- Mamba Exploration (M24) plans to double the size of its Copper Flats Project in WA
- Additional tenement applications have been logged following results from recent surface sampling which returned up to 34 per cent copper and 230g/t silver
- Following on from the results, M24 completed a detailed review of historical exploration, noting mineralisation is shallower than interpreted
- With a number of new targets identified, the company hopes to expand its land hold in the area while continuing to compile historical and new data
- Shares have been trading 7.5 per cent higher at 21.5 cents
Mamba Exploration (M24) is planning to double the size of its Copper Flats project in Western Australia.
Additional tenement applications have been logged following results from recent surface sampling at the Kimberley-based project, which reportedly returned high grades of copper and silver.
The company was particularly encouraged by grades of up to 34 per cent copper and up to 230 grams of silver per tonne, results Managing Director Mike Dunbar said were rare and a great outcome.
In particular, Mr Dunbar said the sampling confirmed high grades from known prospects and also identified new target areas which haven’t been tested at depth.
“We believe this (the result) validates our belief that the Copper Flats project has significant potential, the scale of which is not yet fully appreciated,” he said.
Following analysis of the results and completion of field investigations, M24 completed a detailed review of the historical exploration undertaken in the area which it said highlighted mineralisation “far shallower” than previously interpreted.
Consequently, the company believes a number of its conceptual stratigraphic and structural targets will also be considerably shallower, prompting the desire to double the size of the project for further exploration.
Compilation of the historical exploration data is ongoing and M24 is planning to conduct detailed follow-up geochemical sampling as well as geophysical surveys.
M24 expects the next phase of geophysical surveying to be undertaken early in the 2022 field season.
Shares were trading 7.5 per cent higher at 21.5 cents at 12:53 pm AEDT.