Minerals 260 (ASX:MI6) is planning to conduct aircore (AC) drilling to target further gold and base metal mineralisation at its Dingo Rocks Project in Western Australia in 2024.
The $67.86 million market capitalisation company is also planning to conduct ground electromagnetic (EM) surveys across mafic/ultramafic units defined by the AC drilling and interpreted to be prospective for sulphide-related nickel-copper-platinum group elements (Ni-Cu-PGE) mineralisation.
Minerals 260 will also be interpreting petrographic analysis of drill chips to support its understanding the bedrock geology.
The company recently received drill results from its maiden AC program which confirmed that ultramafic units had been intersected at 3 ‘bullseye’ magnetic targets, with broad zones of elevated nickel recorded, including values up to 6,030 parts per million (ppm) nickel.
Minerals 260 Managing Director Luke McFadyen says these results support further investment in the next phase of exploration activities planned for next year.
“The potential for a multi-commodity exploration opportunity, including nickel, gold, and rare earths, is really attractive for Minerals 260 and aligns with our strategy to explore for critical minerals.”
“The potential for a multi-commodity exploration opportunity, including nickel, gold, and rare earths, is really attractive for Minerals 260 and aligns with our strategy to explore for critical minerals”
Drilling comprised 144 holes for 5,030m, targeting previously untested coincident magnetic/gravity anomalies interpreted to indicate possible mafic-ultramafic intrusions prospective for Ni-Cu-PGE mineralisation.
Minerals 260 is a Perth-based minerals explorer focused on its assets across Western Australia considered to be prospective for battery metals, critical minerals, rare earths, gold, and platinum group elements.
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
