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MTM Critical Metals Limited (ASX:MTM) (MTM or the Company) is very pleased to report that over 500 metres of visible REE mineralisation has been intersected in the first diamond drill hole completed at the Pomme REE-Nb project in Québec, Canada (Pomme or the Project). Assay results are pending and expected within approximately 4 to 6 weeks.
Highlights:
- Visible rare earth element (REE) mineralisation identified in drill core
- Mineralisation verified using handheld XRF
- 500+ metre intersection of variably mineralised carbonatite, open at depth
- Sampling for detailed assays in progress, with results expected within 4 to 6 weeks
- First of a 10 hole, 5,000 metres first-pass program to test the Pomme carbonatite complex and the known REE-niobium mineralisation.
Commenting on the completion of the first drill hole, MTM Managing Director Lachlan Reynolds said:
“We are extremely excited by the results of this first diamond drill hole. Not only has it intersected prospective carbonatite rocks but it also appears to be continuously mineralised over a 500+ metre interval and based on the visual estimates may contain a number of zones containing significant REE grade.
This hole is a vindication of our confidence that this drilling campaign at the Pomme project could have potential for making a major new rare earth element and niobium deposit discovery. We are now eagerly waiting in the results of assays and getting samples to the laboratory in Canada is a high priority. Drilling is ongoing and the second hole is underway.
The Kintavar Exploration team managing the exploration program on-site are congratulated for delivering this excellent result, which comes only 3 months after signing the option agreement over the project.”
DIAMOND DRILLING PROGRAM
A program of diamond drilling was recently commenced at Pomme (see MTM ASX announcement dated 26 May 2023). The first drill hole of that program, POM-23-01 (Figure 2), was subsequently completed at a depth of 558 metres downhole (Appendix I). This hole was collared approximately 100 metres to the north of a historical drill hole MVX-12-01 that also intersected in excess of 500 metres of REE-Nb mineralisation.
Figure 1: Diamond drill rig operational on hole POM-23-001 at the Pomme project, May 2023.
Figure 2: Diamond drilling status at the Pomme project showing historical and current diamond drill hole collar locations.
POM-23-01 intersected 31.75 metres of unconsolidated glacial sediments (till) at the top of the hole and then cored carbonatite rocks to the end of hole (EOH). The carbonatites show significant variation in lithology, including calciocarbonatite, ferrocarbonatite and silicocarbonatite (Appendix II). The carbonatites are open to depth beyond the EOH.
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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.
