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- Mantle Minerals (MTL) releases its March quarterly activities report, highlighting the restart of gold exploration at Roberts Hill within its Mallina gold project in WA
- Meanwhile, the company received results for a second phase of drilling at the Highway deposit within its Pardoo nickel sulphide project
- Mantle has started the new quarter with commitments for a $1.7 million placement
- Following the placement, the company anticipates it will have a cash balance of over $3.2 million, which it will use to fund gold exploration in the Mallina Basin
- Mantle Minerals shares are up 25 per cent to 0.25 cents at 3:59 pm AEST
Mantle Minerals (MTL) has released its March quarterly activities report, highlighting the restart of gold exploration at Roberts Hill within its Mallina gold project in WA.
Over the quarter, Mantle recommenced gold exploration within the Mallina gold project, at an area positioned within an interpreted gold trend stretching from Whim Creek and Toweranna gold mines towards the east.
The company completed exploration activities, including a soil sampling survey, to determine the best geochemistry method for defining gold anomalies in soils. These survey results are expected in June.
A regional geology and geophysics study of the Mallina tenements is now underway, including at Mt Berghaus. This will determine prospective rock types and structures that may coincide with gold soil anomalies.
Additionally, the quarter saw the company receive results from its second phase of drilling at the Highway deposit within its Pardoo nickel sulphide, east of Port Hedland.
Highlights from the drilling included 68 metres at 0.44 per cent nickel and 0.1 per cent copper, which will be included in the company’s upcoming mineral resource estimate.
The mineralisation in the area remains open both along strike and at depth.
The company’s cash outflows for the March 2023 quarter were $76,377 for Pardoo and $25,731 for Mallina Basin.
Mantle is already off to a flying start for the new quarter, having received commitments to raise $1.7 million via a placement to sophisticated and professional investors plus directors.
Following the placement, the company anticipates it will have a cash balance of over $3.2 million, which it will use for gold exploration in the Mallina Basin.
Mantle Minerals shares were up 25 per cent to 0.25 cents at 3:59 pm AEST.
