“The recent RC surface drilling program at Mount Boppy has shown that the Boppy Main Lode is bigger than previously estimated. It extends 50m deeper than previously defined, up to 100m below the current pit floor and remains open at depth. The wide and high grade gold intercepts observed in 8 holes are most encouraging signs that deeper mining at Mount Boppy becomes an option, either through a deeper open pit or as an underground operation. We will include these results into an upgraded JORC resource likely in the June Quarter. Naturally we are disappointed that the program was not completed as originally planned as a result of the highly unusual weather event, however the results obtained are very exciting. The company has transitioned to silver production at Wonawinta, after the Mt Boppy deposit provided well over 6 months’ more ore and mine life than originally forecast. These new drill results have provided Manuka with a realistic option to stage a second campaign of mining from a deposit that delivered strongly for shareholders.We continue to pursue our strategy to identify Mt Boppy look-alikes and believe that there is potential for a deeper more substantial deposit based on indications to date.”
MKR Price at posting:
28.0¢ Sentiment: Hold Disclosure: Held
