Join our daily newsletter At The Bell to receive exclusive market insights
ACDC Metals Limited (ASX: ADC) has announced that a resource upgrade is likely during the second quarter of 2024, based on aircore drilling at its Goschen Central heavy minerals sands (HMS) and rare earth elements (REEs) project in Victoria.
A further 64 holes were drilled at Goschen Central – located in Western Victoria’s Murray Basin – extending the zone of high-grade mineralisation, with intervals higher than four percent heavy minerals (HM) reported from 32 holes.
The drilling results push past the play’s indicated resource footprint, calculated last year, with many holes intersecting greater maximum HM intervals than those picked up from ACDC’s 2023 drilling program.
Additionally, they suggest the hypothesis of a high-grade zone open to the east, where there is potential for further extensions.
CEO Tom Davidson said the news pointed to an inevitable resource upgrade later in the year.
“We are very pleased with these drill results which have potential to significantly increase
the size and grade of the Goschen Central heavy mineral sand resource,” he said.
“This drilling – along with further mineralogical studies – highlights the potential of the Goschen Central project to be a long-lived supplier of rare earth elements, zircon and titanium.
“We look forward to integrating these results in the second quarter when we update the
Goschen central resource estimate.”
ACDC Metals is trading at 5c.
