- Native Mineral Resources (NMR) reports “another successful” quarter for the three months to December 31, 2022
- The company largely focused on drill-testing mineralisation at its Maneater prospect in QLD, which returned “highly encouraging” results
- NMR also believes the first hole it drilled at the Helios project in WA intersected a large alteration zone associated with an iron oxide copper-gold-style deposit
- The company ended the quarter with just $38,000 in cash but expects to spend less this quarter due to QLD’s wet season and no activities planned in WA
- Company shares last traded at 9.7 cents on January 23
Native Mineral Resources (NMR) reports “another successful” quarter for the three months to December 31, 2022.
The company was largely focused on the Maneater prospect in North Queensland, where it drilled two holes.
The drilling of the first diamond hole began in October and was planned to reach a 700-metre depth into the core of the polymetallic sulphide-bearing breccia pipe to test the silver and base metal mineralised system.
While this initial hole didn’t reach its target depth, it returned high-grade gold, silver, lead, copper, antimony and zinc results, which NMR described as “highly encouraging”. The company said the results showed the potential for a polymetallic system.
The company also completed a second, shallower hole to the west, which significantly extended the breccia complex. This hole intersected further semi-massive and disseminated sulphides, and final results from the hole are expected shortly.
“In addition to drilling and the positive results being received at Maneater, assays from the first Helios IOCG drill hole were reviewed relative to the geology again with extremely positive results,” Managing Director Blake Cannavo said.
The company announced results in December from a drill hole completed at the Helios project in WA.
While it didn’t return any significant copper, the drill core showed similar features to other iron oxide copper-gold (IOCG) deposits and alteration zones. NMR said the geology and assays all support the belief that the hole intersected the outer part of a large alteration zone associated with an IOCG-style deposit.
In terms of financials, Native Mineral Resources reported an operating cash outflow of $1.3 million, which mostly went towards exploration.
The company received $1.3 million from financing activities and ended the three-month period with $38,000 in cash and equivalents.
While the company has just 0.03 quarters left of available funds based on last quarter’s spending levels, NMR said it did not have any activity planned in WA at this stage or in Queensland due to the wet season.
Further, NMR intends to undertake a capital raise at some point via a placement to sophisticated investors, though it did not specify when.
Company shares last traded at 9.7 cents on January 23.