Pivotal Metals (ASX:PVT) Managing Director Ivan Fairhall says Q2 2024 is an important one for the company, reinforcing confidence in the exploration upside of its copper-dominant Horden Lake Project in Quèbec, Canada.
Drilling during the quarter confirmed several things, including continuity of mineralisation, depth extensions, and the presence of gold, silver, platinum group metals and cobalt.
“The June quarter was an important one for Pivotal, where we delivered the first drilling results in over a decade on the Horden Lake project,” Fairhall says.
“Results fully validate our beliefs in the substantial upside potential at Horden Lake.”
The results from 16 of the 34 holes drilled showed top intercepts of 37.5m @ 1.31% copper equivalent from 51.2m, including 15m @ 2.15%; and 28.6m @ 1.05% from 74m, including 10.2m @ 2.3%.
Pivotal also defined what it describes as a “significant” depth extension in the southern zone.
This zone has shown the potential to match or possibly exceed the central zone where economic resources extend to 550m and remain open, 50-60% deeper than currently defined in the south.
Fairhall says step-out drilling is complemented by downhole electromagnetics to show that the shallower zones continue strongly at depth.
Assays released in the quarter also confirmed gold, silver, platinum group metals and cobalt, which have never before been assayed for in large parts of the Horden Lake project.
“Infill drilling is adding byproduct metal assays in previously untested areas, and enhancing the value of the 28Mt resource which we have already defined,” Fairhall says.
“We look forward to bring this all together in a resource update in Q4 24.”
Horden Lake, which was discovered by Inco in the 1960s, is located 131km north-northwest of Matagami in Québec and currently hosts an indicated and inferred resource of 28 million tonnes @ 1.5% copper equivalent.
Other work completed during the second quarter included magnetotelluric (MT) geophysical survey, which Pivotal says shows large magnetic anomalies on a newly mapped prospective contact that hosts the historical “high-grade” Alotta and Midrim discoveries.
Fairhall says the survey shows Midrim and Alotta are indicators of an extensive magmatic intrusion which acted as the plumbing system for these high-grade surficial deposits, with the survey pointing to potential sulphide accumulations of scale.
Midrim and Alotta are part of the 100% owned BAGB Project, also in Quèbec.
“We look forward to sharing continued exploration results from Horden Lake through the September quarter,” Fairhall says.
Pivotal, which has a market capitalisation of $12.7 million, had $1.3 million cash on hand at the end of the second quarter.
Subsequent to the end of the quarter, the company received $216,000 worth of tax refunds and is anticipating a further $157,000 before the end of the third quarter. These were from delayed March 2024 quarter sales tax refunds.
Write to Angela East at Mining.com.au
Images: Pivotal Metals
