Silver-Copper Target on the Corvette Trend (see Figure 1), where previous rockchip sampling produced grades of up to 4.16 g/t Au, 44.1 g/t silver (Ag) and 0.23% copper (Cu)2 from a zone of 180m strike-length open in all directions, and never before drill-tested.

Priority Lithium Pegmatite Targets (see Figure 1 for locations):

  • CR1 Lithium-Caesium-Tantalum (LCT) Pegmatite3 which has been mapped over a 1.6km strike- length and across a 100m thick zone within the Company’s Felicie tenements. CR1 is located on the Corvette (CV) Lithium Trend, 2.5km west of the Patriot Battery Metals’ (ASX: PMT) CV9 pegmatite, which includes a 100m drill-intersection of spodumene-bearing pegmatite4 (Figure 1).
  • CS1 LCT Pegmatite5 which produced high lithium results of 370ppm Li and 290ppm Li from the only two first-pass samples collected from the outcropping coarse-grained LCT pegmatite, located on the western side of the West Eade property (Figure 1). The two samples are located 44m apart on a north-south section, which indicates a more than 40m thick pegmatite zone, which remains open to both the east and west.

Figure 1: MLS’s Corvette River Project - key gold & lithium targets with proposed drilling on geology and magnetics

Metals Australia CEO Paul Ferguson commented:

“We are delighted to have received all necessary approvals to advance this priority drilling and trenching program at our Corvette River Project, which is located within one of Canada’s most prospective lithium, gold, and base metals regions.

In addition to the highly-prospective lithium pegmatite targets we have identified analogous to Patriot Battery Metals’ world-class Corvette Trend lithium deposits, we have also identified multiple new high- grade gold and silver target zones based on our geological team’s extensive re-interpretation of previous rockchip sampling results and magnetics. Significantly, these high-grade targets are located along Quebec’s highly-endowed Lac Guyer greenstone belt which, apart from the Corvette lithium discovery, also hosts many significant gold and silver deposits including Newmont Corp’s ~215,000 ounce per annum Eleonore gold mine6.

With the permitting now in place, Metals Australia is in the final stages of operational planning, budgeting, and contracting with our full-service exploration contractor, Magnor Exploration, to commence the drilling and trenching program as soon as possible.

I’d like to acknowledge the great work of the team at Magnor for working diligently with all required stakeholders, including members of the Cree First Nations community and the Quebec Ministry of Natural Resources and Forestry (MRNF) to apply, consult and achieve permit approvals as quickly as they have. This has all occurred in a positive and collaborative manner and we are now looking forward to demonstrating our credentials as a responsible explorer.

Supported by the Company’s extensive cash reserves, the initiation of the Corvette River drilling and trenching program is a further demonstration of the board’s strategy to accelerate exploration and development across its suite of assets in Canada and Australia in the wake of the recent strategic workshops to identify our next development project after the Lac Rainy graphite project. In addition to Corvette River and Lac Rainy, we expect to provide further announcements over the Quarter regarding plans we are finalising to unlock value from our other exploration assets, which we believe will provide catalysts for a valuation re-rating of Metals Australia shares, which are trading well below cash backing.”


Click here for the full ASX Release

This article includes content from Metals Australia Ltd, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

MLS:AU
Metals Australia

Metals Australia Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Metals Australia

Metals Australia


Keep reading...Show less

High-quality graphite project with accelerated development pathway and outstanding portfolio of exploration properties, highly prospective for lithium, gold and copper-gold discoveries.

Pursuit Minerals

Pursuit Dispatchs 99.5% Lithium Carbonate Samples to Potential Strategic Partners as Feasibility Studies Progress

Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) is pleased to announce that high- purity lithium carbonate samples have been dispatched to multiple parties as part of its engagement with prospective offtake and strategic partners. The samples were produced from the Company’s 250tpa Pilot Plant in Salta, Argentina, using synthetic brine chemically identical to that of the Rio Grande Sur Lithium Project.

Keep reading...Show less
Ioneer Ltd

Ore Reserve Quadruples for Rhyolite Ridge Project; Reaffirms Robust Project Economics

Ioneer Ltd (ASX: INR, Nasdaq: IONR) (Ioneer) is pleased to announce a 308% upgrade to the Ore Reserve estimate for its 100%-owned Rhyolite Ridge Lithium-Boron Project (‘Rhyolite Ridge’ or the ‘Project’) in Nevada, USA, alongside updated Project economics.

Keep reading...Show less
Lithium Africa

Lithium Africa

Keep reading...Show less
Metals Australia

Metals Australia Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×