Malawi-focused explorer Chilwa Minerals Ltd (ASX:CHW) has picked up results of up to 45 percent mineral sands from its Mposa deposit, yielded from 50 holes – for 575 metres – of its 17,000-metre sonic drilling program at the site.
The drilling results showed mineralisation at Mposa to be both high-grade and found in thick layers, with intercepts including 4.3 metres at 26.3 percent total heavy mineral (THM) from surface, including 1 metre at 45.0 percent THM from surface; and 5 metres at 25.8 percent THM from surface, including 4 metres at 31.3 percent THM from surface.
Indeed, the drilling has revealed intercept thicknesses which went beyond the historic 5.5 metre average that the current Mposa main mineral resource estimate (MRE) is base on: and this is significant, as Chilwa’s work is aiming to bump up this MRE from the inferred level.
Managing director Cadell Buss said he was impressed with the drilling results, which ad gone beyond expectations for Mposa.
“The drill program has given us better results than we hoped for, with high levels of HMS (heavy mineral sands) in thicker and richer layers,” he said.
“The HM levels of the assays from this first group of samples are higher than the previous drill results used to estimate the MRE for the Mposa Deposit.
“This first group only covers a small part of the whole tenement, but these results seem to support the Company’s choice to use sonic drilling instead of air-core drilling (which was the method used in 2015).
“If this improvement in THM concentration continues and with more drilling results to come, we are optimistic that this will lead to an increase in the confidence classification and grade of the MRE in this part of the deposit and other deposits in the licence area.”
The market seemed unconvinced by the news, and at 15:04 AEST, Chilwa Minerals shares were sitting at 63 cents, a fall of 11.89 percent since the market opened.