Octava Minerals Commences Drilling at Yallalong Antimony Project
OCT (OCT) Share Update November 2024 Monday 18th
Octava Minerals Begins Drilling at Yallalong Antimony Project
Octava Minerals Ltd (ASX:OCT) has announced the commencement of a significant drilling program at its Yallalong Antimony Project in Western Australia, targeting high-grade antimony deposits.
Instant Summary:
- Drilling to start at Yallalong's Discovery prospect this weekend.
- 3000m reverse circulation (RC) drill program planned.
- Historic high-grade antimony intercepts recorded at Discovery.
- Drill rig to move to Central target after Discovery.
- Geophysical survey completed over antimony corridor.
Drilling Program Details
Octava Minerals Ltd has announced the mobilization of a drill rig to its Yallalong Antimony Project, with drilling set to commence this weekend. The focus will be on the Discovery and Central targets, with a 3000-meter reverse circulation (RC) drill program planned.
The Discovery prospect has previously recorded high-grade antimony intercepts over a 300-meter strike length. Notable results include 7 meters at 3.27% Sb from 12 meters, including 1 meter at 11.5% Sb from 18 meters, and 3 meters at 6.83% Sb from 21 meters, including 1 meter at 13.6% Sb from 22 meters.
Geophysical Survey and Future Plans
A detailed geophysical survey over the antimony corridor at Yallalong is complete, and data processing is underway. This survey is expected to generate further drilling targets within the corridor.
After completing the drilling at Discovery, the rig will be relocated to the Central target, located 2 kilometers north along the strike. This area has not been previously drilled, presenting new opportunities for discovery.
The commencement of drilling at Yallalong is a significant step for Octava Minerals, potentially increasing the company's resource base. High-grade antimony findings could enhance the company's valuation, given the current high market prices for antimony.
Investor Reaction:
Analysts are likely to view this development positively, as successful drilling could lead to resource expansion and increased market interest. However, the actual impact will depend on the drilling results and subsequent resource estimates.
Conclusion:
Investors should keep an eye on the drilling progress at Yallalong, as positive results could significantly impact Octava's market position. The company's strategic focus on high-grade antimony could yield substantial returns given the current market conditions.