MetalsGrove Mining Kicks Off New Exploration Programs at Bruce and Edwards Creek Prospects
METALSGROVE MINING LTD (MGA) Share Update September 2024 Tuesday 17th
MetalsGrove Mining Announces New Exploration Programs at Bruce and Edwards Creek Prospects
MetalsGrove Mining Limited (ASX: MGA) has launched new exploration programs at its Bruce Prospect and Edwards Creek Prospect in the Northern Territory, targeting high-grade gold and copper.
Instant Summary:
- Commencement of mapping and sampling program at Bruce Prospect.
- Investigation of northern portion of the tenement with three main ferruginous quartz vein sets.
- Sampling of 91 individual veins, with previous high-grade assays showing gold values up to 53.0 g/t and copper values up to 2.66%.
- Completion of a 508-meter RC drilling program at Edwards Creek Prospect.
- Assay results from Edwards Creek drilling program expected by mid-October.
Bruce Prospect Mapping and Sampling
MetalsGrove Mining has initiated a detailed surface mapping and sampling program at its Bruce Prospect, located in the Central Desert Region of the Northern Territory. The program, which started on 17 September 2024, aims to investigate the northern portion of the tenement, an area that has seen little previous exploration work. The focus is on three main ferruginous quartz vein sets with strike lengths up to 2.8 kilometers along a west-east trend.
The company plans to sample 91 individual veins that were previously identified but not yet sampled. Of the few veins that have been sampled, high-grade gold and copper assays have shown promising results, with gold values of 53.0 g/t, 15.0 g/t, and 7.2 g/t, and copper values up to 2.66%. Additionally, a 200m by 50m surface soil sampling program will be conducted to test the correlation with a low magnetic intensity area that potentially relates to the quartz veins.
Edwards Creek Prospect Drilling
At the Edwards Creek Prospect near Alice Springs, MetalsGrove has completed a reverse circulation (RC) drilling program consisting of four holes totaling 508 meters. This program follows up on historical high-grade intersections, including a notable 4.5-meter intersection at 2.25% Cu, 0.11% Pb, 1.54% Zn, and 0.14 g/t Au from a drill hole conducted over 40 years ago.
The drilling was conducted by Strike Drilling Pty Ltd using a Schram RC drill rig, with all holes angled between 55-84° to the west, perpendicular to the orientation of the mapped gossan structure. Assay results from the drilling program are currently pending and are expected to be announced by mid-October.
The commencement of these exploration programs is a positive development for MetalsGrove Mining, potentially leading to significant discoveries of high-grade gold and copper. If the sampling and drilling results confirm the presence of valuable mineral resources, it could boost the company's stock price and investor confidence. However, the market will be closely watching the assay results due in mid-October to gauge the success of these programs.
Investor Reaction:
Analysts are cautiously optimistic about the new exploration programs. The high-grade assays from previous sampling at Bruce Prospect are encouraging, and the follow-up drilling at Edwards Creek could reveal valuable insights into the mineralization of the area. Investors are likely to react positively if the upcoming assay results meet or exceed expectations.
Conclusion:
Investors should keep an eye on the upcoming assay results from both the Bruce and Edwards Creek Prospects. These results will provide critical information on the potential value of MetalsGrove's exploration efforts. The company's ability to successfully execute these programs and report positive findings will be key to maintaining and growing investor confidence.