Minerals 260 (ASX:MI6) has started a ‘significant’ new drilling program across multiple ‘high order’ targets at its Moora Project and the adjacent Koojan JV, which are located 150km north-east of Perth, Western Australia.
The company reports that the drilling program will comprise up to 15,000m of reverse circulation (RC) and diamond core (DD) drilling, with holes typically 150-200m deep.
The drilling has commenced with a single RC rig, with a second rig scheduled to start in December as further crops are harvested and access becomes available to more targets.
Drilling will target extensions of mineralisation previously intersected at a number of prospects including:
- Mynt – up to 24m @ 0.7g/t Au and 1.9% Cu
- Angepena – up to 43m @ 1.8g/t Au
- Zest – up to 12m @ 2.0g/t Au and 1.4% Cu
- Acga – up to 3m @ 0.52g/t PGE (Pd+Pt)
Maiden RC drill programs will also test 22 other targets defined by geochemical and geophysical surveys.
The Moora Project and Koojan JV form a contiguous, 1,000km-square land package located in the Julimar Mineral Province of south-west Western Australia. Minerals 260 holds 100% of the Moora Project and has the right to earn up to 51% equity in the Koojan JV by spending $4 million on exploration.
The company has met its minimum expenditure commitment of $500,000 for the Koojan JV and expects to acquire its initial 30% equity before the end of 2022 by spending a total of $1.5 million.
Minerals 260 Managing Director David Richards said: “The start of this highly anticipated drill program marks what we believe will be a defining period for Minerals 260. Since listing in October last year, we have laid the foundations for what we believe could be a significant Au-Cu-Ni-PGE discovery at our Moora and Koojan Projects.
“The start of this highly anticipated drill program marks what we believe will be a defining period for Minerals 260″
This drilling program will go a long way towards confirming our views as to the highly prospective nature of both our advanced and new priority targets. Shareholders can look forward to an exciting period for the company over the coming weeks and months.”
Minerals 260, which is based in Perth, Western Australian, listed on the Australian Securities Exchange in October 2021. The company was created to contain the non-lithium assets of Liontown Resources (ASX:LTR) which included the Moora and Koojan Projects located in the Julimar Mineral Province of southwest Western Australia.
Write to Adam Orlando at Mining.com.au
