Join our daily newsletter At The Bell to receive exclusive market insights
- Mandrake Resources (MAN) has begun field exploration at its Newleyine prospect in the Jimperding Metamorphic Belt in WA
- Historical exploration has confirmed the presence of anomalous levels of nickel and copper, however, analysis for platinum group elements (PGE) has never been completed
- Recent rock chip sampling of the area has presented 44 samples that will now be analysed with results to be announced once completed
- Mandrake will then undertake a moving loop electromagnetic survey to refine drill targets
- Mandrake is up 9.52 per cent on the market and shares are trading for 2.3 cents each
Mandrake Resources (MAN) has begun field exploration at its Newleyine prospect in the Jimperding Metamorphic Belt in WA.
Newleyine lies approximately 30 kilometres east of Chalice Gold Mines’ Julimar nickel-copper-PGE (platinum group element) discovery.
Historic drilling of the prospect has returned results grading up to 1.18 per cent nickel and 1200 parts per million (ppm) copper. However, the historical holes have never been analysed for PGE mineralisation.
Mandrake has completed a preliminary rock chip sampling program with 44 samples being returned. These samples were primarily collected from the west of the prospect.
First analysis has identified ultramafic rocks with banded iron formation (BIF), ironstone, gossan, and laterite.
The eastern portion of Newleyine is made up of two areas with little to no outcrop, however, sub-crop was observed.
A soil geochemical program is currently being planned in this eastern area to outline the source of a strong magnetic response evident in the area.
A moving loop electromagnetic (MLEM) survey will then be undertaken to help refine drill targets.
“Mandrake continues to investigate the Newleyine prospect in a methodical and systematic manner. Initial observations of ultramafic rock types confirm the highly prospective nature of this intrusive feature,” Managing Director James Allchurch said.
“In the context of the mineralisation identified at Julimar, the company looks forward to undertaking the first assessment of platinum and palladium potential at Newleyine,” he added.
These samples have been sent for analysis and findings will be announced once analysis is completed.
Mandrake is up 9.52 per cent on the market and shares are trading for 2.3 cents each at 11:52 am AEST.
