Centaurus Metals (ASX: CTM) announced that its Jaguar project in Brazil continues to grow with exceptional new intercepts including 33.7m at 2.23% Ni from just 45.6m from the ongoing resource in-fill and extensional drilling.
The company reported significant thick semi-massive to massive nickel sulphide intercepts in recent extensional and in-fill drilling at the Jaguar Central Deposit.
Highlights include 33.7m at 2.23% Ni, 0.12% Cu and 0.04% Co from 45.6m, including 10.4m at 3.35% Ni, 0.20% Cu and 0.06% Co from 45.6m, and 15.5m at 2.53% Ni, 0.23% Cu and 0.04% Co from 63.8m.
CTM said that the initial step-out drilling at the Jaguar Central Deposit intersected thick semi-massive to massive nickel sulphides, confirming down-dip extensions of previous high-grade intercepts which remain open at depth.
Significant assays reported include 22.9m at 1.43% Ni, 0.09% Cu and 0.03% Co from 72.0m, including 10.6m at 2.22% Ni, 0.19% Cu and 0.04% Co from 72.0m.
The company reported that the in-fill drilling at the Jaguar North Deposit has also returned consistent thick and shallow high-grade nickel sulphide intersections, including 14.0m at 1.32% Ni, 0.16% Cu and 0.04% Co from 140.5m, including 7.0m at 2.10% Ni, 0.28% Cu and 0.06% Co from 146.5m.
CTM said that the new extensional drilling of FLEM conductor plates at Jaguar North has intersected semi-massive sulphides 100m beyond the current limits of the Mineral Resource. Centaurus said that assays are pending.
The company announced that it has a strong cash position of ~$28 million following recently completed equity raise.
CTM said that drilling is set to ramp-up significantly over the coming weeks targeting extensions both along strike and at depth.
Jaguar Nickel Sulphide project
The Jaguar Nickel Sulphide Project is located in the western portion of the Carajás Mineral Province of Brazil, and includes multiple nickel sulphide deposits and exploration targets within a 30km2 land package.
The key areas of the project include Jaguar South, Onça-Preta, Jaguar Central, and Jaguar North.
Drilling at Jaguar Central deposit
The company had recently commenced extensional and in-fill drilling at the Jaguar Central Deposit.
The first drill holes reported by the Company from the Jaguar Central Deposit had returned outstanding shallow high-grade intersections in holes JAG-DD-20-042 (40.5m at 1.35% Ni) and JAG-DD-20-047 (67.3m at 1.20% Ni) in June 2020.
Due to these exceptional results, step-out drilling was planned immediately. The company has now received the results from this initial step-out program at Jaguar Central. CTM has also reported the assay results from extensional and in-fill drilling at the Jaguar Central Deposit.
High-grade results from Jaguar Central Deposit
The company reported significant thick semi-massive to massive nickel sulphide intercepts in recent extensional and in-fill drilling at the Jaguar Central Deposit. CTM announced that the results from the initial step-out program at Jaguar Central Deposit demonstrate the down-dip extension of the broad high-grade zones encountered in the initial drilling.
Extensional and in-fill drilling
Highlights of new assay results from extensional and in-fill drilling at the Jaguar Central Deposit include
Hole JAG-DD-20-56: 33.7m at 2.23% Ni, 0.12% Cu and 0.04% Co from 45.6m; including 10.4m at 3.35% Ni, 0.20% Cu and 0.06% Co from 45.6m; and 15.5m at 2.53% Ni, 0.23% Cu and 0.04% Co from 63.8m; 8.3m at 0.57% Ni, 0.02% Cu and 0.02% Co from 79.2m; and 4.2m at 0.76% Ni, 0.06% Cu and 0.03% Co from 106.8m.
Hole JAG-DD-20-57: 15.0m at 2.42% Ni, 0.13% Cu and 0.05% Co from 69.0m; including 6.0m at 3.34% Ni, 0.21% Cu and 0.06% Co from 78.0m; 8.2m at 1.22% Ni, 0.09% Cu and 0.03% Co from 91.8m; 12.5m at 0.58% Ni, 0.04% Cu and 0.03% Co from 104.0m; and 18.3m at 0.44% Ni, 0.02% Cu and 0.01% Co from 119.5m
Step-out drilling
Highlights of the new assay results from the step-out drilling at the Jaguar Central Deposit include
Hole JAG-DD-20-049: 5.4m at 1.08% Ni, 0.02% Cu and 0.04% Co from 26.1m; 16.7m at 0.49% Ni, 0.03% Cu and 0.02% Co from 37.8m; 3.8m at 1.66% Ni, 0.12% Cu and 0.04% Co from 58.7m; 22.9m at 1.43% Ni, 0.09% Cu and 0.03% Co from 72.0m, including 10.6m at 2.22% Ni, 0.19% Cu and 0.04% Co from 72.0m; 8.9m at 0.84% Ni, 0.01% Cu and 0.03% Co from 105.1m; 10.0m at 0.94% Ni, 0.02% Cu and 0.04% Co from 118.4m, including 2.2m at 2.56% Ni, 0.07% Cu and 0.13% Co from 118.4m; and 16.3m at 1.01% Ni, 0.10% Cu and 0.03% Co from 140.8m, including 3.0m at 2.52% Ni, 0.25% Cu and 0.07% Co from 153.0m.
