Mantle Minerals (ASX:MTL) has been granted exploration licence E45/5899, which it believes is the most prospective of the 3 Mt Berghaus exploration licences it has applied for to date.
The $18.44 million market capitalisation company is currently developing an exploration model for the Mt Berghaus Gold Project in Western Australia and has planned a 15,000m aircore drilling program during H1 2024.
This is an addition to the 15,000m aircore drilling program currently underway at Roberts Hill.
The company will now proceed with environmental and aboriginal cultural heritage applications.
Subsequent to today’s (7 November) announcement, Mantle’s share price is up 33.33% as of 2:30pm AEDT.
The Mt Berghaus tenement covers 84km-square immediately north of De Grey Mining’s (ASX:DEG) Hemi discovery. This brings Mantle’s granted tenements in the area to 399km-square.
Mantle notes the other remaining tenements at Mt Berghaus are subject to objections from miscellaneous licence holders over railways and other infrastructure.
However, the company notes it has made ‘good progress’ and expects to resolve them in due course.
Mantle Minerals is an ASX-listed gold, nickel, and copper explorer focused on the Roberts Hill and Mt Berghaus projects in Western Australia.
As of 30 September 2023, the company had $2.386 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Mantle Minerals