Native

Native Mineral Resources finds evidence of ‘significant’ IOCG target at Helios Project, Western Australia

ASX-listed exploration company Native Mineral Resources (ASX:NMR) reports it has found evidence of a ‘significant’ late-orogenic IOCG target at its Helios Project in Western Australia.

The company says results from its initial sampling program comes from 122 drillcore samples collected from HELIOS_DDH001.

Its technical team view these results as further confirmation that drilling has intersected a large alteration halo potentially linked to a nearby IOCG-type mineral occurrences in the northern Nullarbor region of Western Australia.

Native Mineral Resources Managing Director Blake Cannavo says: “The results from drilling at Helios continue to add more positive evidence and support to the company’s interpretation that it has identified a large IOCG-style alteration system.

“The results from drilling at Helios continue to add more positive evidence and support to the company’s interpretation that it has identified a large IOCG-style alteration system”

The rocks are hematite and magnetite-rich and have now been identified in 2 holes extending the mineralised footprint at Helios to well over 1,000m. We know that we are in the right exploration address to potentially unearth a new IOCG discovery and our team is confident that we are on the right pathway to unlock the full potential of Helios.

Native Mineral Resources continues to pursue an aggressive exploration pipeline with work programs continuing at both our Helios and Maneater Hill projects and I look forward to providing progress updates from across the business at regular intervals.”

Native Mineral Resources reports the results show anomalous copper values up to 211ppm, and anomalous geochemistry consistent with published criteria for IOCG exploration, including coincident elevated uranium (U) and iron (Fe) values of up to 82.3ppm and 116,000ppm respectively, as well as the antithetic relationship between titanium (Ti) and high iron.

The drill core also exhibits features indicative of other IOCG deposits and alteration zones, and demonstrates that drilling has potentially intercepted a large alteration halo.

These features include the replacement of altered granite groundmass with hematite, syn-magmatic bimodal rock types, syn-orogenic alteration and lastly low volumes of hydrothermal quartz.

Native Mineral Resources is also reporting it has completed a second drillhole at the Maneater Hill Polymetallic Sulphide Breccia Prospect in north Queensland.

The company says drilling here has confirmed the western extension of the intercepted polymetallic (Zn-Cu-Pb-Ag-Au-Sb) sulphide bearing breccia has identified sulphides and other key minerals including pyrite, sphalerite, galena and chalcopyrite.

The identification of sulphides in over 450m of drill core in hole MPD003 provides confidence for the continuity of the mineralised breccia both laterally and at depth beyond what the company had been anticipating.

Cannavo says: “Native Mineral Resources is delighted to report it has completed a second very successful diamond drillhole which has recovered the same sulphide bearing rocks as found in MPD002.

“The results are significant as the company was testing the southwestern continuity of mineralisation”

The results are significant as the company was testing the southwestern continuity of mineralisation which has now been demonstrated and proves that the sulphides are potentially much more voluminous than the company first considered.

The company is awaiting assays from MPD002 before finalising plans to complete a third hole to better test the northern and deeper extensions of the breccia as had been planned in MPD002.”

Native Mineral Resources also states in addition to the recently acquired drill results, fieldwork on the ground at Maneater Peak has continued to follow-up on existing rock chip samples including sample Q26178 which recorded 1.07g/t Au, 1.21g/t R, 640ppm Ag, 175ppm Cu, 7.4% Pb, 1,800ppm Zn, 3.5ppm Mo, 3.7ppm Bi and 2.31% Sb.

Maneater

The company also aims to identify new targets with alteration indicative of base metal mineralisation near to Maneater Peak Breccia. These rocks are ‘heavily’ iron stained and contain hematite in veins parallel to the north to south trend of the regional rocks and are located only 750m from current drilling.

Native Mineral Resources is an ASX-listed copper and gold mining company with projects across Western Australian and Queensland. These projects include the Palmerville and Maneater Hill projects in northern Queensland, as well as the Eastern Goldfields and Nullarbor Project in Western Australia.

Images: Native Mineral Resources Holdings Ltd
Written By Harry Mulholland
Hailing from the Central Coast region of NSW, Harry is a passionate journalist with a background in print, radio and ESG news. When not bashing away on his keyboard, he can be found brewing a coffee or playing with his dog.