Hole JAG-DD-20-51: 11.2m at 1.35% Ni, 0.08% Cu and 0.12% Co from 54.7m; 59.6m at 0.95% Ni, 0.06% Cu and 0.02% Co from 83.0m, including 2.8m at 2.38% Ni, 0.10% Cu and 0.06% Co from 83.0m; and 3.1m at 1.28% Ni, 0.08% Cu and 0.02% Co from 98.0m; and 3.5m at 2.38% Ni, 0.17% Cu and 0.03% Co from 118.7m; and 5.5m at 1.81% Ni, 0.08% Cu and 0.04% Co from 129.3m.
Assays increase confidence
CTM said that the latest assays included some of the best drilling results generated from the Jaguar Project to date, further increasing the Company’s confidence in the potential to continue to grow the Mineral Resource in parallel with a development strategy aimed at establishing a sustainable high-margin nickel sulphide mine in Brazil within the next 3-4 years.
Further drilling planned
The company reported that the DHEM and FLEM plates on these sections, and multiple adjacent sections, show that the semi-massive and massive sulphide mineralisation remains open at depth. CTM said that further step-out drilling is planned.
The company said that one rig continues to drill at the Jaguar Central Deposit with this drilling continuing to focus on in-fill and extending the strike length of the shallow high-grade mineralisation. Centaurus said that EM conductor plates continue to be generated for future step-out drilling.
Drilling at Jaguar North deposit
At the Jaguar North deposit, the mineralisation occurs over 400m of strike with multiple zones of stringer to semi-massive and massive sulphides up to 25m wide that extend from surface to more than 200m depth and remain open at depth and along strike.
The company has now reported new results from in-fill drilling at Jaguar North.
High-grade results at Jaguar North
The company announced that the in-fill drilling at the Jaguar North Deposit has returned consistent thick and shallow high-grade nickel sulphide intersections. Highlights include
Hole JAG-DD-20-052: 8.5m at 0.76 % Ni, 0.08% Cu and 0.02% Co from 109.8m; hole JAG-DD-20-053: 4.0m at 1.08 % Ni, 0.11% Cu and 0.04% Co from 121.5m; 14.0m at 1.32% Ni, 0.16% Cu and 0.04% Co from 140.5m, including 7.0m at 2.10% Ni, 0.28% Cu and 0.06% Co from 146.5m; and hole JAG-DD-20-55: 11.0m at 1.38% Ni, 0.14% Cu and 0.04% Co from 97.0m, including 7.0m at 1.79% Ni, 0.17% Cu and 0.05% Co from 100.0m.
FLEM surveys
The Company had recently completed FLEM surveys over the Jaguar North Deposit. Of particular interest was the area to the north-west, where the mineralisation remained open and a strong untested magnetic anomaly was identified along strike.
Drilling continues
CTM said that one rig continues to drill at Jaguar North currently, focusing on in-fill and extensional drilling but with step-out targets to be drill tested shortly.
Capital raising
The company announced that it has a strong cash position of ~$28 million following recently completed equity raise, to support ongoing project development studies and licensing based on the globally significant maiden JORC Mineral Resource Estimate of 48.0Mt at 1.08% Ni for 517,500 tonnes of nickel metal.
Updates and further work
CTM reported that Electro-magnetic (EM) geophysical surveys (DHEM and FLEM) are ongoing. The company said that in‐fill and extensional drilling within the known deposits to test the continuity of high-grade zones is also ongoing.
Centaurus said that resource samples are being sent in batches of 150-300 samples and will be reported once the batches are completed.
The company announced that a third diamond drill rig will be reactivated next week and all three diamond rigs that will be on site will re-commence double-shift operations. CTM said that the drilling will target in-fill and potentially extend the exceptional near-surface high-grade mineralisation.
The company said that drilling is also planned to commence on a number of high-quality deeper targets, beyond the current Mineral Resource limits, where strong down-hole EM conductors remain untested and open at depth.
Centaurus reported that a Reverse Circulation rig will be mobilised to site in September with this rig to be used to drill pre-collars for deeper step-out drilling and also for high-impact greenfields exploration drilling on key prospect areas as new drill targets are defined by the regional field team.
Management comments
Centaurus’ Managing Director Darren Gordon said: “What continues to impress us is the consistency, quality and grade of the mineralisation – and, above all, how close to surface it is. The multiple high-grade intercepts reported today confirm the quality of two of our cornerstone deposits at Jaguar Central and Jaguar North, including a standout intercept of 33.7m at 2.23% Ni from just 46m at Jaguar Central.
These results are now building on the impressive maiden Resource Estimate we announced in June, which already contains more than 500,000 tonnes of nickel at an average grade of over 1.0% nickel. With a third diamond rig to be reactivated in the next couple of weeks and all three diamond rigs to re-commence double shift operations, we are looking forward to increasing the Indicated component of the Mineral Resource via in-fill drilling while also testing a number of the deeper targets where DHEM Conductor plates extend well below the depth of current drilling and are likely to represent semi-massive and massive sulphides.
Many of the results reported today will add to the high-grade component of the Mineral Resource, which has an estimated 321kt of contained nickel at over 1.5% Ni with more than 70% of the high-grade resource located within 200m of surface and amenable to extraction via open pit.
Following the recently completed equity raise, the Company has approximately $28 million in cash reserves and is very well positioned to ramp-up drilling activity on site in a sustainable and COVID-19 safe manner to help accelerate the resource extension and exploration programs as well as advance project development.”