Critical minerals microcap ACDC Metals Ltd (ASX:ADC) saw its share price rise nearly 10% as it heralded a shallow new strandline discovery at the Watchem North heavy mineral sand project in Victoria, with assays returning peak grades of around 8%.
ACDC had been carrying out follow-up drilling at the project – which is located in the state’s north – when it discovered the new strandline, which measures 11.5 kilometres, and has a depth of between 10 and 25 metres.
Drilling showed that the mineralisation remains open, with assays including 6.00 metres at 2.80% heavy minerals (HM) from 15.00 metres, including 3.00 metres at 4.40% HM from 15.0 metres; and 9.00 metres at 3.23% HM from 10.50 metres including 4.50 metres at 5.26% HM from 13.5 metres.
ACDC’s expectations for this project are guided by previous drilling done by CRA Exploration Pty Ltd (CRAE) in the 1980s – which identified HM mineralisation – plus the activity of companies such as Iluka Resources Limited, Astron Corporation Limited and WIM Resource Pty Ltd in the surrounding territory.
CEO Tom Davidson said the Watchem North exploration work was yielding strong results.
“Our 2024 drilling campaign keeps delivering new discoveries across our project portfolio,
and these assays from our Watchem North project are no exception,” he said.
“Results confirm new strandline style mineralisation: this is an important development for the project in a region that has seen prior mining by Iluka Resources.”
At 14:01 AEST, shares in ACDC were trading at 5.5 cents, a rise of 9.99% since the market opened.