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29Metals (ASX:29M) receives first results from Golden Grove

Mining
ASX:29M      MCAP $576.3M
16 September 2021 12:20 (AEDT)
29Metals (ASX:29M) - CEO and MD, Peter Albert

Source: 29Metals

29Metals (29M) has received results from the first six holes drilled at the Golden Grove Mine in Western Australia.

The Golden Grove Mine lies roughly 450 kilometres northeast of Perth and is prospective for copper, zinc and precious metals.

Drilling is being undertaken at the Cervantes mine to test gaps between areas in the current mineral resource estimate (MRE) with aims to extend the areas of known mineralisation and increase the mineral inventory.

The Cervantes deposit is one of 29Metals’ in-mine growth opportunities, approximately 270m below the existing Scuddles mine development at Golden Grove.

Between 12 to 14 holes have been planned with the remaining holes to be completed by late in the December quarter.

Infill drilling is also underway with aims to convert the resources from inferred to indicated.

Overall, grades peaked at 21.1 per cent zinc, four per cent copper, three per cent lead, 149 grams of silver per tonne (g/t) and 80.6g/t gold.

These results indicate the targeted gap contains a copper dominant core made up of massive to semi massive pyrite and chalcopyrite.

CEO and Managing Director Peter Albert is excited by these results.

“These outstanding results re-affirm our view that Golden Grove is a world-class volcanogenic-hosted massive sulphide (VHMS) system with significant growth potential and the opportunity to further extend mine life,” Mr Albert commented.

“We’re tremendously excited by these first results which show the potential for Cervantes to deliver additional high-grade, higher-margin material, which presents a material upside opportunity with limited Cervantes material currently included in the 10-year mine plan.”

29Metals was up 0.80 per cent on the market with shares trading at $2.52 at 2:00 pm AEST.

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