- Centaurus Metals (CTM) has received thick intersections of high-grade nickel sulphide from the first three diamond drill holes at its Jaguar Nickel Sulphide Project in Brazi
- The results have confirmed the consistency and grade predicted from the previous drilling program
- A ground magnetic survey is currently underway with results expected by mid-December
- Centaurus Metals have dropped 7.14 per cent on the market this morning and are currently trading for 1.3¢ apiece
Centaurus Metals (CTM) has received assay results from the first three diamond drill holes at its Jaguar Nickel Sulphide Project in Brazil.
All three holes have returned with thick intersections of high-grade nickel sulphide mineralisation. The holes are part of the company’s maiden drilling campaign.
The zones of mineralisation intersected at both the Jaguar South and Onça-Preta deposits have associated particularly well with historical high-grade intersections and with the Down-hole Electromagnetic (DHEM) and Fixed Loop Electromagnetic (FLEM) conductor plates.
Results from the Jaguar South Deposit include 12.4 metres at 1.95 per cent nickel, 0.10 per cent copper and 0.03 per cent cobalt from 71 metres, including 5.1 metres at 2.86 per cent of nickel, 0.16 per cent of copper and 0.05 per cent of cobalt from 71.9 metres.
Results from the Onça-Preta Deposit includes 6.2 metres at 1.90 per cent nickle, 0.10 per cent copper and 0.07 per cent cobalt from 107.0 metres.
The initial results confirm the grade, tenor and quality of the nickel sulphide mineralisation at Jaguar, providing strong momentum for the company’s nickel development strategy.
Previous drilling by Vale targeted a bulk tonnage, medium-low grade nickel sulphide resource and Jaguar has been pattern drilled on broad 100-metre x 50-meter spacing.
There has been no follow up drilling of the historical high-grade intersections.
Centaurus has two clear goals with its maiden drilling campaign. The first goal is to extend the known high-grade nickel sulphide intersections. The second goal is to identify new high-grade nickel sulphide zones.
Managing Director Darren Gordon says these are outstanding results.
“Not only do they demonstrate the high-grade and shallow nature of the nickel mineralisation at Jaguar, but they also confirm the effectiveness of downhole geophysics as a technique for accurately targeting our ongoing drilling to define the semi-massive to massive sulphide zones over the entire project area,” he said.
Two diamond drill rigs on double-shift will continue drilling through the upcoming wet season with new assay results expected every 3-4 weeks, depending on local laboratory turnaround times.
The company is currently working with Southern Geoscience to mobilise DHEM and FLEM equipment to Brazil, which should arrive by mid-January.
“We believe that EM will be an extremely important tool in continuing to identify new high-grade nickel sulphide targets moving forward,” Darren told the market.
Additionally, a ground magnetic survey is currently underway with results expected by mid- December.
“Preparations in the field for the oncoming wet season are advancing well, with considerable resources being allocated to ensuring that drilling can continue through the wet,” Darren said.
“We look forward to keeping the market up to date with continuous news-flow through the first half of 2020 as we work towards delivering a maiden JORC Mineral Resource which we believe will lay the foundations to establish a globally significant high-grade nickel sulphide project at Jaguar,” he added.
Centaurus Metals have dropped 7.14 per cent on the market this morning and are currently 1.3¢ apiece.