Pivotal Metals Unveils New Mineralized Zone at Horden Lake
PIVOTAL METALS LIMITED (PVT) Share Update August 2024 Monday 5th
Pivotal Metals Discovers New Mineralized Zone at Horden Lake
Pivotal Metals Limited (ASX:PVT) has announced a significant discovery at its Horden Lake Project in Quebec, Canada. The company has identified a new mineralized structure west of the main Horden Lake trend, which could potentially expand the project's resource base.
Instant Summary:
- New 1.8km parallel magnetic anomaly, 'Horden West', discovered 400m west of Horden Lake.
- First drill hole into Horden West shows promising results, including 2.2m @ 0.77% CuEq.
- Additional 600m strike extension potential identified to the southwest of Horden Lake.
- Significant growth potential demonstrated through recent drilling and geophysics.
- Assay results from 16 holes pending, with a resource update expected in Q4 2024.
Discovery Details
Pivotal Metals Limited has reported the discovery of a new mineralized zone, named 'Horden West', located 400 meters west of the main Horden Lake trend. This discovery was made through an airborne magnetic survey that delineated a 1.8km parallel magnetic anomaly. The first drill hole into this new zone, HN-24-113, has shown promising results, including 2.2 meters at 0.77% CuEq from 10.6 meters, 1.1 meters at 0.4% CuEq from 45 meters, and 1.5 meters at 0.84% CuEq from 241 meters.
The company plans to conduct further geophysical surveys and follow-up drilling to fully investigate the potential of this new discovery. This new zone could significantly expand the resource base of the Horden Lake Project, which currently hosts an indicated and inferred mineral resource estimate of 28 million tonnes at 1.5% CuEq.
Additional Strike Extension
In addition to the discovery of Horden West, Pivotal Metals has identified an additional 600 meters of strike extension potential to the southwest of the main Horden Lake zone. This was defined through 2024 drilling, down-hole electromagnetic (DHEM) surveys, and drone magnetics. Notable drill results from this area include 3.2 meters at 1.06% CuEq from 180.7 meters in hole HN-24-108.
Historical drilling results outside the 2022 resource boundary also highlight the potential of this extension, with significant intersections such as 23.7 meters at 1.24% CuEq from 33.4 meters in hole HOR-13-02 and 54 meters at 0.56% CuEq from 59.9 meters in hole H26820.
Ongoing Work and Future Plans
Pivotal Metals' ongoing work program at Horden Lake continues to show significant growth potential. The company has completed a 7,097-meter diamond drilling campaign, with assay results from 16 holes still pending. Metallurgical test work is in progress, and a resource update is expected in Q4 2024. Follow-up geophysics to refine regional targets is planned for Q4 2024, with additional drilling scheduled for January 2025.
Managing Director Ivan Fairhall stated, 'The best place to look for a deposit is next to a deposit. This parallel corridor is a major development in expanding the potential of the project. Hitting mineralization in the first hole is a great first step in developing this into a potentially significant target source of feed to complement the main Horden Lake deposit.'
The discovery of the new mineralized zone at Horden Lake is a significant development for Pivotal Metals. This could potentially increase the resource base and enhance the overall value of the project. The additional 600 meters of strike extension further adds to the project's growth potential. These discoveries are likely to have a positive impact on Pivotal Metals' stock price as investors react to the increased resource potential and ongoing exploration success.
Investor Reaction:
Analysts are likely to react positively to this announcement, given the potential for significant resource expansion at Horden Lake. The discovery of the new mineralized zone and the additional strike extension are encouraging signs for the project's future. Investors will be keenly watching the pending assay results and the upcoming resource update in Q4 2024.
Conclusion:
Investors should monitor Pivotal Metals' ongoing exploration activities at Horden Lake and assess the potential long-term impacts on their portfolios. The company's strategic response to these discoveries and its ability to further expand the resource base will be crucial in maintaining investor confidence and driving future growth.