Boab Metals Limited - Successful Completion of Phase VIII Drilling Program
BOAB METALS LIMITED (BML) Share Update September 2024 Wednesday 18th
Boab Metals Announces Successful Completion of Phase VIII Drilling Program
Boab Metals Limited (ASX: BML) has announced the successful completion of its Phase VIII drilling campaign at the Sorby Hills Lead-Silver-Zinc Project in Western Australia.
Instant Summary:
- New mineralisation encountered at the Keep Seismic Target.
- Phase VIII drilling included 4 deep sonic/diamond drill holes totaling 1,352m.
- Drilling completed ahead of schedule and within budget.
- Intervals of visual mineralisation intercepted, including massive sphalerite (ZnS).
- Assay results expected in early Q4 2024.
Drilling Program Details
Boab Metals Limited has successfully completed its Phase VIII drilling campaign at the Sorby Hills Lead-Silver-Zinc Project. The program included four deep sonic/diamond drill holes, totaling 1,352 meters, and was completed ahead of schedule and within budget.
The drilling program followed up on the new mineralisation encountered at the Keep Seismic Target during the Phase VII drilling campaign. The recent drilling has intersected further lead and zinc-sulphide mineralisation, including intervals of massive sphalerite (ZnS).
Exploration Success
The visual results indicate a major exploration success and support the planning of an extensive exploration drilling campaign at the new KEEP discovery. The proximity of the mineralisation to the existing Sorby Hills deposits is particularly important and highlights the significant near-mine exploration potential of the project and the Burt Basin region more broadly.
Boab Managing Director and CEO, Simon Noon, stated, 'We are pleased to report the successful completion of our 2024 drilling campaign and furthermore that the Keep Seismic Target is continuing to show positive results. The recent drilling has intersected further lead and zinc-sulphide mineralisation. This is an outstanding success given the conceptual nature of the target and its location in an area and at a depth where no mineralisation was intersected before.'
Background and Future Plans
In early August, Boab announced the commencement of the Phase VIII drilling program to follow up on its exploration success from the 2023 campaign at the Keep Seismic Target. The program comprised four diamond drill holes around the discovery hole SDSH_185. The new drill holes were collared as 100m step-outs from the original drill hole position to enable correlation and interpretation of the original results.
The Keep Seismic Target area is a compelling sub-surface target, and its complexity is well illustrated on seismic data. The new data confirms the interpretation that drilling took place along the western flank of a graben structure that consists of a series of extensional faults with displacements of several tens of meters of basin-wards.
Core samples have been submitted for analysis to Intertek Laboratories in Perth, with assay results anticipated to be received in early Q4 2024.
The successful completion of the Phase VIII drilling program and the positive visual results are likely to have a positive impact on Boab Metals' stock. The discovery of new mineralisation at the Keep Seismic Target enhances the potential of the Sorby Hills project and could lead to increased investor interest and confidence in the company's exploration strategy.
Investor Reaction:
Analysts are likely to react positively to the news of the successful drilling campaign and the discovery of new mineralisation. The anticipation of assay results in early Q4 2024 adds to the potential for further positive news, which could drive investor sentiment and stock performance in the near term.
Conclusion:
Investors should keep an eye on the upcoming assay results in early Q4 2024 and consider the potential long-term benefits of the successful drilling campaign at the Sorby Hills project. Boab Metals' strategic exploration efforts continue to show promise, and the company's ability to complete projects ahead of schedule and within budget is a positive indicator for future developments.