Join our daily newsletter At The Bell to receive exclusive market insights
- Minerals 260 (MI6) begins a maiden drilling program at the Koojan precious and base metals joint venture (JV) project in Western Australia
- The aircore drilling is part of a six-month exploration campaign, which began in November and will cost $6.7 million
- The program is testing multiple coincident geochemical and geophysical targets including the Mallory and Bourbana prospects
- Minerals 260 has the right to earn up to a 51 per cent interest in the precious and base metals project from JV partner Lachlan Star (LSA)
- MI6 shares up 3.03 per cent to 51 cents and LSA shares 18.4 per cent higher at 2.3 cents
Minerals 260 (MI6) has commenced a maiden drilling program at the Koojan joint venture (JV) project in Western Australia.
The company has the right to earn up to a 51 per cent interest in the precious and base metals project from JV partner Lachlan Star (LSA).
The Koojan JV forms part of a contiguous landholding spanning about 1,000 square kilometres that also covers Minerals 260’s wholly owned Moora project.
The aircore drilling program, comprising about 160-180 holes, forms part of an initial $6.7 million, six-month exploration campaign that commenced in November and is scheduled to be completed ahead of the cropping season that will begin shortly across the project area.
It will be managed by Minerals 260 and test multiple coincident geochemical and geophysical targets including the “high-priority” Mallory and Bourbana prospects.
Minerals 260 said Mallory has been delineated over a strike length of two kilometres, where gold, platinum group elements (PGE) and copper anomalies coincide with a conductive zone outlined by gradient array induced polarisation survey work.
Bourbana, a gold anomaly traced over an area of 1km by 2.7km, also coincides with conductive zones.
Aircore traverses will also be drilled at Mineral 260’s Moora project including the western extension of the Mt Yule magnetic anomaly, which hosts the recently discovered Mynt copper-gold zone.
Lachlan Star Director Bernard Aylward said the Koojan drilling program would deliver high-quality data on a previously under-explored region.
“The Koojan JV is a rapidly advancing project with the first activity of geological mapping and reconnaissance rock chip sampling commencing in late 2020 to now commencing the first drilling campaign is a testament to the focused exploration work,” he said.
“The reconnaissance aircore drilling program will provide bedrock geological information to allow a thorough interpretation of the surface geochemical anomalies and the electrical survey anomalies that will require deeper targeted drilling when compilation and interpretation is complete.”
MI6 shares were up 3.03 per cent to 51 cents and LSA shares were trading 18.4 per cent higher at 2.3 cents at 12:28 pm AEDT.
