Minerals 260 boss David Richards says the gold and copper hits the Liontown Resources spin-out company is getting at its Moora project shows how much of WA’s mineral wealth is yet to be discovered.
The company is continuing an aggressive drilling campaign at Moora, where is has a 1068sqkm footprint including the neighbouring Koojan joint venture project where it can earn 51 per cent by spending $4 million over five years.
Minerals 260 made two new copper/gold discoveries at Moora during the March quarter adjacent to the gold intersections it continues to see at its Angepina find.
The discoveries at Zest and Mynt, which included 6m at 2.5 per cent copper and 3.5 grams per tonne gold from 74-80m, remain open in all directions.
Minerals 260 says assays are pending for an air-core drilling program completed at Moora and an ongoing geochemical sampling program. It has also conducted multiple geophysical programs with the results expected to define additional drill targets.
Assays are also pending from a maiden drilling campaign at its contiguous Koojan joint venture project to the west.
Mr Richards said the company’s hits at Moora to date were evidence of a potentially bigger system on virgin ground.
“There’s a magnetic anomaly but there’s also a bigger gravity anomaly associated with it and whenever we drill a deeper hole we get copper and/or gold mineralisation so it’s obviously a pretty fertile bit of country,” he said.
“We’re at a point in WA where we think every bit of ground has had a drill hole put through it but remarkably there’s still land lurking out there that is untested.”
Minerals 260 was spun out of Liontown Resources in October last year to house its non-lithium assets.
The company’s Moora project lies in the same geological terrain as Chalice Mining’s celebrated Julimar nickel-copper-palladium project about 95km to the south.
Liontown was the first mover in the district, having picked up its Moora ground in 2018 two years before Chalice pegged Julimar.
Minerals 260 is well cashed up with $25m in the bank to continue its methodical exploration plans at Moora.
