Native Mineral Resources closes in on potential ‘significant’ gold target at Maneater Prospect, Queensland

Australian copper-gold company Native Mineral Resources (ASX:NMR) reports it is edging closer to a potential ‘significant’ gold target following the return of assays from its Maneater polymetallic sulphide breccia prospect in North Queensland. 

The results, generated by diamond drillhole MPD003, represent the second batch of assays returned from the drillhole and have further highlighted the polymetallic nature of the hydrothermal breccia, with grades reaching and exceeding values predicted for the depth of drilling. 

Key results from the drillhole include 1m intervals that have recorded grades up to 2.8% zinc (Zn), 0.19% antimony (Sb), 59.4g/t silver (Ag) and 0.72% lead (Pb), including 54m @ 12.2g/t Ag and 0.33% Zn from 239m-292m, and 446m @ 5.5g/t Ag from 99m-544m. 

Native Mineral Resources notes that the elevated grades of Ag, Pb, and Zn, as well as the lower grades of Au, Cu and Sb reinforce the belief that the Maneater prospect exhibits metal zoning similar to the 1.3 million ounce Mt Wright Breccia Gold Deposit.   

Drilling of hole MPD003 was completed in November 2022 to test the southern extent of the breccia, as well as the lateral extent of the sulphide-bearing breccia.      

Commenting on the results, Native Mineral Resources Managing Director Blake Cannavo says: “The assay results from the shallower hole MPD003 strongly supports the interpretation that we are currently exploring the top of a zoned, and potentially very large, mineralised system. The results perfectly fit the interpretation that the system is like the Mt Wright Au deposit also in North Queensland. 

“The assay results from the shallower hole MPD003 strongly supports the interpretation that we are currently exploring the top of a zoned, and potentially very large, mineralised system”

The results are extremely positive, and the company is confident in moving forward with a targeted geophysics program to help better define the sub-surface extension of the sulphide zone before it completed the planned deeper diamond drillhole MPD004.”

The company also notes that grades for Ag and Zn are higher than that seen in previous drillhole MPD002 as the hole was drilled through the higher levels of the breccia and at a high angle. 

Native Mineral Resources goes on to say that higher grades of Au mineralisation are anticipated at greater depth and that the results also support its interpretation that metal grades continue to extend over a large surface area.  

Native Mineral Resources is an ASX-listed company that is focused on creating and developing company growth through focused, rapidly executed, exploration campaigns across its current portfolio of projects and the targeted acquisition of new project areas. 

The Maneater prospect is located about 100km west of the city of Cairns in north Queensland and is considered a high-potential, but short-term target owing to the presence of an existing drill and a very well-defined target below the current limit of drilling.

With the second batch of assays from drillhole MPD003 now in-hand, Native Mineral Resources announces that it will prioritise a geographical survey over the current target area in an attempt to constrain the possible angle of the tilt of the sulphide breccia. 

This planned survey will be undertaken ahead of the planned, deeper diamond drillhole MPD004.   

Images: Native Mineral Resources Holdings Ltd
Author Image
Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.