Join our daily newsletter At The Bell to receive exclusive market insights
- MetalsGrove (MGA) hits the main target zone at the Chola prospect as part of the first round of drilling at its Upper Coondina project in Western Australia
- The maiden 4200 metre drilling program was focused on the Chola prospect where earlier soil sampling work confirmed strong potential for lithium and tantalum
- Drilling was also carried out across the Happy Go Lucky and Shaw River prospects, with assays from the entire phase one program expected in late February
- Additionally, a deep, ground penetrating radar survey identified 23 potential pegmatite structures connected to existing mineralised pegmatites within the Chola prospect
- Company shares were up 6.25 per cent, trading at 17 cents at 12:50 pm AEDT
MetalsGrove (MGA) has hit the main target zone at the Chola prospect as part of the first round of drilling at its Upper Coondina project in Western Australia.
The maiden 4200 metre drilling program focused on the Chola prospect where earlier soil sampling work confirmed strong potential for lithium and tantalum.
Drilling was also carried out across the Happy Go Lucky and Shaw River prospects, with assays from the entire phase one program expected in late February.
At the same time, the company completed a deep, ground penetrating radar survey that identified 23 new potential pegmatite structures connected to existing mineralised pegmatites within the Chola prospect.
MetalsGrove’s Managing Director Sean Sivasamy said the survey data is “highly encouraging” and he said the company is “well positioned” to hit the ground running as it heads into the new year.
“We are delighted to have completed our maiden reverse circulation drilling program at the Chola prospect on time and on budget before the end of the year.
“Our first drilling program was designed to confirm the width, tenure and mineralisation profile of the pegmatites, down from 60 to 120 metres plus depths, and we are confident these initial objectives have been achieved.”
While awaiting the assay results, the company said detailed mapping of the area north of Chola, Happy Go Lucky and Shaw River prospects will continue, to further enhance geological modelling.
Survey work has also been planned to continue in the areas north of the prospects to identify any extensions of the undercover pegmatites.
Company shares were up 6.25 per cent, trading at 17 cents at 12:50 pm AEDT.
