M3 Mining (ASX:M3M) has extended a gold mineralised zone to a minimal length of 400m at the El Capitan prospect within its Edjudina Gold Project in Western Australia.
The $6 million market capitalisation company says a follow up aircore (AC) drill program, designed to test the extent of surficial mineralisation of the prospect, highlights multiple veins open at depth and along strike.
M3 Mining believes these veins demonstrate the potential of the prospect and are, in conjunction with widespread gold anomalism indicative of a potential larger system.
Reverse circulation (RC) drilling is being planned to test the depth extent of mineralisation beneath the previously drilled ‘high-grade’ zone of 10m @ 241.2g/t Au from 27m (EDJAC164).
RC drilling requires further approvals relating to heritage, but will begin as soon as possible, says M3 Mining.
Key results include hole EDJAC240 with 4m @ 1.09g/t gold from 76m; hole EDJAC249 with 8m @ 0.56g/t Au from 20m; and hole EDJAC232 with 4m @ 0.53g/t Au from 20m.
The Edjudina Project is located about 150km northeast of Kalgoorlie in Western Australia and is easily accessible through tarred and gravel roads.
Addressing the results, M3 Mining Executive Director Simon Eley says: “M3 Mining is pleased to announce that gold mineralisation at the El Capitan prospect continues to the north and south of the previously intersected high-grade zone. This is a strong result as it confirms the exceptional high-grade results from EDJAC164 resides in an anomalous surficial footprint of at least 400m long by 100m wide. We have just scratched the surface with only two rounds of aircore drilling.
The company is developing plans for a follow-up drill program utilising RC drilling to test the depth extent of high-grade mineralisation encountered in the scout drilling. M3 Mining eagerly awaits the next round of drilling as we look to uncover more insights into the spectacular mineralisation.”
“M3 Mining eagerly awaits the next round of drilling as we look to uncover more insights into the spectacular mineralisation“
The company notes 18 holes were also drilled at both the El Capitan South and Jump Up prospects respectively.
Drilling was conducted to test anomalous gold-in-soils and follow up on prior ‘high-grade’ mineralisation.
M3 Mining is a Perth-based mineral explorer focused on the development of a ‘high-quality’ base metal and gold exploration portfolio.
M3 Mining had $2.8 million cash at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: M3 Mining
