Woomera Mining’s (ASX:WML) field crew is taking a break over the Christmas and New Year period and will be re-starting drilling activities in early January 2024 at the Ravensthorpe Project in Western Australia.
The $33.42 million market capitalisation company has completed 7 reverse circulation (RC) drillholes for 877m to date as part of a 26-hole-for-3,000m drilling program.
Woomera reports that 5 of the 7 holes have intersected ‘significant’ thicknesses of pegmatite, with a total of 213m of pegmatite logged.
The company notes that the presence of pegmatites does not necessarily suggest lithium mineralisation, which can only be confirmed by laboratory analysis. In this vein, initial assay results are anticipated in mid-late January 2024.
Further, 1,523 samples from an auger sampling program have been completed on the Mt Short Joint Venture (JV) project with Anax Metals (ASX:ANX), with assays expected in February 2024.
The Ravensthorpe project comprises the wholly owned Mt Cattlin exploration licence, which sits immediately south, and the Mt Short JV, where Woomera can earn up to 70% equity from Anax Metals.
Woomera Mining is an Adelaide-based minerals explorer focused on battery minerals and gold across Australia.
As of 30 September 2023, the company had $881,000 cash and cash equivalents at hand, according to its latest quarterly report. Post-quarter-end, Woomera conducted a placement to raise up to $2.3 million.
Write to Aaliyah Rogan at Mining.com.au
Images: Woomera Mining
