Minerals 260 (ASX:MI6) has begun a new phase of drilling across its Moora and Koojan Joint Venture (JV) projects in Western Australia.
The $74.88 million market capitalisation company plans to tackle up to 8,500m of reverse circulation (RC) and diamond core drilling, with holes up to 500m deep planned to test deeper geophysical anomalies at priority prospects, Mynt and Mallory.
The drilling locations have been informed by an ongoing Dipole-Dipole Induced Polarisation (DDIP) survey that has defined a new ‘large’ chargeability high anomaly proximal to confirmed sulphide mineralisation at the Mynt prospect.
Minerals 260 says this is in addition to the Mallory target on Koojan, where coincident chargeability and conductivity structures that may be caused by sulphides will also be drilled.
Managing Director Luke McFadyen says this ‘exciting’ drilling program is designed to follow up on 2022 work at the joint venture projects.
“The results from the ongoing DDIP work are very encouraging, and we are appreciative of the local stakeholders who have supported us again this year.”
“The results from the ongoing DDIP work are very encouraging, and we are appreciative of the local stakeholders who have supported us again this year”
Further, Minerals 260 has been granted 2 additional tenements at the Moora project, 1.4km east of the Mt Yule Gravity Anomaly.
These tenements increase the Moora and Koojan combined area to 932km-square, with the planning of first-pass exploration for these tenements underway.
Minerals 260 is an ASX-listed minerals explorer focused on its Western Australian projects.
As of 30 September 2023, the company had $15.5 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Minerals 260
