Astute Metals (ASX:ASE) has launched a high-impact exploration diamond drilling program to test the Leichhardt East prospect within the Georgina Basin Iron-Oxide Copper Gold (IOCG) Project in the Northern Territory.
Leichhardt East is a multi-faceted IOCG prospect, with numerous characteristics that make it a “compelling” drilling target, according to Astute.
These characteristics include modelled highly dense rocks, proximity to a near-miss hole that intersected copper, bismuth, silver, and uranium, alongside a favourable position between two regional-scale faults.
The drilling program will comprise a single 500m drillhole, targeting the core of the modelled gravity target. The program is expected to be completed in the coming fortnight.
Astute Metals, which has a market capitalisation of $14.84 million, has also identified additional drill targets at the nearby Banks and Leichhardt West prospects.
Similar to Leichhardt East, both targets have the presence of modelled dense rocks and geochemical anomalism in nearby holes, drilled by prior owner Greenvale Energy (ASX:GRV).
Astute says further drill testing is warranted at both prospects.
Chairman Tony Leibowitz says a considerable amount of science, geophysical modelling and lateral geological thinking has gone into defining this target and now is the time to evaluate it.
“This represents one of the most compelling discovery opportunities in our portfolio and we are very much looking forward to seeing what the hole will reveal,” he says.
Astute Metals plans to undertake further drilling at the prospects if the results from Leichhardt East validate the company’s geophysical modelling approach.
On 30 October 2024, Astute Metals decided to acquire the 2% net smelter royalty held over the Georgina Basin Project from Greenvale Energy.
The company intends to issue 2.41 million shares at $0.029 per share, subject to shareholder approval, to Greenvale Energy.
The Georgina Basin Project comprises 10 granted exploration licences and three under application, covering a combined total of 4,552km2 in the East Tennant Mineral Province of the Northern Territory.
Astute Metals has a portfolio of lithium, heavy minerals and iron oxide-copper-gold projects in Australia and the US.
Write to Aaliyah Rogan at Mining.com.au
Images: Astute Metals
