- Native Mineral Resources (NMR) confirms the presence of “significant” gold mineralisation at its Maneater Hill prospect in North Queensland
- The final batch of assays from diamond drilling returned a top result of 11 metres at 2.2 grams per tonne (g/t) gold from 478 metres, including one metre at 17.9 g/t gold
- NMR says this result has “considerably improved” the company’s understanding of the sub-surface shape of the target breccia
- Follow-up drilling is now planned, but the company says geophysical surveying will be completed ahead of any further programs
- Native Minerals’ share price is down 10.3 per cent to 7 cents at 2:45 pm AEDT
Native Mineral Resources (NMR) has confirmed the presence of “significant” gold mineralisation at its Maneater Hill prospect in North Queensland.
The final batch of assays from diamond drilling, completed at the poly-metallic sulphide breccia deposit in the area, returned a top result of 11 metres at 2.2 grams per tonne (g/t) gold from 478 metres and included one metre at 17.9 g/t gold.
NMR said this result, from hole MPD003, had “considerably improved” the company’s understanding of the sub-surface shape of the target breccia.
Moreover, the company’s Managing Director, Blake Cannavo, said the results from the bottom section of the hole strongly supported the interpretation that NMR was exploring the top of a zoned, and potentially very large, mineralised system.
This drill hole was completed at the end of November at a shallower dip of MPD002, which was terminated before reaching the targeted depth due to technical issues.
The gold mineralisation intersected in MPD003 is considered to be open at depth, and follow-up drilling will test for extensions.
However, NMR said geophysical surveying would be completed prior to the next phase of drilling to better identify the lateral size of the breccia as well as the trend at depth.
Mr Cannavo said the results from this round of drilling were “extremely positive” and, as such, the company was confident in moving forward with a “targeted geophysics program” to better define the sulphide zone.
Native Minerals’ share price was down 10.3 per cent to 7 cents at 2:45 pm AEDT.