- Mamba Exploration (M24) shares tumble following the latest results from drilling work at its Black Hills project in Western Australia
- The company says the first hole drilled in the area returned “no significant intersections” and appears to carry “no economic significance”
- Moreover, the two latest holes to be drilled are visually similar to the first hole, reducing the potential of the area
- As such, the company says it will now turn its focus back to the Hyden rare earth elements (REE) project, where gravity survey data modelling is nearly complete
- M24 shares have fallen 22.86 per cent and are trading at 13.5 cents at 1:55 pm AEDT
Mamba Exploration (M24) shares have tumbled following the latest results from drilling work at its Black Hills project in Western Australia.
The company said the first hole drilled in the area returned “no significant intersections” and appeared to carry “no economic significance”.
While the second diamond hole intersected two zones of heavily disseminated sulphide mineralisation and the third intersected four broader zones of massive sulphide mineralisation, Mamba said the drill core was visually similar to the first hole, reducing the potential of the area.
“The results for the first hole have confirmed that the main sulphides are pyrrhotite and pyrite, with only very low-level anomalism identified from the initial sampling,” Mamba Managing Director Mike Dunbar said.
“Sampling of the second and third holes has been completed with the samples submitted to ALS for analysis.”
The company said with this drilling program now complete, it would switch its focus back to its Hyden rare earth element (REE) project, where it was currently completing the modelling of recent gravity survey data.
M24 shares fell 22.86 per cent to 13.5 cents at 1:55 pm AEDT