A drill rig at Newleyine. Source: Mandrake Resources
Market Herald logo


Be the first with the news that moves the market
  • Mandrake Resources (MAN) begins drilling at its Newleyine prospect in Western Australia
  • This prospect is part of Mandrake’s Jimperding Project which has similarities to Chalice Mining’s Julimar discovery
  • Mandrake plans to drill three holes to each target electromagnetic (EM) conductor identified in survey work last year
  • Drilling is expected to take three weeks and will be followed by a down-hole EM survey
  • Company shares are down 2.44 per cent and are trading at 20 cents at 10:16 am AEST

Mandrake Resources (MAN) has begun drilling at its Newleyine prospect in Western Australia.

The platinum group element (PGE)-nickel-copper prospect is part of the Jimperding Project and lies about 30 kilometres east of Chalice Mining’s (CHN) Julimar PGE-nickel-copper discovery.

Significantly, Mandrake has identified a number of similarities to Julimar at Newleyine, including the presence of multiple large electromagnetic (EM) conductor plates.

Mandrake announced its plans to undertake this campaign at the end of May, after its program of works was officially approved by the Department of Mines, Industry Regulation and Safety.

The diamond drilling program will include an initial three holes that will be drilled to a 300-metre depth and will each target one of the three late-time EM conductor plates identified by a fixed loop EM survey conducted last year.

Drilling is expected to take about three weeks to complete and this phase will be followed by a down-hole EM survey. This survey will aim to identify any off-hole EM conductors.

The company is well-funded to undertake this work after recently completing a placement which raised $12 million.

Company shares were down 2.44 per cent and were trading at 20 cents at 10:16 am AEST.

MAN by the numbers
More From The Market Herald

" European Lithium (ASX:EUR) upgrades resource estimates by 11 per cent

European Lithium (EUR) has announced an increase of 11 per cent in total measured, indicated and inferred resources at its Wolfsberg lithium project.

" Great Northern Minerals (ASX:GNM) intersects “favourable” lithologies at Camel Creek

Great Northern Minerals (GNM) has completed its diamond drilling program at the Camel Creek gold project.

" Peak Minerals (ASX:PUA) sees copper mineralisation at Green Rocks

Peak Minerals (PUA) has received results from rock chip sampling at the Green Rocks target area in Western Australia.
AIC Mines (ASX:A1M) - CEO & Managing Director, Aaron Colleran

" AIC Mines (ASX:A1M) identifies multiple targets at Marymia

AIC Mines (A1M) has identified multiple targets at the Copper Hills Belt within the Marymia Project in Western Australia.