Korab Resources Initiates High-Resolution Gravity Survey at Rum Jungle Project
KOR (KOR) Share Update July 2024 Tuesday 23rd
Korab Resources Commences High-Resolution Gravity Survey at Rum Jungle Project
Korab Resources Ltd (ASX: KOR) has announced the commencement of a high-resolution ground gravity survey at its Rum Jungle Project in the Northern Territory of Australia.
Instant Summary:
- High-resolution ground gravity survey started at Rum Jungle Project.
- Survey conducted with 250 m by 250 m station spacing.
- Pixel resolution of approximately 50 m.
- Additional aerial magnetic and LiDAR surveys planned for Q4 2024.
- Rum Jungle Project spans 243 square kilometers near Batchelor, NT.
Survey Details
Korab Resources Ltd has initiated a high-resolution ground gravity survey at its Rum Jungle Project, located near Batchelor in the Northern Territory. The survey, which began this morning, is being conducted with station spacing of 250 meters by 250 meters, providing high-quality ground gravity data with a pixel resolution of approximately 50 meters.
This survey is part of a broader exploration effort that includes high-resolution aerial magnetic and LiDAR surveys, scheduled to commence in the last quarter of 2024. These efforts follow a helicopter-assisted in-fill ground gravity survey reported on June 26, 2024.
Project Overview
The Rum Jungle Project covers approximately 243 square kilometers and is located within the Rum Jungle Mineral Field, part of the Pine Creek Orogen. The project includes the Winchester magnesium deposit and several areas with prospects for silver, gold, copper, cobalt, scandium, zinc, lead, nickel, and magnesium. Korab Resources has been collecting and evaluating data over the past seven years to define these targets.
Figures provided in the announcement show the locations of the ground gravity survey stations and the helicopter-assisted ground gravity survey overlayed on historical low-resolution gravity data obtained from the Northern Territory Geological Survey (NTGS).
Future Plans
In addition to the current ground gravity survey, Korab Resources plans to undertake high-resolution aerial magnetic and LiDAR surveys progressively starting in the last quarter of 2024. These surveys aim to provide further detailed data to enhance the understanding of the project's geology and mineral potential.
The initiation of the high-resolution ground gravity survey at the Rum Jungle Project is a positive development for Korab Resources. The detailed data obtained from these surveys will likely enhance the company's understanding of the project's mineral potential, potentially leading to more targeted and efficient exploration efforts. This could positively impact Korab's stock price as investors gain confidence in the project's prospects.
Investor Reaction:
Investors and analysts have responded positively to the announcement, noting that the high-resolution survey data will provide valuable insights into the project's mineral potential. The planned additional surveys in Q4 2024 are also seen as a proactive step towards comprehensive exploration and development.
Conclusion:
Investors should keep an eye on the results of the high-resolution ground gravity survey and the upcoming aerial surveys. These efforts are crucial for Korab Resources' strategic exploration and development plans at the Rum Jungle Project. Staying informed about the progress and outcomes of these surveys will be essential for making informed investment decisions.