- Australian exploration company Centaurus Metals (CTM) has made one of its best intercepts to date while drilling at the Jaguar Nickel Sulphide Project in Brazil
- Centaurus has received assay results for a step-out hole at the Central deposit which the company previously reported had unearthed a zone of semi-massive to massive sulphides
- The 30.8-metre intercept has an average grade of 3.3 per cent nickel and confirmed the down-dip extension of mineralisation which has been defined over 500 metres in length
- Managing Director Darren Gordon said the hole is located well outside the bounds of the current mineral resource area and demonstrates the growth potential of the company's flagship project
- Shares have been trading 4 per cent higher at 77.5 cents
Centaurus Metals (CTM) has made one of its best intercepts to date while drilling at the Jaguar Nickel Sulphide Project in Brazil.
The project is situated in the Carajás Mineral Province, a globally renowned mining address which is home to the world's largest iron ore mine and is rich in gold, copper and platinum group elements.
Centaurus completed the acquisition of what is now its flagship project in April 2020 and in July delivered a maiden JORC 2012 indicated and inferred mineral resource estimate of 48 million tonnes at 1.08 per cent nickel for 517,500 tonnes of the metal.
Jaguar Central Deposit
The company previously reported that a step-out hole at the Jaguar Central Deposit had intersected a wide zone of semi-massive to massive sulphides from just over 180 metres downhole.
Assay results have now been received, showing the 30.8-metre intercept has an average grade of 3.3 per cent nickel, 0.22 per cent copper and 0.06 per cent cobalt.
The intercept also confirmed the down-dip extension of a nickel mineralisation shoot which has been defined over 500 metres in length and remains open at depth and along strike.
"This hole and other recent step-out holes are located well beyond the current Mineral Resource boundary, demonstrating the exceptional growth potential and upside the Jaguar Project still has to offer as we continue to step out and drill deeper holes across the project area,”said Managing Director Darren Gordon.
"Our recent drilling has confirmed the continuity of thick high-grade mineralisation at depth at Jaguar Central, with the growth of the deposit in this area having the potential to either drive down the depth of any future open pit or facilitate a quality start-up option for a future underground operation."
Further step-out drilling at Jaguar Central intersected the top of the high-grade shoot and returned an 11-metre intercept at 0.76 per cent nickel.
Jaguar South Deposit
Meanwhile, at the Jaguar South Deposit, infill and extensions drilling has confirmed the consistency of mineralisation along strike and down-dip.
Best intercepts from the deposit include 20 metres at 1.4 per cent nickel, 0.05 per cent copper and 0.02 per cent cobalt from 161 metres.
"These results are all expected to contribute to an excellent outcome for the JORC Mineral Resource Estimate upgrade, planned for early Q1 2021," explained the Managing Director.
Shares have been trading 4.03 per cent higher at 77.5 cents at 1:34 pm AEDT.