- M3 Mining’s (M3M) follow-up aircore drilling extends the gold mineralised zone by more than 400 metres at its El Capitan prospect in WA
- The company reported a number of veins open at depth and along strike, highlighting the potential of the Kalgoorlie-based project
- The company is well-funded for further exploration, with approximately $2.8 million in cash as of June 2023
- M3M shares have plunged almost 40 per cent, trading at 7.9 cents at 3:55 pm AEST
Follow-up aircore drilling at M3 Mining’s (M3M) Edjudina gold project has successfully extended the gold mineralised zone by more than 400 metres at its El Capitan prospect in WA.
The program comprised 74 holes spanning 3182 metres and aimed to assess the extent of surface-level mineralisation in this newly discovered area.
Top intercepts from the program included four metres at 1.09 grams per tonne (g/t) gold from 76 metres and eight metres at 0.56 g/t gold from 20 metres.
While no intensely high-grade zones were found, the company believes there is the presence of widespread anomalous gold mineralisation, suggesting the potential for a more extensive system.
This outcome has sparked interest in further drilling both along strike and at greater depths within the primary zone.
“This is a strong result as it confirms the exceptional high-grade results from EDJAC164 reside in an anomalous surficial footprint of at least 400 meters long by 100 meters wide. We have just scratched the surface with only two rounds of aircore drilling,” M3M Executive Director Simon Eley said.
The El Capitan prospect had not seen prior drilling, despite historical soil sampling in the region revealing moderate gold-in-soil anomalies over approximately two kilometres of M3 Mining’s tenure.
The company is now collaborating with specialist consultants to interpret data from a recent DroneMAG survey.
With cash reserves of approximately $2.8 million as of June 2023, M3 Mining is well-positioned to continue its exploration efforts.
M3M shares have plunged almost 40 per cent, trading at 7.9 cents at 3:55 pm AEST.