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Altitude Minerals (ASX:ATT) has seen its shares jump +11% in Friday morning trades on the back of an $80K grant from the NSW gov’t chucked at the company’s drilling operations in the name of a critical minerals incentive grant.
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While drilling doesn’t actually kick off til December, the company highlighted its receipt of drilling permits and land access agreements with drillers to descend on a target of interest Altitude calls the ‘T55 Target.’
“This target is part of Altitude’s Byrock Project in the interpreted Northern Macquarie Arc, where the Company also intends to commence drill testing the high-priority “Pipe” targets in November,” Altitude wrote on Friday,.
But works at T55 will be early-stage at best. That $80K constitutes only 40% of a 500m deep rotary mud and diamond core tail drillhole sniffing for a copper-gold porphyry target, as opposed to the perhaps more exciting world of high-tech and defence critical minerals.
(Still, copper remains slated to be the ‘megatrend metal,’ and price action in recent history in part supports this thesis.)
““The recognition by the NSW Geological Survey of the targeting completed by project partner Nimrod Minerals and the Altitude technical team is very encouraging for our concept of a large-scale Cu-Au porphyry mineral system on the project at the T55 Target, 60km east of the main Byrock Project area,” ATT MD Duncan Chessell said.
Probably worth pointing out above all else is that a lot can change over 60km.
ATT last traded at 4cps.
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