- Infinity Mining (IMI) extends exploration licence E45/4824 for an additional five years as part of its Hillside project in Western Australia
- The exploration licence includes 65-blocks and is the largest of its total land portfolio
- The company has explored the tenement to date in an effort to discover quartz vein hosted gold, ultramafic intrusive related nickel-copper sulphides, volcanic-hosted massive sulfide deposits (VHMS) and more recently lithium bearing pegmatites
- Infinity aims to commence a nine-hole RC drill program later in the year
- Shares in IMI were down 4.35 per cent, trading at 22 cents at 3:22 pm AEDT
Infinity Mining (IMI) has been granted a five-year extension for an exploration licence that forms part of its Hillside project in Western Australia.
The new expiry date for exploration licence E45/4824 now expires on December 4, 2027.
Infinity’s exploration licence includes 65-blocks and is the largest of its total land portfolio.
The company’s Hillside project over the Coongan Greenstone Belt covers 397.5 square kilometres, considered highly prospective for a number of metalliferous deposits including shear-hosted gold systems, volcanogenic hosted massive sulphide (VHMS) base-metal and pegmatite-hosted lithium deposits.
Infinity CEO Joe Groot said the extension marks a “great success” for the company.
“The company has invested heavily in the exploration of this ground and is confident in the geological character of the project,” he said.
The company has carried out a number of work programs over the tenement in its first five-year term and now plans to commence a nine-hole reverse circulation drilling program later in the year.
Nine high-priority SkyTEM targets were selected for drilling from a total of 18 high-ranked anomalies identified by Newexco geophysicists in Perth, following a helicopter-borne electromagnetic survey by Macarthur Lithium in 2018. All of the high-priority targets are located within the extended licence area.
“The approvals process is progressing well, and we expect to be ready to commence drilling as planned mid-2023,” Mr Groot said.
The company’s exploration efforts to date focused on the discovery quartz vein hosted gold, ultramafic intrusive related nickel-copper sulphides, VHMS systems and more recently lithium bearing pegmatites, within the extended exploration licence, as well as other licence areas.
Shares in IMI were down 4.35 per cent, trading at 22 cents at 3:22 pm AEDT.