GreenTech Metals Launches Second Drilling Phase at Whundo Copper Project
GRE (GRE) Share Update December 2024 Wednesday 4th
GreenTech Metals Announces New Drilling Campaign at Whundo Copper Project
GreenTech Metals Limited (ASX: GRE) has announced an ambitious second stage drilling program at its Whundo Copper-Zinc project in the West Pilbara region, aiming to significantly expand its resource base.
Instant Summary:
- Up to 4,000m of diamond core drilling planned at Whundo.
- Focus on extending mineralised shoots at Austin, Shelby, Yannery, and Ayshia.
- Drilling supported by $2.3M placement and $1M drill-for-equity agreement.
- DHEM surveys to identify further resource extensions.
- Topdrill engaged as drilling contractor.
Drilling Program Overview
GreenTech Metals Limited is set to embark on a second stage drilling program at its Whundo Copper-Zinc project, located in the mineral-rich West Pilbara region. This initiative follows a successful first phase of drilling completed in July 2024, which encompassed 1,710 meters.
The upcoming campaign will involve up to 4,000 meters of diamond core drilling, focusing on under-explored mineralised zones at Austin, Shelby, Yannery, and Ayshia. The primary objective is to confirm and expand the resource potential of these Volcanogenic Massive Sulphide (VMS) style deposits.
Key Targets and Techniques
Drilling will target the mineralised shoots at Austin, Shelby, Yannery, and Ayshia, with a particular emphasis on the Shelby conductor, which has shown exceptional promise. Downhole electromagnetic (DHEM) surveys will be conducted following the drilling to identify additional resource extensions.
The Shelby target, identified in 2006, has already demonstrated significant potential with previous drilling results indicating high-grade copper intercepts. The Austin prospect has also shown promising results, with recent drilling confirming the continuity and depth of mineralisation.
Financial Backing and Contractor Engagement
The drilling program is financially supported by a recently completed $2.3 million placement, a $1 million drill-for-equity agreement with Topdrill, and an Exploration Incentive Scheme (EIS) grant of up to $140,000 from the Western Australian Government.
Topdrill, a reputable drilling contractor, has been engaged to commence operations in the coming weeks, ensuring that the project remains on schedule.
This drilling program has the potential to significantly enhance GreenTech Metals' resource base at the Whundo project, which could positively influence the company's stock price. The expansion of resources would strengthen GreenTech's position in the copper and zinc markets, aligning with the global demand for these critical minerals in the green energy sector.
Investor Reaction:
Analysts are likely to view this announcement positively, given the potential for resource expansion and the strategic importance of copper and zinc in renewable energy technologies. The financial backing and engagement of a reputable contractor further bolster investor confidence.
Conclusion:
Investors should watch for updates on the drilling results and any subsequent resource estimates. GreenTech Metals' strategic focus on expanding its resource base could offer significant opportunities for growth and value creation in the evolving green energy market.