Metals Australia Kicks Off Major Drilling Programs in WA and NT
MLS (MLS) Share Update September 2024 Monday 9th
Metals Australia Launches Major Drilling Programs in Australia
Metals Australia Ltd (ASX: MLS) has announced the commencement of three significant drilling programs in Western Australia and the Northern Territory, focusing on gold and critical minerals exploration.
Instant Summary:
- Up to 6,000m aircore drilling at Warrambie targeting gold, lithium-pegmatite, and Ni-Cu-Co.
- 120-hole aircore drilling program at Big Bell North testing greenstone-splay fault hosted gold targets.
- Approvals imminent for a substantial drilling program at Warrego East targeting copper-gold deposits.
Warrambie Project
Metals Australia has initiated an extensive aircore drilling program at the Warrambie project in the northwest Pilbara region of Western Australia. The program aims to test bedrock lithium-pegmatite targets, as well as gold and Ni-Cu-Co targets in previously unexplored areas. Up to 50 aircore holes, totaling 6,000 meters, are being drilled to test targets identified through aeromagnetic and gravity imagery.
The Warrambie project is strategically located just 10km east of the Andover lithium discovery and straddles the Scholl Shear Zone, which is analogous to the Mallina Shear Zone, host to the nearby 10Moz Hemi gold deposit. This drilling program is expected to provide significant insights into the mineral potential of the region.
Big Bell North Project
The Big Bell North project, located in the Murchison Gold Province of Western Australia, is set to undergo a 120-hole aircore drilling program. The drilling will follow an extensive soil sampling and gravity survey aimed at identifying greenstone-splay fault hosted gold targets. The project area covers an extensive 337 sq.km. along the Chunderloo Shear Zone, known for hosting major gold deposits.
The Big Bell North tenements are located along strike to the northeast of the 5Moz Big Bell gold deposit, highlighting the potential for significant gold discoveries within these tenements.
Warrego East Project
Approvals are imminent for a substantial drilling program at the Warrego East copper-gold project in the Tennant Creek Mineral Field, Northern Territory. The Warrego East tenement is located immediately east of the Warrego high-grade copper-gold deposit, which was Tennant Creek's largest historical mine. The drilling will target ironstone-hosted copper-gold deposits within a corridor that links the Warrego Mine with the Gecko and Orlando copper-gold deposits.
The Warrego East project aims to test a series of gravity and magnetics-defined targets, with the potential to uncover significant new copper-gold deposits in this historically rich mining region.
The initiation of these drilling programs is a significant step for Metals Australia, potentially leading to major new discoveries in gold and critical minerals. The company's strategic focus on high-potential areas along strike from major discoveries and historical mines could result in substantial value creation for shareholders. The announcement is likely to generate positive investor sentiment, with potential upward pressure on the company's stock price as drilling results are released.
Investor Reaction:
Analysts are expected to react positively to the news, given the strategic locations of the drilling programs and the potential for significant discoveries. The company's proactive approach in advancing multiple high-potential projects simultaneously is seen as a strong indicator of future growth prospects.
Conclusion:
Investors should closely monitor the progress of Metals Australia's drilling programs and the subsequent results. The company's ability to unlock the potential of its projects could lead to substantial value creation and provide lucrative opportunities for shareholders. Stay tuned for further updates as the company advances its exploration efforts.