- Minerals 260 (MI6) has released its first quarterly report as an ASX-listed company
- After demerging from Liontown Resources (LTR) and an $30 million IPO, Minerals 260 listed on the ASX and quickly launched an exploration program at its Moora project in WA
- Diamond drilling is following up on previous results from the Angepena prospect and reverse circulation drilling commenced with assays from both expected later this month
- The company is also earning a 51 per cent interest in the adjoining Koojan project through a JV with Lachlan Star (LSA) with activities to accelerate over the next six months
- Company shares are down 5.71 per cent to trade at 66 cents
Minerals 260 (MI6) has relayed its activities during the December 2021 quarter which saw it launch an exploration program within Western Australia’s Julimar region.
The WA-focused explorer listed on the ASX on October 12 last year following a $30 million initial public offering (IPO) and demerger from Liontown Resources (LTR). The company was formed to hold and advance exploration on LTR’s non-lithium assets.
Soon after listing, the materials stock began a drilling program at its wholly-owned Moora project where initial exploration defined zones of bedrock mineralisation.
The diamond drilling program included 3500 metres and aimed to follow up on intersections at the Angepena gold prospect. Previous results include 43 metres at 1.8 grams of gold per tonne (g/t) from 198 metres including 18 metres at 3.9g/t gold from 211 meres and two metres 21.2g/t gold from 222 metres.
MI6 is planning reverse circulation (RC) drilling to test targets associated with the Mt Yule magnetic anomaly including strike extensions of Angepena and the Northern and SEZ zone
In total, Minerals 260 completed seven diamond holes, for 1434 metres, and 10 RC holes, for 1550 metres, during the quarter. Assays are expected later this month.
The company also holds a 100 per cent interest in the Yalwest project, located in the Murchison province, and the Dingo Rocks project where MI6 completed a gravity survey that outlined anomalies coinciding with magnetic features that may represent prospective intrusions.
Overall, the company spent about $700,000 on exploration and evaluation activities during the December quarter.
In addition, Minerals 260 is earning a 51 per cent interest in the Koojan project, adjoining Moora, through a joint venture with Lachlan Star (LSA).
The Koojan project is believed to contain the northern extension of prospective trends including the adjacent Mt Yule prospect and the stratigraphy which hosts the Julimar platinum group element-nickel-copper discovery 90 kilometres to the south.
Before MI6 was listed, Liontown conducted sampling which defined geochemical anomalies with the highest priority targets being the Mallory and Bourbana prospects.
While exploration primarily focused on the Moora project, the company plans to conduct activities across more of its assets, including Koojan, over the next six months. As outlined in MI6’s prospectus, roughly $6.7 million is budgeted for the Moora and Koojan projects for the first 12 months of exploration activities.
At the end of December, Minerals 260 had a cash balance of $27.3 million.
Company shares were down 5.71 per cent to trade at 66 cents at 11:51 am AEDT.