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MTM Critical Metals Limited (ASX:MTM) (MTM or the Company) has returned high grade TREO assay results up to 1.62% (16.200ppm) from diamond drilling at its Pomme REE-Nb Project in Québec, including an interval of 26.5m @ 1.45% TREO and 0.02% Nb2O5.
Highlights:
- First three of 13 diamond drill holes return TREO assay results up to 1.62% (16,200ppm) at the Pomme Project in Québec, Canada.
- Rare earth element (REE) and niobium (Nb) mineralisation confirmed over broad intervals, and importantly numerous higher-grade zones of >1% (10,000ppm) TREO intersected.
- Hole POM-23-03 intersected 398m @ 0.54% TREO (5,400ppm) and 0.05% Nb2O5 from 16m.
- Best interval is 26.5m @ 1.45% TREO & 0.02% Nb2O5.
- Around 20 to 25% of TREO is high value magnet REE mineralisation - neodymium (Nd) and praseodymium (Pr).
MTM Managing Director, Mr Lachlan Reynolds said the results from the first three holes confirmed the nearly continuous presence of REE and niobium mineralisation.
“Assay results from the recent drilling show the Pomme carbonatite complex contains abundant rare earth and niobium mineralisation that extends throughout the full length of the diamond drill cores and verify the historical REE-Nb mineralisation intersected in drill hole MVX-12-01,” Mr Reynolds said.
“Furthermore, there are a number of significant higher-grade zones within the mineralised carbonatite indicating significant potential for an economic resource of some scale.
“The consistent high percentage of NdPr and the presence of niobium are particularly pleasing and increase the mineralisation basket price for the prospect.
“Our exploration team will be looking to undertake a thorough assessment and interpretation of the geological logging and the assay results in order to define high priority areas for follow-up exploration works, including drilling,” he said.
Drilling highlights
POM-23-03: 398m @ 0.54% TREO & 0.05% Nb2O5 from 16m, including:
- 30.5m @ 1.13% TREO & 0.03% Nb2O5 (from 311.5m) including
26.5m @ 1.45% TREO & 0.02% Nb2O5
- 51m @ 0.92% TREO & 0.06% Nb2O5 (from 216m) including
9m @ 1.21% TREO & 0.03% Nb2O5 and
8.5m @ 1.62% TREO & 0.03% Nb2O5
- 36m @ 0.92% TREO & 0.06% Nb2O5 (from 174m) including
18m @ 1.16% TREO & 0.03% Nb2O5
POM-23-01: 513m @ 0.33% TREO & 0.08% Nb2O5 (from 32m), including:
- 131m @ 0.47% TREO & 0.05% Nb2O5 (from 317m) including
2.65m @ 1.47% TREO & 0.02% Nb2O5, and
2.65m @ 1.48% TREO
- 43.4m @ 0.45% TREO & 0.12% Nb2O5 (from 216.1m)
Figure 1: Drill status map of the Pomme project, showing current and historical drill hole locations overlain on airborne magnetic image.
Figure 2: Schematic cross-section diagram of the Pomme project, showing current and historical drill hole mineralised intersections.
Assays are awaited for the remaining 10 holes (POM-23-04 to POM-23-13). Logging of drill core has been completed and the field camp is demobilised. Interpretation and targeting for follow-up is in progress.
Pomme is a known carbonatite intrusion with exceptional results from limited historical drilling, showing enrichment in REE and Nb and is considered to be an extremely prospective exploration target.
The project 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.
Assay Results
Drill hole POM-23-01
Assay results confirm that the diamond drill core from hole POM-23-01 is almost continuously mineralised from the depth where basement was intersected to the end of hole (558m) and verify the visually estimated REE grade previously reported (refer to MTM ASX announcement dated 6 June 2023). Full details of the relevant intersections are detailed in Appendix II.
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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.
MTM:AU
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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This article includes content from Alice Queen Limited, 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.
Maiden Drill Program Set to Commence at the High-Priority Cangallo Porphry Copper Project
- Maiden RC drill program to commence at Cangallo in mid-December
- Program will test a large-scale, undrilled porphyry copper target
- Assay results expected around the end of January 2025
- Permitting underway for drill programs across other high-priority, large-scale porphyry copper targets at Lantana and Playa Kali
Access and drill pad preparations have commenced with drilling scheduled to start around mid-December. The planned program, which comprises a minimum of eight drill-holes for a total of ~2,500m, will take 3 to 4 weeks to complete with assay results expected around the end of January 2025.
Figure 1: Cangallo Porphyry Copper Prospect showing copper and molybdenum values and permitted drill sites.
Geological mapping and rock-chip sampling has outlined a partially exposed potential copper (+/- gold) porphyry system, within a large-scale (3km x 2km) caldera-like structure containing extensive colluvial and younger sediment cover.
The initial drilling program will test areas containing relatively intense veining (quartz) and porphyritic dykes, where higher copper (up to 0.65% Cu) and gold (up to 0.3g/t Au) values have been found. The possibility of a buried porphyry copper system beneath the extensive cover within the interpreted caldera-like structure will also be tested.
Cangallo is located close to significant infrastructure and is approximately 25km from the town of Chala, and within 10km of the coast.
Commenting on the imminent commencement of drilling at Cangallo, AusQuest’s Managing Director, Graeme Drew, said:
“This is a very exciting time for the Company as we are about to commence the maiden drill program at this high-priority porphyry copper target in Peru which we have been working towards for over 12 months.
Cangallo has never been drilled before and demonstrates classic geochemical and alteration signatures which suggest there is significant potential to discover large-scale copper porphyry mineralisation.
Success at Cangallo has potential to create significant value for our shareholders and we look forward to keeping our shareholders updated as the results become available.”
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This article includes content from AusQuest limited, 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.