Centaurus Metals (ASX: CTM) has announced the commencement of a high-impact RC drilling program targeting new discoveries outside the known resources at its 100%-owned Jaguar Nickel Sulphide Project in northern Brazil.
The company reported that Brazil’s leading RC drilling contractor, Geosedna, is on site and operating on double-shift for the 25,000m drill program currently underway targeting new discoveries.
CTM said that 10 high-priority greenfields nickel sulphide and PGE exploration targets were identified based on airborne electromagnetic surveys (GeoTEM), detailed ground magnetics, and soil geochemistry. The company said that the first three of these to be tested are the Leão Prospect, the Tigre Prospect, and the Filhote Prospect.
Centaurus said that resource development and step-out drilling continues to progress well with four diamond drill rigs on-site and an additional 2-3 diamond rigs planned to arrive in May. The company also reported a strong cash position of $20m.
The Jaguar Project sits at the intersection of two of the most important mineralising structures in the Carajás Mineral Province, the Canãa and McCandless Faults. The close association of semi-massive and massive sulphides with magnetite means that when targeting new mineralisation, coincident electromagnetic (FLEM/DHEM) and magnetic anomalies are the highest priority targets.
To date, more than 300 holes have been drilled at Jaguar with only twelve of these holes located outside the known deposit limits.
The company had identified 10 high-priority greenfields nickel sulphide and PGE exploration targets based on airborne electromagnetic surveys (GeoTEM), detailed ground magnetics, and soil geochemistry.
High-impact RC drilling program begins at Jaguar
The company reported that it has now commenced a high-impact Reverse Circulation (RC) drilling program at the Jaguar Project. The 25,000m drill program is targeting new discoveries outside the known resources.
CTM said that the first three of the high-priority greenfields nickel sulphide and PGE exploration targets to be tested would be the Leão Prospect, the Tigre Prospect, and the Filhote Prospect.
The Leão Prospect – +2.5km strike length hosting multiple GeoTEM and ground magnetic anomalies coincident with Ni-Cu-Cr-V-Au soil anomalism. Only three holes have ever been drilled at this Prospect with one hole returning 3.0m at 1.06% Ni and 0.21% Cu.
The Tigre Prospect – a strong discrete (+800m) GeoTEM anomaly coincident with multiple ground magnetic anomalies and supported by a +1.0km continuous Ni-Cr-As-Au geochemical signature. There are no historical drill holes in the Tigre Prospect.
The Filhote Prospect – A 200m Fixed Loop Electromagnetic (FLEM) conductor plate coincident with a broad (+1.1km) ground magnetic signature and PGE-Ni-As-Cr-Cu soil geochemical anomaly. Historical hole PKS-JAGU-DH00075 had returned 18.0m @ 0.35g/t Pd and 0.03 g/t Pt from 95.0m, including intervals of up to 1.1 g/t Pd.
First RC hole at Leão
The company said that the first RC drill-hole of the new program has been collared and is underway at the Leão Prospect.
The company said that the mobilisation of the RC rig will provide CTM with the opportunity to commence an aggressive greenfields exploration drilling campaign on this pipeline of new drill targets as defined by the regional field team while also continuing the resource development and step-out drilling with the diamond rigs.
Four diamond drill rigs on-site
Centaurus reported that resource development and step-out drilling continues to progress well with four diamond drill rigs on-site operating on double-shift. The company said that an additional 2-3 diamond rigs are planned to arrive in May.
The company reported a strong cash position of $20m with $4.8m of in-the-money options to underpin 2021 work programs, with the Jaguar Value-Add Scoping Study on target to be delivered in May 2021.
Updates and further work
CTM said that the Electro-magnetic (EM) geophysical surveys (DHEM and FLEM) are ongoing at Jaguar. The company said that the in‐fill and extensional diamond drilling within the known deposits to test the continuity of high-grade zones is ongoing. CTM said that the resource samples are continuously being sent in batches of 150-300 samples and will be reported once the batches are completed.
Centaurus said that further work would include RC drilling of key greenfield targets. The company said that the metallurgical testwork is ongoing and the geotechnical and hydrological studies for the proposed tailings facility and waste deposits are being commissioned.
Centaurus’ Managing Director, Darren Gordon, said: “We already have a resource of 58.9Mt at 0.96% Ni for more than 560,000 tonnes of contained nickel, which is one of the biggest undeveloped nickel sulphide resources globally, and we are confident that we can build on it given that the vast majority of the drilling to date has been focused within and around the known deposits.
Since acquiring the project, we have successfully grown the resource through highly-effective brownfields resource development and step-out drilling. Now with the arrival of the new RC rig, we can step beyond this brownfield focus and target completely new areas which we believe have outstanding discovery potential.
The aggressive, RC exploration program will target shallow nickel sulphide targets that have the potential to be brought into the mine plan at an early stage. There are now more than 300 diamond drill holes into the Jaguar Project but only 12 holes have been drilled outside the current deposits with known resources, leaving plenty of room to make new discoveries.
We have already identified 10 high-priority greenfields nickel sulphide and PGE targets and we are very much looking forward to testing these in the weeks and months ahead.””
Image Source: Centaurus Metals