Total
0
Shares
Centaurus Metals (ASX:CTM) sends more rigs to drill Jaguar
Source: Centaurus Metals
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Centaurus Metals (CTM) has detailed a busy December quarter which largely focussed on developing its Jaguar Nickel Sulphide Project in Brazil
  • The project has a mineral resource estimate of 48 million tonnes at 1.08 per cent nickel for 517,500 tonnes of contained nickel
  • However, an ongoing 75,000-metre drilling program is aimed at upgrading the mineral resource and this is expected before the end of the current quarter
  • So far, drilling has consistently shown the potential of the project and, specifically, the Jaguar Central deposit
  • The deposit now spans over 500 metres long and remains open at depth and along strike which shows significant growth potential and upside
  • To support exploration, the miner spent almost $1.9 million and still ended the quarter with a healthy sum of $24.1 million
  • Centaurus is also on track to completing a scoping study before this quarter's end and the study is part of its strategy of becoming a clean nickel producer by the end of 2024
  • Company shares are trading a slight 0.59 per cent down at 84.5 cents

Centaurus Metals (CTM) has released its report for the December quarter which largely focused on progressing its Jaguar Nickel Sulphide Project in Brazil.

The Jaguar Nickel Sulphide Project is located in the Carajás Mineral Province of northern Brazil.

It has 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 contained nickel. However, Centaurus is looking to update this before the end of the current quarter.

Exploration

At the start of the December quarter, Centaurus announced its plans to drill test multiple nickel and platinum group element (PGE) targets over the next 12 months.

Pleasingly, the ongoing 75,000-metre infill and step-out drilling program continues to return exceptional results.

Results confirmed down-dip extensions to the high-grade nickel shoot at the Jaguar Central deposit, which now spans over 500 metres long and remains open at depth and along strike — demonstrating significant growth potential and upside.

Centaurus was particularly impressed with assays from hole JAG-DD-20-104 within Jaguar Central. These include 30.8 metres at 3.3 per cent nickel, 0.22 per cent copper and 0.06 per cent cobalt from 180.7 metres, including 12.1 metres at 5.38 per cent nickel, 0.31 per cent copper and 0.09 per cent cobalt from 195.3 metres.

Out of 18 diamond holes that have been drilled since the mineral resource was released in June 2020, only one hole hasn't intersected significant nickel sulphide mineralisation.

Overall, drilling at Jaguar Central has consistently demonstrated the deposit's potential to contribute to the updated mineral resource estimate of the broader Jaguar project.

Towards the end of the quarter, pleasing results were released from drilling at Jaguar South.

Best assays include 20 metres at 1.4 per cent nickel, 0.05 per cent copper and 0.03 per cent cobalt from 161 metres including 4.7 metres at 2.18 per cent nickel, 0.1 per cent copper and 0.05 per cent cobalt from 161 metres and 4.2 metres at 3.42 per cent nickel, 0.08 per cent copper and 0.09 per cent cobalt from 172 metres.

Scoping study

Late in the September quarter, Centaurus contracted Entech and DRA Global to complete a scoping study for the project.

The aim of the scoping study is to demonstrate Centaurus' position of becoming a clean nickel producer by the end of 2024 to meet the growing demand for key battery metals.

The study is on track to be completed by the end of the current quarter.

Financials

Over the quarter, the miner burnt through roughly $2.2 million on operating activities with almost $1.9 million of this allocated to exploration and evaluation.

Another $653,000 was spent on investing activities, including on tenements and mining infrastructure.

At the end of the December quarter, Centaurus had a healthy $24.1 million in cash reserves.

Company shares are trading a slight 0.59 per cent down at 84.5 cents at 12:29 pm AEDT.

CTM by the numbers
More From The Market Herald
Ookami (ASX:OOK) to purchase stakes in two African exploration projects

" Ookami (ASX:OOK) to purchase stakes in two African exploration projects

Ookami (OOK) has agreed to purchase interests in two African mineral exploration projects, Boulbi and Messok East.
Conico (ASX:CNJ) - Chairman, Greg Solomon - The Market Herald

" Conico (ASX:CNJ) subsidiary signs Greenland drilling contract

Conico’s (CNJ) subsidiary, Longland Resources, has signed a contract with Cartwright Drilling for work at the Ryberg Project in Greenland.
PolarX (ASX:PXX) - Managing Director Frazer Tabeart - The Market Herald

" PolarX (ASX:PXX) augments Humboldt Range lode claims

PolarX (PXX) has significantly increased its landholding at its Humboldt Range gold and silver project in Nevada.
Victory Mines (ASX:VIC) begins RC drilling at Coogee

" Torrens Mining (ASX:TRN) begins seismic survey at Mt Piper

Gold and copper exploration company Torrens Mining (TRN) has begun a passive seismic survey at its Mt Piper Gold Project.