Pivotal Metals (ASX:PVT) remains ‘funded to advance’ its projects into 2025 and continues building on the successes of 2024, says Managing Director Ivan Fairhall.
Commenting on today’s (28 October) release of its latest quarterly report, Fairhall says 3Q 2024 delivered “exciting exploration results” from the Horden Lake project whereby “substantial exploration upside was defined with drilling and geophysics across the property, which underscore the growth potential of the substantial 28Mt resource already defined”.
Pivotal’s cash balance as of 30 September was $3.36 million and $327,000 is expected to be received in November 2024 subject to shareholder approvals.
The company is aggressively engaged in the development of nickel-copper-PGM targets across its portfolio for the next six months.
Over the coming months Pivotal will interpret the results of 2024 Horden Lake drilling and geophysical surveys and will complete further exploration at Horden Lake. This will include additional geophysical surveys and drilling to develop on the substantial upside extending from the deposit in both directions and at the parallel western mineralised trend as identified in the 2024 program.
It will also complete the metallurgical testwork program and declare an updated mineral resource estimate for Horden Lake, while continuing exploration assessment and prioritisation work across the ‘highly prospective’ BAGB (Belleterre-Angliers Greenstone Belt) tenement package.
“We have metallurgical testwork now in progress and this will flow into an updated resource in the coming months alongside our continued exploration activities. Following our recent successful capital raise, which included $2 million in funds raised at a significant premium, we are funded to advance our projects into 2025 building on the successes of 2024,” says Fairhall.
Pivotal is developing two major projects at Horden Lake and BAGB located in Canada. Both projects are targeting magmatic sulphide nickel-copper and precious metals.
The Horden Lake project is advanced with a resource and significant brownfield potential that continues to deliver positive results.
Pivotal has consolidated a 157km2 landholding in the highly prospective Belleterre-Angliers Greenstone Belt (BAGB). The tenements hold numerous discoveries of ‘ultra-high grades’ gabbroic intrusions. BAGB is an advanced exploration project with multiple very “high-grade Ni-Cu-PM occurrences”.
Pivotal is preparing for its maiden drill program at BAGB.
However, the Horden Lake project was the focus for the quarter. Pivotal’s 2024 exploration program at Horden Lake – the first in a decade and first since Pivotal’s acquisition in late-2022 – consisted of 34-hole 7,072m diamond drilling and extensive downhole electromagnetic (DHEM) survey program.
The program was designed to target quality and scale improvements to the Indicated and Inferred mineral resource estimate of 28mt at 1.5% CuEq (Cu-Ni-Au-Pd), and provide the foundation for advancing the asset from both a geological and an engineering perspective.
Drill results released during Q3 2024 continue to show that exploration has delivered on both the scale and the quality objectives of the program, according to the quarterly report.
“Drilling has established continuity of the Horden Lake deposit along the full strike extent of the mineralised contact zone. Results from drilling and geophysics provide a strong encouragement for the development of a larger resource at Horden Lake. The presence of large highly conductive anomalies at depth is indicative of sulphide accumulations and provides additional support for resource growth across a large extent of the deposit area,” the report notes.
“Anomalous byproduct assays were recorded alongside all significant copper and nickel assays, confirming the widespread existence of these metals and associated potential upside in contained metal endowment.”
Write to Adam Orlando at Mining.com.au
Images: Pivotal Metals
