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- Three drillholes completed at Balerion for a total of 632.5m
- Two holes intersected chalcopyrite, sphalerite and galena mineralisation
- Results provide encouraging support for geological targeting model
- Geological observations have refined the remaining program to five priority drillholes
Exultant Mining (ASX:10X) has designed a more targeted drilling program after achieving early success at its maiden drilling program at the Balerion prospect, located within the Peak View project in New South Wales.
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After obtaining positive geological observations the company has refined the remaining program to five priority drillholes.
Executive chairman, Brett Grosvenor, said while laboratory assays remain pending, the maiden drilling program at Balerion has delivered exactly what the company was hoping to see at this stage of the program.
“The drilling has intersected sulphide mineralisation in the first two holes and significantly improved our understanding of what we believe is a highly prospective mineralised system,” he said.
“The first two drillholes successfully intersected alteration and sulphide mineralisation broadly consistent with the geophysical and geological model that underpinned our targeting strategy.
“Particularly encouraging was the intersection in hole BLRCDD002 of sulphide mineralisation and intense hydrothermal alteration associated with a favourable geological contact comparable to that reported adjacent to historical mineralisation within the Balerion prospect. While assays will ultimately determine the significance of the mineralisation, this is precisely the type of geological setting we were aiming to test.”
Mr Grosvenor told shareholders with five priority drillholes remaining and assays pending from the initial three holes, the company program is becoming increasingly focused on the most prospective parts of the Balerion system.
The drilling program initially comprised 12 RC drillholes for 3,425m. The drillholes were designed to test numerous coincident or semi-coincident geophysical and geochemical anomalies, including IP chargeability, resistivity, gravity and magnetic responses.
A total of three holes have been completed to date for 632.5m, with drilling progress slower than anticipated due to excessive water intercepted in holes BLRCDD001 and BLRCDD002.
Due to the volume of water encountered, the company made the decision to switch to diamond drilling, resulting in slower penetration rates but improved geological control and structural information.
The five remaining holes will focus on geophysical anomalies interpreted down-dip of historic high-grade mineralised intercepts.
10X was up 6.06% to 17.5ยข. Mkt cap $6.171M.
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