Mandrake Resources (ASX:MAN) - Managing Director, James Allchurch
Managing Director, James Allchurch
Source: Business News
Market Herald logo


Be the first with the news that moves the market
  • Mandrake Resources (MAN) has completed the required due diligence in line to farm-in to the Jimperding Project in WA
  • Earlier this month, the company signed an agreement with Andean Energy Resources to earn up to 80 per cent in the project
  • Jimperding is located in a high-interest region – just 30 kilometres east of Chalice Gold Mines’ recent Julimar discovery
  • Now that initial terms have been satisfied, Mandrake can plan exploration targeting nickel-copper and platinum group elements
  • Mandrake has also found several high priority targets at its Berinka Pine Creek Project in the Northern Territory
  • However, COVID-19 travel restrictions have postponed further exploration
  • Shares in Mandrake Resources remain in the grey and trading at two cents each

Mandrake Resources (MAN) has completed due diligence in line with the heads of agreement with Andean Energy Resources to farm-in to the Jimperding Project.

The Jimperding Project lies within the Jimperding Metamorphic Belt located 70 kilometres north east of Perth, Western Australia.

The project is also strategically situated 30 kilometres east of Chalice Gold Mines’ Julimar Ni-Cu-PGE discovery announced on March 23 2020. However, the 140 square kilometre exploration licence application (ELA) comprising the Jimperding Project was applied for on March 4, before the discovery of Julimar.

Earlier this month, Mandrake signed an agreement with Andean to earn up to an 80 per cent interest in Andean’s Jimperding Project.

“Exploration work conducted at Jimperding in the late 1970s indicated the presence of nickel-copper mineralisation, providing the rationale for the company to move ahead with the farm-in,” Mandrake Managing Director James Allchurch said at the time.

Now that initial terms have been satisfied, the company can begin planning targeting work.

Mandrake is targeting ultramafic layered intrusives for potential Ni-Cu-PGE mineralisation such as the Newleyine prospect in the south of the ELA. This work builds upon 90 historic rock chip samples which returned assay values up to 0.52 per cent nickel and 805 parts per million copper.

Historic data from Newleyine and several other prospects are currently being compiled and assessed.

Berinka Pine Creek Project

After reviewing historical data, Mandrake has identified several compelling high priority prospects within the Berinka Pine Creek Project.

In March, the company collected nine rock chip samples across the Silver Strike prospect and RGC Creek anomaly with a further three rock chip samples collected from the Specky Creek and Bubbles East prospects.

Notably, two samples were collected from veins associated with the Silver Strike prospect, with one of them returning 37.5g/t silver.

Despite historic data displaying encouraging potential, COVID-19 travel restrictions have prevented Mandrake from conducting any further work at Berinka.

But, depending on when COVID-19 restrictions are lifted, a drilling program testing several targets is scheduled for mid-2020.

Shares in Mandrake Resources remain in the grey and trading at two cents each at 2:03 pm AEST.

MAN by the numbers
More From The Market Herald
Venus Metals (ASX:VMC) - Managing Director, Matthew Hogan

" Venus Metals (ASX:VMC) intersects encouraging mineralisation at Vidure

Venus Metals (VMC) has intersected encouraging copper-nickel-platinum group element (PGE) mineralisation at the Vidure Prospect.

" Whitehaven Coal (ASX:WHC) uses record prices to pay down debt

Whitehaven Coal (WHC) will use the uplift

" Alderan Resources (ASX:AL8) commences drilling at Detroit

Alderan Resources (AL8) has commenced drilling at its Detroit copper gold project, located in the US state of Utah.
RareX (ASX:REE) - Managing Director, Jeremy Robinson

" RareX (ASX:REE) begins scoping study at Cummins

RareX (REE) has begun a scoping study at its flagship Cummins Range Critical Metals Project.