GreenTech Metals (ASX:GRE) powered through trade on the Australian Securities Exchange (ASX) today (3 May 2023) to close more than 164% higher at $0.185 per share.
The company rocketed on the Australian bourse on the back of the release of assay and DHEM survey results from its follow-up drill program completed at the Austin prospect in February. Austin is part of the greater Whundo Cu-Zn project.
GreenTech today reports drilling tested the very strong conductor plate modelled from the DHEM survey completed on hole 23GTRC0331 which was drilled as part of the second RC program completed in 2022.
Results returned 19m @ 0.81% Cu and 0.15% Zn from 225m, including 15m@ 1% Cu from 226m, including 6m @ 2% Cu from 226m, and 1m @ 5.4% Cu from 226m.
Importantly, the company says the latest results indicate the mineralisation at Whundo is not limited as previously thought but instead demonstrate the potential for a significant and deeper Austin copper-zinc mineralised zone situated beneath the existing Whundo (East Lobe) resources.
GreenTech considers the results ‘extremely encouraging’ given the significant results for both thickness and grade and the fact that the Austin mineralised zone is copper dominant. The size of the Austin surface FLEM conductive response suggests there is potential for Austin to add significantly to Whundo resources, or even eclipse them.
The combined Whundo–Ayshia JORC 2012 compliant inferred and indicated Mineral Resource Estimate (MRE) currently sits at 6.19Mt @ 1.12% Cu, 1.04% Zn after recently being updated, seeing tesource tonnes grow by 72% and copper metal tonnes increased by 63%.
Drillhole 23GTRC001 was part of a 1,000m RC drill program completed at the Austin and Yannery prospects. Further results from the Yannery drill program will be reported shortly.
Addressing the results, Executive Director Thomas Reddicliffe says: “We are pleased that these Austin assays complement our initial logging observations, and confirm a copper dominant mineralised horizon with significantly increased thickness and significantly increased individual peak assay values up to 5.4% Cu.
This deeper portion of the Austin horizon is largely unconstrained due to the paucity of historic deep drill holes, and we believe it could ultimately eclipse the Whundo East resource in size based on the surface extent of the largely untested Austin FLEM conductor anomaly.
“The project also has the additional bonus of gold, cobalt and zinc which are key metals in high demand”
With the continuing encouragement from drilling results the Whundo and Austin deposits are shaping up to be a significant copper project in WA, I am confident we will be able to continue to expand the copper resource from our recently reported ~6Mt. The project also has the additional bonus of gold, cobalt and zinc which are key metals in high demand. Plans are underway for a wider drilling program to increase the resource.”
GreenTech is an exploration and development company primarily established to discover, develop, and acquire Australian and overseas projects containing minerals and metals that are used in the battery storage and electric vehicle sectors.
The company’s founding projects are focused on the underexplored nickel, copper and cobalt in the West Pilbara and Fraser Range Provinces. The green energy transition that is currently underway will require a substantial increase in the supply of these minerals and metals for the electrification of the global vehicle fleet and for the massive investment in the electrical grid, renewable energy infrastructure and storage.
Write to Adam Orlando at Mining.com.au
Images: GreenTech Metals Ltd & iStock
