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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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Unconformity Uranium Drill Targets Identified from 2024 Geophysical Data
Key Highlights
- Final data received and interpretation completed for the ground electromagnetic geophysical surveys from the winter 2024 program at the Marshall and North Millennium projects.
- Several conductive anomalies identified at Marshall, located above and below the unconformity, consistent with regional exploration model.
- Stacked anomalies concurrently with multigenerational geophysical data provides a base to assess the exploration targets and refine drillhole targets.
- The projects are located 15 kilometres from the majority Cameco owned Millennium deposit, and just 40km from the world class McArthur River mine.
- Basin remains funded for the next round of field exploration.
The ground electromagnetic successfully identified 3 main targets which confirms the geological and exploration model. Of note is Target 1 (Figure 1), where modelled EM plates below the unconformity align with a sandstone ZTEM anomaly, which is interpreted to be alteration within sandstone. The identification of these targets is encouraging and consistent with regional trends in the southeastern Athabasca and provides increased confidence in drill hole targeting. Basin is currently reviewing options and priorities of how to progress exploration of these confirmed targets.
Basin’s Managing Director, Pete Moorhouse, commented:
“Conducting ground geophysical surveys on Marshall and North Millennium was a milestone in advancing these underexplored projects in Basin’s uranium portfolio. The form of these anomalies is highly encouraging given the proximity to some of the world’s largest uranium deposits.”
Key results
Following the encouraging conductive anomalism highlighted by the 2023 3D inversion of two historic airborne Electromagnetics (Z‐Tipper Axis) (“ZTEM”) datasets partially covering the current North Millennium and Marshall projects3,4, Basin contracted Discovery International Geophysics5 to carry out ground Stepwise Moving Loop Transient Electromagnetic (‘Ground EM’) surveys on areas of immediate interest within the Projects.
Figure 1 Three main anomalies shown from 2024 ground EM, in plan view (top diagrams) and cross- section looking northeast (bottom diagram). The ground EM anomalies are displayed with the modelled plates against the historical ZTEM data.
The 2024 Ground EM survey data returned six conductive anomaly picks producing three main target areas (Figure 1). The anomalies correlate strongly with the southern edge of the circular ZTEM conductive anomaly at Marshall and the interpreted northern edge of the circular anomaly identified in the historic data. A weaker EM pick was also interpreted centred between the two prominent ZTEM conductivity anomalies.
Three-dimensional modelling using Maxwell produced six electromagnetic conductive plates within the basement stratigraphy, all below the unconformity (Figure 1). The two southeastern plates are clearly aligning with a conductive sandstone ZTEM anomaly identified from the historic data, which is above the interpreted unconformity. This is interpreted as potential basal sandstone alteration proximal to the EM anomalies and constitutes a high-priority drill target area, refer figure 2.
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Airborne EM over Multiple Targets on Ti-Tree Project
- Augustus Minerals has contracted UTS Geophysics to conduct a VTEM Max survey over several Copper, Cu-Ni-PGE, Zn-Pb-Ag and Uranium targets along the money Intrusion and within proximity of the prospective 85k long Ti-Tree Shear.
- The surveys will cover:
- The Money Intrusion, prospective for Cu-Ni-PGE mineralisation.
- Copper Ridge and Nics Bore over anomalous Copper Drilling results
- The Coo Creek prospect where drilling by Augustus in 2023 identified strongly anomalous Zn-Pb-Ag mineralisation.
- The Munaballya Well North area which shows potential for economic Uranium mineralisation.
- The surveys will help to advance the untapped potential of the Ti-Tree project to host economic mineralisation of multiple commodities.
Andrew Ford, GM Exploration
“The VTEM survey will provide key targeting data over three highly prospective and different prospects with potential for multiple commodities. Whilst the high prospectivity for copper mineralisation has been well documented, the addition of uranium and Broken Hill base metal style mineralisation highlights the quality of the underexplored Ti-Tree project”.
VTEM
UTS Geophysics has been engaged to conduct a helicopter borne VTEM Max survey comprising 646-line km over three separate survey areas. The system is excellent for locating discrete conductive anomalies as well as mapping lateral and vertical variations in resistivity which helps map structure, alteration and rock type. The system also collects magnetic data through a caesium magnetometer. The transmitter/receiver loop is suspended on a cable approximately 40m below the helicopter (Figure 1).
Figure 1 VTEM Max helicopter deployed electromagnetic survey arrangement.
Figure 2 Prospects and VTEM Survey areas.
Money Intrusion
The Money Intrusion, which has proven potential to host Ni-Cu-Co-PGE (platinum group elements), is part of the regional Mundine Well Dolerite Suite, a regionally extensive dolerite (strike length >80km). This extensive mafic intrusion, which is comprised of a variety of lithologies, including gabbro in the core, olivine dolerite on the chilled lower contact or keel and fine-grained dolerite on the outer edges. Mapping, aeromagnetics and multi-spectral imagery show that the Money Intrusion within the Ti-Tree Project covers a strike length greater than 16km, reaching widths >600m in the north of E09/23241.
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This article includes content from Augustus Minerals, 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.
Latest Kameelburg Assays Up To 10.38% Nb2o5 and 9.89% TREO
Highlights
- A total of 74 highly prospective rock samples recently collected from various beforsite and mafic dykes
- Most notable assays reveal up to 10.38% Nb2O5 and 9.89% TREO
- Large scale geological mapping of Kameelberg carbonatite is nearing completion
- Track access clearance & preparation for underground water supplies underway for upcoming maiden diamond drilling programme
Results from recently collected seventy-four (74) samples were received and highlighted the REE rich nature of the carbonatite with TREO(+Y) assays ranging from 1.16 to 9.89%, refer to Figure 1 for samples locations and Table 1 for results.
Figure 1: Southern Carbonatite Margin Geological mapping area with rock chip samples
Niobium Results Along Mafic Dykes
In addition to sampling the carbonatite plug, a further four (4) samples were collected across the Nb dyke zone on the southwest flank of the carbonatite. Results for these samples ranged from 5.44% to 10.38% Nb2O5. This provides additional confidence to previous niobium findings (see announcements dated 28 February 2024 and 27 December 2023). Table 2 compiles the Nb results with Figure 2 depicting recent sample locations in relation to the previous Nb2O5 results.
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This article includes content from Aldoro Resources, 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.