Astute Metals (ASX:ASE) has identified a potential ‘company maker’ iron-oxide-copper-gold (IOCG) target at the Leichhardt East prospect, as part of its Georgina Basin IOCG Project in the Northern Territory.
The $13.54 million market capitalisation company says the target was uncovered from a constrained gravity model using data generated from an ambient noise tomography (ANT) geophysical survey undertaken last year.
Astute reports it is looking to undertake further modelling at the Leichhardt West and Banks prospects, where modelling work is currently ongoing to constrain magnetic data, in light of the discovery.
Modelling is scheduled for completion in the current quarter.
The company notes the constrained inversion target sits directly above ‘broad’, low-level copper and uranium mineralisation intersected previously at Leichhardt East.
As of 2.15pm AEDT today (11 January 2024), Astute’s share price had risen more than 21% to $0.040 on the back of the announcement.
Executive Chairman Tony Leibowitz says the new discovery represents a ‘breakthrough’ and potential ‘company maker’
“This is a very exciting breakthrough for our exploration team, which is the result of diligent work, innovative thinking and the application of the latest geophysical techniques. The data from the recent ANT survey has proven to be a major step forward, when combined with other available gravity data and evidence from the diamond drill-hole completed previously at Leichhardt East.
The newly identified IOCG target sits above and adjacent to this previous drill-hole and ticks every box from an exploration perspective. It represents a walk-up drill target for Astute and a potential company-maker that we intend to pursue for our shareholders.”
Meanwhile, Astute states target ranking and drillhole design is scheduled for completion following modelling with drill testing expected to begin in H2 2024.
Astute Metals is a diversified ASX-listed explorer with a clear focus on finding and developing critical metals required for electrification and the global energy transition.
The company’s Georgina Project sits in the East Tennant Mineral Province of the Northern Territory.
As of 30 September 2023, Astute Metals had $4.182 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Astute Metals
