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MTM Critical Metals Limited (ASX:MTM) (MTM or the Company) has received assay results from a recently completed program of aircore drilling that confirm nickel laterite mineralisation at the Seahorse prospect, part of the East Laverton Project in the north Eastern Goldfields of Western Australia (Figure 1).
Highlights:
- New laterite nickel mineralisation discovery made at the Seahorse prospect
- Aircore drilling confirms nickel-cobalt-chromite mineralisation over 1km strike length
- Higher grade drilling intersections include:
- 23ELAC175 - 17m @ 0.92% Ni
- 23ELAC176 - 28m @ 0.95% Ni, 10m @ 0.10% Co and 21m @ 0.97% Cr
- 23ELAC185 - 28m @ 0.97% Ni and 32m @ 1.08% Cr
- 23ELAC191 - 11m @ 0.88% Ni and 7m @ 1.28% Cr
- 23ELAC183 - 9m @ 0.72% Ni, 10m @ 0.91% Cr
- 23ELAC186 - 16m @ 0.65% Ni, 32m @ 0.13% Co and 44m @ 1.09% Cr
- Highest grade of 2.2% Ni over 1m and numerous samples >1% Ni
- Host ultramafic unit previously untested by drilling and is open along strike
- Magnetics and geochemistry indicate strike of prospective rocks extending in excess of 3km
- Rare earth element mineralisation up to 1,850ppm TREO also reported in the mineralised drilling intersections
- Additional priority target areas yet to be drilled
- Located approximately 100km from Glencore’s Murrin Murrin nickel mine
Results show significant nickel (Ni) mineralisation grades in the lateritic weathering zone over an ultramafic host rock, up to 2.2% Ni. The nickel zones are locally coincident with elevated cobalt (Co), chrome (Cr) and rare earth element (REE) mineralisation.
Regarding the latest drilling results from the Seahorse prospect, Managing Director Lachlan Reynolds commented:
“This discovery of lateritic nickel mineralisation is the successful result of MTM’s systematic exploration campaign at the Seahorse prospect over the past two years.
Priortoourwork,therehasbeenlimitedhistorical exploration in this area, which is mostly covered by transported sediments and marginal to the greenstone belts that are traditionally considered to be most prospective. However, our combined soil sampling program and interpretation of the regional geophysical surveys has identified numerous anomalies, which this drilling confirms can be associated with mineralisation developed in the laterite profile developed over prospective rocks.
The significant nickel grades and widths intersected at this stage are very encouraging. Furthermore, as only part of the interpreted strike length of the interpreted ultramafic unit have been tested with the drilling, there is considerable potential for a large resource to be delineated.
We are also keen to evaluate the potential for sulphide-hosted nickel mineralisation associated with the ultramafic units and are considering what ground geophysical survey types may be appropriate to undertake to define new drilling targets.”
Figure 1: Location Map of Prospects at the East Laverton Project showing the location of the nickel laterite discovery.
Seahorse Prospect
The Seahorse area is located approximately 50km southeast of Laverton and is considered prospective for a range of commodities, including nickel, cobalt, rare earth elements (REE), gold and base metals based on limited historical exploration results.
Broad soil geochemical sampling completed by MTM over the western part of the Seahorse area (Exploration Licence 38/3302) in 2022 identified significant nickel anomalies that were interpreted to be associated with ultramafic lithologies in the basement, some of which have distinct basement magnetic anomalies (see MTM ASX announcement dated 27 April 2022).
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This article includes content from MTM Critical Metals, 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.
High grade Massive Sulphide Intercepts Confirmed at Oval
HIGHLIGHTS:
- OVD027 confirms the continution of high grade massive sulphide from OVD0211 with an intercept of 6.1 metres of 4.16% Cu, 3.51% Ni, 0.G3g/t E3, and 0.13% Co from G8.2 metres encountered between broader high grade zones of:
- A dense disseminated intercept - 26.2 metres of 0.44% Cu, 0.52% Ni, 0.12g/t E3, and 0.03% Co from 72.0 metres and
- A net textured intercept - 15.3 metres of 1.15% Cu, 0.79% Ni, 0.35g/t E3, and 0.04% Co from 104.3 metres;
- A high grade broad intersection is confirmed at the central part of the Oval area by OVD026. It includes a massive sulphide intercept in hole OVD026 of 1.8 metres of 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co from 105.0 metres within broader mineralisation of:
- 19.8 metres of 1.23% Cu, 0.98% Ni, 0.36g/t E3, and 0.05% Co from 91.2 metres.
OVD026 is located 100 metres northwest of the previously announced 8.8 metres of massive sulphide identified in drillhole OVD021.
On completion of the Phase 2 exploration work and receipt of all assays, Managing Director Gan-Ochir Zunduisuren, commented:“The 2024 Phase 1 and 2 drilling and exploration programs have confirmed the broad presence of high-grade mineralisation in the Oval gabbroic intrusion. The grades intercepted in some of the drillholes are exceptional and may be indicative of broader potential over a larger area, given Oval is a greenfields discovery.
The 2025 exploration program will focus on obtaining information on the size/metal content potential of the Oval Cu-Ni-PGE mineral system as well as targeting the possible deeper magmatic sources at Oval. Broader exploration is also planned at potential extensions of Oval and nearby look-a-like prospects. We look forward to updating shareholders on progress, with drilling expected to commence in around 8 weeks”.
Summary of Phase 2 exploration drilling at Oval Cu-Ni-PGE project
The Company’s recent drilling work has predominantly focused on finding high-grade mineralisation in the olivine-amphibole gabbro at the Oval project. The multiple intercepts of massive sulphide mineralisation with different ratios of metal contents throughout the Oval gabbroic intrusion is highly encouraging for the presence of one or more deeper sources of high grade mineralisation in the opinion of ABM.
Figure 1. Plan view of drillhole locations on high resolution magnetics map (RTP)
Drillhole OVD02c
Drillhole OVD026 was designed to test the Down-Hole Electromagnetic (DHEM) conductor plate identified as OVD007_L2_B (reinterpretation of OVD007_L2_A2 by Southern Geoscience Consultants), which exhibits a conductance of 1,000 siemens. The drilling intersected a total of 1G.8 metres of mineralisation with 1.23% Cu, 0.G8% Ni, 0.36g/t E3, and 0.05% Co from G1.2 metres including;
- 4.8 metres of @ 0.45% Cu, 0.43% of Ni, 0.14g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 91.2 metres,
- 6.6 metres of @ 1.56% Cu, 0.G0% Ni, 0.50g/t E3, and 0.04% Co of net textured mineralisation from G6.0 metres,
- 2.4 metres of @ 1.52% Cu, 1.3G% Ni, 0.43g/t E3, and 0.07% Co of semi massive sulphide mineralisation from 102.6 metres,
- 1.8 metres of @ 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co of massive sulphide mineralisation from 105.0 metres, and
- 4.2 metres of @ 0.57% Cu, 0.45% of Ni, 0.21g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 106.9 metres (Table 1 provides a detailed breakdown of mineralisation intervals).
OVD026 is located in the Oval area, which is approximately 100 metres northwest of the previous intersection identified in drillhole OVD0213. This intercept may represent an extension of the known massive sulphide mineralisation in the Oval area and highlights the potential for further expansion of massive sulphide zones within the broader prospect area (Figures 1 and 3).
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This article includes content from Asian Battery Metals PLC, 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.
