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Exultant Mining (ASX:10X) is aiming to drill test a large, coherent multi-element soil anomaly at its Peak View project in New South Wales as soon as possible.
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Exultant’s new anomaly was uncovered by a recent soil geochemical sampling program at the Peak View prospect, identifying coincident copper, lead, zinc, silver, and gold mineralisation, supported by enrichment in key volcanogenic massive sulphide (VMS) pathfinder elements and ratios.
Executive chairman, Brett Grosvenor, said sampling has defined a 900-metre-long anomalous trend that increases in width toward the southern end of the prospect, where drilling to date has been limited.
“Peak View stands out to us as a prospect with a strong foundation of historical drilling that confirmed high-grade polymetallic mineralisation, but which was ultimately left behind at a time when metal markets were generally weaker than they are today and exploration strategies were far less advanced,” he explained.
“What is particularly encouraging in our current work is the definition of a large, coherent soil geochemical anomaly extending over approximately 900 metres of strike, supported by elevated copper, lead, zinc, silver and gold values.
“Importantly, large portions of the prospective volcanic horizon remain untested, and extensions to the known mineralisation have never been assessed using modern surface geochemistry or geophysics.”
Exultant now plans to complete targeted geophysical surveys to advance the prospect toward drilling. Geophysics contractors have already been engaged.
It will also complete a dipole-induced polarisation survey on 200 metre line spacing across the defined soil anomaly to identify chargeability responses associated with sulphide mineralisation. To help further define drill targets, the explorer will also undertake a ground gravity survey on a 100 metre by 100 metre grid.
“With Peak View on the same regional structure that hosts the Captains Flat VMS deposit… we believe the application of modern IP and gravity surveys gives us a genuine opportunity to unlock a system that has been largely overlooked despite its geological pedigree,” Mr Grosvenor told shareholders.
10X is up +10.5%, to 21cps today.
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