Dynamic Metals Reports Significant Gold Exploration Progress at Widgiemooltha
DYM (DYM) Share Update September 2024 Wednesday 18th
Dynamic Metals Announces Promising Gold Exploration Results at Widgiemooltha
Dynamic Metals Limited (ASX: DYM) has announced encouraging updates on their gold exploration activities at the Widgiemooltha Project in Western Australia. The company has identified high-priority gold targets and is preparing for drilling in early 2025.
Instant Summary:
- Priority gold target identified at Cognac West prospect.
- Two strong gold soil anomalies defined by recent sampling.
- 3D modelling of Chalice South prospect underway.
- $4M funding received from Mineral Resources for exploration.
Exploration Overview
Dynamic Metals Limited (ASX: DYM) has been systematically evaluating and prioritizing gold exploration targets across its Western Australian portfolio. The company has identified a priority gold target at the Cognac West prospect, where recent soil sampling has defined two strong gold soil anomalies.
Field mapping and rock chip sampling are currently progressing, and a reverse circulation (RC) drill program is being refined with inputs from field observations. Additionally, 3D modelling of the Chalice South prospect, utilizing historical drill data and surface geochemical datasets, is underway.
Funding and Strategic Location
Dynamic Metals is well-funded for exploration activities, having received $4 million from Mineral Resources as part of the Widgiemooltha lithium joint venture. The Widgiemooltha Project is strategically located in one of Australia’s most prolific mineral fields, with tenements stretching between Kambalda and Norseman. The tenements are adjacent to established gold producers and multiple million-ounce gold deposits, highlighting the potential for significant discoveries.
Cognac West Prospect
The Cognac West prospect area has been subject to near-surface historic exploration dating back to the 1970s. Recent soil sampling over an area approximately 3km long and 2km wide has defined two areas of gold anomalies. A total of 704 soil samples were taken and analyzed for gold and a multi-element suite.
The area is centered around structural complexity due to interpreted second-order structures around a late felsic intrusion. Further geological mapping and rock chip sampling are ongoing, with assay results expected early next month.
Chalice South Prospect
The Chalice South prospect area is located south of the Chalice Gold Mine, currently held by Westgold Resources (ASX: WGX). The local geology is characterized by north-north-west striking, west-dipping intercalated mafic and volcanic rock units. The area has been subject to various iterations of surface geochemistry, shallow exploration drilling, and specific deeper drilling since the discovery of the Chalice gold deposit.
Dynamic’s exploration licence covers 14km of greenstone geology and the same structural corridor that hosts the Chalice gold deposit. The company’s plans include unraveling the complex geology and structure to generate targeted areas for further surface geochemistry or drill testing.
Next Steps
Once all new assay and mapping data is received, Dynamic Metals will collate the information to determine priority targets for drill testing and commence permitting in preparation for drilling in early 2025.
The identification of high-priority gold targets at Widgiemooltha is a positive development for Dynamic Metals. The strategic location of the tenements and the integration of high-quality geological data enhance the potential for significant gold discoveries. This announcement is likely to boost investor confidence and positively impact the company's stock price.
Investor Reaction:
Analysts are likely to react positively to the systematic approach and promising results of Dynamic Metals' gold exploration activities. The company's well-funded position and strategic location of the tenements adjacent to major gold producers add to the optimism.
Conclusion:
Investors should keep an eye on Dynamic Metals as the company progresses with its gold exploration activities at the Widgiemooltha Project. The identification of high-priority targets and the upcoming drilling activities in early 2025 present potential opportunities for significant discoveries. Stay informed on the latest developments and consider the long-term potential of Dynamic Metals.