Auris Minerals - Quarterly Activities Report Highlights Promising Drilling Results
AUR (AUR) Share Update October 2024 Thursday 24th
Auris Minerals Reports Promising Drilling Results at McLean Well Prospect
Auris Minerals Limited (ASX: AUR) has released its Quarterly Activities Report, showcasing significant drilling results at the McLean Well prospect in Western Australia.
Instant Summary:
- Significant manganese mineralization: 35m @ 8.9% Mn from 105m, including 4m @ 16.1% Mn.
- Mineralization remains open to the northeast for approximately 6 kilometers.
- Cash balance of ~$1.5M as of 30 September 2024.
- Further drilling recommended to extend mineralized trend.
Exploration Results
Auris Minerals has reported promising results from its recent drilling activities at the McLean Well prospect, located in the Bryah Basin of Western Australia. The company completed 11 Air Core drill holes totaling 1,170 meters to evaluate strike extensions to base metal and manganese anomalism.
The most notable result came from drill hole MCAC0015, which returned a maximum intersection of 35 meters at 8.9% manganese from 105 meters, including 4 meters at 16.1% manganese from 110 meters. This significant mineralization is located approximately 800 meters northeast of previously intersected mineralization within MCAC0004.
Future Plans
The mineralization at McLean Well remains open to the northeast for approximately 6 kilometers, indicating potential for further resource expansion. Auris Minerals plans to conduct additional drilling to better define the mineralization and extend the mineralized trend further along strike.
In addition to its work at McLean Well, Auris continues to evaluate high-quality targets at its Morck Well and Forrest projects, aiming to maximize the value of its tenement portfolio.
The positive drilling results at McLean Well could enhance Auris Minerals' exploration prospects and potentially increase investor confidence. The discovery of significant manganese mineralization may lead to a reevaluation of the project's potential value, attracting interest from investors and partners.
Investor Reaction:
Analysts may view the results as a positive development, noting the potential for resource expansion and increased project value. However, cautious optimism is advised as further drilling is needed to confirm the extent of the mineralization.
Conclusion:
Investors should keep an eye on Auris Minerals' upcoming drilling activities and any further announcements regarding the McLean Well prospect. The company's strategic focus on exploration and potential new project opportunities could offer promising investment prospects.