Metals Australia (ASX:MLS) is plotting further mapping and sampling programs to extend and define drilling targets within the Corvette River Project in northern Québec, Canada.
Phase one fieldwork results, paired with historical results, will be used for a phase two sampling program which will include short holes using a portable geological exploration drill to assess mineralisation below surface and trench level.
Metals Australia, which has a market capitalisation of $17.45 million, says outcomes from this program will allow the company to prioritise targets for a more extensive drilling campaign.
The timing of the phase two program will be considered given the rapidly changing weather conditions.
This news comes after mapping and sampling at Corvette River identified new gold with silver and base metals prospectivity, and highlighted the potential for new discoveries in three key areas.
At the Felicie prospect, results include up to 3.85 grams per tonne (g/t) gold, 19.8g/t silver, 0.14% copper, 0.84% zinc, and 0.5% lead.
Metals Australia says these results confirm historical rock chip sample results hosted by a northeast trending shear zone mapped for 200m and open to the northeast and southwest.
At the West Eade prospect, new grades up to 4.42g/t gold were recorded confirming gold results from prior programs.
The company notes the gold mineralisation has been demonstrated over an east-west trending corridor of over 1,000m within a strongly folded and faulted banded iron formation up to 300m wide and 2,000m long.
Meanwhile, at the East Eade prospect, trench sample assays revealed broad mineralisation grading more than 0.3g/t gold, including 1m @ 0.83g/t gold associated with quartz veins and up to 15% sulphides within a folded and faulted banded iron formation outcrop.
Metals Australia says this outcropping mineralised zone extends for more than 400m and is open to the east and west. It also appears to be the source of previous rock chip samples of outcropping boulders grading 29.7g/t gold and 12g/t gold, 160m to the east.
CEO Paul Ferguson says the results further underline the prospectivity of the three zones tested for gold, silver, and base metals.
“All three areas warrant more detailed investigation, and our team is working closely with the local Magnor Exploration team on defining next steps for a follow-up program, including further systematic trenching and targeted sampling,” Ferguson says.
“Our sampling program has successfully extended the mineralised zone at Felicie, with the new results validating historical data by demonstrating a broad zone of extensive mineralisation which will now be prioritised for follow-up exploration.
“While the near-surface gold results are significant, silver, copper, lead, and zinc, are also consistently present with the gold at highly anomalous levels.”
Ferguson adds that these results also show the value of the company’s work programs are generating across its suite of assets in known mineralised zones in Canada and Australia.
“Our short to near term pipeline of newsflow remains strong, with Warambie drilling samples now in laboratory, drilling at Big Bell North Project set to commence this month and Warrego East in the Northern Territory also approaching drill-ready status.”
Further, the company is continuing to assess follow-up lithium exploration programs for the Felicie prospect on the Corvette Lithium Trend.
Metals Australia is a resources company focused on advancing exploration and pre-development programs for gold and critical minerals in the highly endowed and well-established mining jurisdictions of Québec in Canada, Western Australia, and the Northern Territory.
Write to Aaliyah Rogan at Mining.com.au
Images: Metals Australia
