The Market Herald - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Mantle Minerals (MTL) is letting De Grey (DEG) on-site its acreage to drill for gold
  • DEG discovered the world-class Hemi deposit relatively nearby
  • Drilling will be fully funded by De Grey and occur under an access agreement executed with Mantle
  • Its drilling will add to a 30,000m campaign underway by Mantle
  • MTL shares were up 16.67% to 0.4c

Mantle Minerals (MTL) has let De Grey Mining (DEG) on-site its WA Roberts Hill project to drill for gold – with Mantle holding rights to any discovery.

Mantle will run an 8,500 metre aircore campaign across 100 drillholes, adding to Mantle’s ongoing 30,000 metre campaign.

De Grey will be liable for its own drilling operations, which are not set to interfere with Mantle’s.

“De Grey have agreed to drill the license area to test for mineralisation as part of their bedrock investigations for infrastructure purposes,” the company wrote on Monday.

Close neighbourhood

Its Roberts Hill project is relatively nearby De Grey’s famous Hemi gold deposit.

Mantle executives have long suspected the same geology supporting that discovery replicates underground at Roberts Hill.

And now, De Grey’s presence on-site adds weight to that suspicion.

De Grey will drill at Roberts Hill under an access agreement executed between itself and Mantle. The latter’s Mt Berghaus project is also covered by the agreement.

Mantle also retains full rights to all results and follow-up drilling.

Mantle will be directly provided with data from DEG drillers, which it says will allow for quick integration into ongoing and future drill plans.

And if there’s any major gold hits made by De Grey, Mantle notes its 2024 will pivot towards that target.

Mantle Minerals moving closer

The Mt Berghaus acreage was likely the trigger that got De Grey’s attention.

In early November, Mantle won a key permit in the area – moving it closer to the Hemi project.

Further licence applications for more acreage at Berghaus remain in limbo with objections filed against Mantle on the basis of competing rail interests.

Shares last traded at 0.4c.

MTL by the numbers
More From The Market Herald
The Market Herald Video

TMH Market Close: First day of December down after November rally

The ASX200 finished off the first day of December down 0.2 of a percent - with all sectors,…

ASX December IPO roundup: 6 stocks to watch

After another slow year for IPOs in 2023, the ASX is set to see a flourish…
The Market Herald Video

Calmer Co clocks 70pc e-store growth – and a 2024 Rugby partnership

Calmer Co (CCO) has reported a 70 per cent increase in e-store sales in the month…

ASX Today: Stocks to watch on Friday

Futures markets are implying the ASX200 will trade in the red today, with ASX futures down…