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Mandrake Resources (ASX:MAN) - Managing Director, James Allchurch
Managing Director, James Allchurch
Source: Business News
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  • Mandrake Resources (MAN) has identified a distinct bullseye total magnetic intensity anomaly measuring 1.5 kilometre at the Newleyine Prospect
  • The Newleyine Prospect is part of the Jimperding Project which lies roughly 30 kilometres east of Chalice Gold Mines’ Julimar discovery
  • Since applying for the Jimperding exploration licence, Mandrake has unearthed significant historical ground magnetic data at Newleyine
  • Results of the ground magnetic survey will be released in the coming weeks
  • Mandrake’s shares are trading flat at 2.1 cents each

Mandrake Resources (MAN) has identified a distinct bullseye total magnetic intensity anomaly measuring 1.5 kilometre at the Newleyine Prospect.

The Newleyine Prospect is part of the Jimperding Project, which is located in the Jimperding Metamorphic Belt and is 70 kilometres north east of Perth, Western Australia.

The 140 square kilometre Jimperding Project lies approximately 30 kilometres east of Chalice Gold Mines’ Julimar nickel-copper-platinum group element (PGE) discovery.

Since applying for the Jimperding exploration licence, Mandrake has unearthed significant historical data which confirms the prospectiveness of the Newleyine Prospect.

Mandrake has engaged geophysical consultants to process this ground magnetic data. This discovery of the ground magnetic data is a significant development as it will allow for detailed prospect-scale targeting prior to drill planning.

“Nickel and copper concentrations in historical drilling and rock chips, together with the highly anomalous magnetic bullseye feature, point to the potential for a mineralised system,” Managing Director James Allchurch said.

Historic drilling at the Newleyine Prospect confirmed nickel grades to 1.18 per cent and copper to 1200 parts per million within the relatively shallow lateritic zone.

Primary Newleyine grades observed from drilling showed values of 0.49 per cent nickel and 0.02 per cent copper. Samples were not assayed for PGEs.

As well as a high grade component in the lateritic material, drilling at Newleyine also confirmed the presence of widespread nickel-copper-iron sulphide mineralisation of 0.24 per cent nickel and 172 parts per million copper over drill widths of up to 240 metres.

Results of the ground magnetic survey will be released in the coming weeks.

Mandrake’s shares are trading flat at 2.1 cents each at 10:09 am AEST.

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