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MTM Critical Metals Limited (ASX:MTM) (MTM or the Company) advises shareholders that the current diamond drilling program at the Pomme REE-Nb project in Québec, Canada (Pomme or the Project) has been temporarily suspended for safety reasons due to forest fires that are active in the vicinity of the project area.
Commenting on the situation, MTM Managing Director Lachlan Reynolds said:
“Unusually hot and dry conditions have been affecting Québec in recent weeks. This has culminated in an unprecedented outbreak of severe forest fires throughout the Province.
Société de protection des forêts contre le feu (SOPFEU), the government authority that manage activity in the forests, initially ordered all commercial activities to cease. Unfortunately, fire conditions continued to deteriorate and our team, like many others, was subsequently requested to evacuate from the area.
Our field team and drillers have all safely withdrawn from the Project area and are now awaiting approval to return to site. There is no imminent danger to the field camp, drilling rig or associated equipment.
Cooler conditions and rain are forecast for the project area in coming days and we anticipate that drilling operations will recommence soon.”
DIAMOND DRILLING PROGRAM
The first drill hole of the Pomme diamond drilling program, POM-23-01 (Figure 1) was recently completed at a depth of 558 metres downhole and intersected in excess of 500 metres of carbonatite containing visible rare earth element (REE) mineralisation (see MTM ASX announcement dated 6 June 2023). This hole is currently being geologically logged and sampled for assay.
The drilling rig has been mobilised to the next drill hole location approximately 500 metres to the north of POM-23-01. The rig is ready to commence drilling once access to the area has been re-established. Hole POM-23-02 is also expected to be drilled to approximately 500 metres depth.
A total of 10 holes for approximately 5,000 metres of drilling are planned as a first-pass test of the Pomme carbonatite complex and the REE-Nb mineralisation (see MTM ASX announcement dated 26 May 2023). The program is expected to require a further two months to complete.
The Company will provide shareholders with assay results from the drilling program as they progressively become available.
Figure 1: Diamond drilling status at the Pomme project showing historical and current diamond drill hole collar locations.
POMME REE-Nb PROJECT
Pomme is a known carbonatite intrusion with exceptional results from limited historical drilling, showing enrichment in rare earth elements (REE) and niobium (Nb) and is considered to be an extremely prospective exploration target. Pomme is located adjacent to the world-class Montviel REE-Nb deposit (owned by Geomega Resources Inc), that has a defined total indicated and inferred resource of 266 Mt @ 1.45% TREO & 0.14% Nb2O5.
MTM has entered into a binding option agreement with Geomega Resources to acquire a 100% interest in the Pomme claims and is now advancing exploration at Pomme to discover a REE-Nb resource (see MTM ASX announcement dated 23 February 2023).
Click here for the full ASX Release
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.
MTM:AU
Stage Two Gold Proceeds Exceed $18 Million. Highest Price Achieved is $3,727 per Ounce.
HIGHLIGHTS
- Gold sales for 2024 exceed $18.23 Million.
- Current campaign gold sales reach $13.77 Million.
- Highest gold price achieved is A$3,727 per ounce.
- 154,000 tonnes delivered to the Mill, haulage continuing.
- Current campaign to conclude on 4 September 2024.
- First cash of $3.0 Million to be received by Auric shortly.
Managing Director, Mark English, said: “Gold has sold at up to $3,727 per ounce during August with more to come.
“BML have delivered in excess of 154,000 tonnes to the Coolgardie mill with haulage and milling continuing. Some of that ore will be processed in another campaign later in the year. The current campaign is continuing to produce thousands of ounces of gold.
“Already we have passed $13.77 Million in gold sales for this current campaign of the year and total gold sales for 2024 passing $18.23 Million. We are in the middle of a highly successful time for the Company.
“By the middle of September, Jeffreys Find Gold Mine is expected to generate in excess of $25 Million in gross gold sales for 2024. This current campaign is due to finish in early September. Unforeseen power outages and some inclement weather have slowed the whole process down, but we are hopeful more than 130,000 tonnes of the 150,000 tonne allocation at the Mill will get utilised in this campaign.
“A further campaign is planned at the Greenfields Mill towards the end of this year.
“The mill contract is to process 300,000 tonnes in 2024 so everyone is focussed on making that happen,” said Mr English.
Photo: Jeffreys Find doré bars at Greenfields Mill.
The Greenfields Mill (Greenfields or Mill) is contracted to process up to 150,000 tonnes of ore for the current campaign through Auric’s Joint Venture partner, BML Ventures Pty Ltd of Kalgoorlie (BML). As of 25 August 2024, just over 110,000 tonnes have been processed by the Mill.
Click here for the full ASX Release
This article includes content from Auric Mining, 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.
