29Metals (ASX:29M) - CEO and MD, Peter Albert
CEO and MD, Peter Albert
Source: 29Metals
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 29Metals (29M) receives results from the first six holes drilled at the Golden Grove Mine in Western Australia
  • Drilling is being undertaken to test gaps between areas in the current mineral resource estimate
  • Between 12 to 14 holes have been planned with the remaining holes to be completed by late in the December quarter
  • Overall, grades peaked at 21.1 per cent zinc, four per cent copper, three per cent lead, 149 grams of silver per tonne (g/t) silver and 80.6g/t gold
  • 29Metals is up 0.80 per cent on the market with shares trading at $2.52 at 2:00 pm AEST

29Metals (29M) has received results from the first six holes drilled at the Golden Grove Mine in Western Australia.

The Golden Grove Mine lies roughly 450 kilometres northeast of Perth and is prospective for copper, zinc and precious metals.

Drilling is being undertaken at the Cervantes mine to test gaps between areas in the current mineral resource estimate (MRE) with aims to extend the areas of known mineralisation and increase the mineral inventory.

The Cervantes deposit is one of 29Metals’ in-mine growth opportunities, approximately 270m below the existing Scuddles mine development at Golden Grove.

Between 12 to 14 holes have been planned with the remaining holes to be completed by late in the December quarter.

Infill drilling is also underway with aims to convert the resources from inferred to indicated.

Overall, grades peaked at 21.1 per cent zinc, four per cent copper, three per cent lead, 149 grams of silver per tonne (g/t) and 80.6g/t gold.

These results indicate the targeted gap contains a copper dominant core made up of massive to semi massive pyrite and chalcopyrite.

CEO and Managing Director Peter Albert is excited by these results.

“These outstanding results re-affirm our view that Golden Grove is a world-class volcanogenic-hosted massive sulphide (VHMS) system with significant growth potential and the opportunity to further extend mine life,” Mr Albert commented.

“We’re tremendously excited by these first results which show the potential for Cervantes to deliver additional high-grade, higher-margin material, which presents a material upside opportunity with limited Cervantes material currently included in the 10-year mine plan.”

29Metals was up 0.80 per cent on the market with shares trading at $2.52 at 2:00 pm AEST.

29M by the numbers
More From The Market Herald
Gold Road Resources (ASX:GOR) - Managing Director & CEO, Duncan Gibbs

" Gold Road Resources (ASX:GOR) contracts APA Group (ASX:APA) to increase WA mine’s power capacity

Gold Road Resources (ASX:GOR) and Gold Fields' subsidiary, Gruyere Mining, have reported on initiatives to increase…

" Emu (ASX:EMU) reports high-grade gold at Bajda

Emu (ASX:EMU) has reported high-grade gold intercepts from its Badja project near Yalgoo in Western Australia.

" Besra Gold (ASX:BEZ) commences drilling at Bekajang

Besra Gold (ASX:BEZ) ramps up drilling at its Bau gold project in Malaysia as the rig…

" Magnetite Mines (ASX:MGT) secures $15.8m in rights issue

Magnetite Mines (ASX:MGT) has secured $15.8 million after closing its renounceable pro-rata rights issue to eligible…