Join our daily newsletter At The Bell to receive exclusive market insights
- Heavy Minerals (HVY) wraps up drilling at its Port Gregory garnet project in Western Australia
- The company completed 139 holes for 4455 metres of air core drilling to improve the classification of the existing resource ahead of a planned pre-feasibility study
- The program revealed “positive” visual results, with receipt of the first batch of assay results anticipated in early February 2023
- Heavy Minerals is now gearing up to commence a 1400-metre air core program at the nearby Red Hill project site in early January
- Heavy Minerals shares were last trading at 12.5 cents at 10:38 am AEDT
Heavy Minerals (HVY) has wrapped up drilling at its Port Gregory garnet project in Western Australia.
The company completed 139 holes for 4455 metres of air core drilling to improve the classification of the existing Port Gregory resource ahead of a planned pre-feasibility study.
The drilling tested east, north, and south potential extensions to the resource and displayed “positive” visual results.
Heavy Minerals Non-Executive Chairman Adam Schofield said the company was “very pleased” to have now completed the infill and extension drilling program.
“Visual results obtained whilst panning suggest the company will receive positive results for the extension drilling, which may result in a resource upgrade,” Mr Schofield said.
“The company is due to receive the first batch of assays back from the laboratory, and we look forward to releasing the collated results of this drill program in the New Year, as this is an important step for us leading into a pre-feasibility study.”
The company is currently awaiting receipt of the first batch of assay results, which are anticipated in early February 2023. The company intends to follow this up with a mineral resource update in March 2023.
Meanwhile, Heavy Minerals is now gearing up to commence a 1400-metre air core program at the nearby Red Hill garnet project site in early January.
The drilling will aim to delineate a potential resource, based on results generated by the company during an auger program earlier in the year.
The assay results for this program are anticipated for March 2023, with a potential resource to be released in the second quarter of 2023, pending positive results.
The release date for both sets of drilling results is subject to laboratory throughput capabilities.
Heavy Minerals shares were last trading at 12.5 cents at 10:38 am AEDT.
