- Newly-listed company Heavy Minerals (HVY) is about to begin a 12,000-metre drilling program at the Port Gregory Garnet Project in WA
- The company has engaged a drilling contractor who will mobilise an aircore rig on September 20 to commence drilling on the following day
- The 300-hole program aims to define a mineral resource estimate and extend the mineralised footprint beyond the exploration target area
- Executive Director and CEO Nic Matich is pleased to begin drilling within a week of listing on the ASX and looks forward to unlocking the value of the project
- Company shares are up 8.33 per cent to trade at 19.5 cents
Heavy Minerals (HVY) has engaged Hornet Drilling as the drilling contractor for an upcoming program.
On September 20, Hornet will mobilise an aircore rig to the Port Gregory Garnet Project in Western Australia. The following day, a 12,000-metre, 300-hole aircore drilling program will commence.
Heavy Minerals is undertaking this drilling to define a mineral resource estimate for the garnet project and extend the mineralised footprint beyond the current exploration target area.
Previous work defined an exploration target which is in the range of 3.5 and 4.5 million tonnes of contained garnet. The exploration target is located within the northern-most portion of the project.
Heavy Minerals Executive Director and CEO Nic Matich said the drilling program is significant as it will be underway just one week after listing on the ASX.
“With Hornet Drilling having now confirmed they will mobilise to site on September 20, we have taken a major step towards one of HVY’s major goals of enhancing the value of our Port Gregory Project. To achieve this only one week after listing is a testament to efforts of the team and our dedication to generating shareholder returns.”
The company will also begin a seismic survey at the Port Gregory Garnet Project to map the basement depth and confirm the presence of any mineralised zones underneath limestone caps.
The survey will help to optimise drilling and inform whether there’s potential drilling extensions below the defined basement depth.
Drilling is expected to take nine weeks to complete and assay results are expected from the end of October.
Company shares were up 8.33 per cent to trade at 19.5 cents at 12:01 pm AEST.