- Native Mineral Resources (NMR) exceeds predicted values in its second batch of assay results from its Maneater prospect in North Queensland
- Drill hole MPD003 contained similar geology to its predecessor and returned sulphides for over 440 metres from approximately 100 metres downhole
- NMR says the assays highlight the polymetallic nature of a hydrothermal breccia with grades reaching and exceeding values predicted for the depth of drilling
- A geophysical survey is now underway over the target area to constrain the possible angle of tilt of the sulphide breccia before completing a deeper diamond drill hole
- Shares in NMR last traded at 11 cents at 12:40 pm AEDT
Native Mineral Resources’ (NMR) second batch of assay results from its Maneater prospect in North Queensland have exceeded predicted values.
The latest results come from diamond drill hole MPD003, which was completed after its predecessor, MPD002, was terminated due to technical issues.
Drill hole MPD003 contained similar geology to MPD002 and intersected massive, semi-massive, and disseminated sulphides for over 440 metres from approximately 100 metres downhole.
Grades for silver and zinc were higher in MPD003 than expected due to the hole being drilled through higher levels of the breccia and at a higher angle to MPD002.
Overall, NMR said the new assays highlighted the polymetallic nature of a hydrothermal breccia with grades reaching and exceeding values predicted for the depth of drilling.
Best results from MPD003 included one metre intervals recording grades up to 2.8 per cent zinc, 0.19 per cent antimony, 59.4 grams per tonne (g/t) silver and 0.72 per cent lead, including 54 metres at 12.2 g/t silver and 0.33 per cent zinc, as well as 446 metres at 5.5 g/t silver.
“The assay results from shallower hole MPD003 strongly supports the interpretation that we are currently exploring the top of a zoned, and potentially very large, mineralised system,” NMR’s Managing Director Blake Cannavo said.
Additionally, Mr Cannavo said the higher silver, lead and zinc grades and lower gold, copper and antimony grades reinforces the company’s interpretation that the Maneater polymetallic breccia exhibits “metal zoning”, similar to the nearby 1.3 million ounce Mt Wright breccia gold deposit.
Moving forward, the company is prioritising a geophysical survey over the current target area in order to constrain the possible angle of tilt of the sulfide breccia prior to completing a planned, deeper diamond drill hole MPD004.
Shares in NMR last traded at 11 cents at 12:40 pm AEDT.