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Mantle Minerals Ltd (ASX:MTL) has seen its share price rise 100% on news it completed the first deep reverse circulation (RC) drilling at its Mt Berghaus and Roberts Hill projects in Western Australia.
The plays are located north and proximal to De Grey Mining Ltd’s (ASX:DEG) 10.5-million-ounce Hemi project, and the drilling program was seeking a similar type of mineralisation: That is, intrusive systems underneath oxidised aircore gold intersections from aircore drilling.
In fact, mineralisation picked up from previous aircore drilling had included more than 0.5 grams per tonne of gold in basement rocks.
But the proximity to Hemi also shaped Mantle’s approach, with the company applying the same evaluation methods used at De Grey, in a maiden RC program which totalled 11 holes for 1,854 metres, with most holes drilled to a planned depth of 200 metres.
The company noted many gold deposits were found in this area through RC drilling below similar aircore intersections – ones found within oxidized and semi-oxidized rocks – since gold mineralisation was depleted within the oxidized zone and deeper drilling intersected more gold in the fresh basement rocks below.
Mantle is expecting results from the RC program to be available in November.
At 14:47 AEDT, the company shares were trading at 0.2 cents – a rise of 100% since the market opened.
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