High Grade Metals begins activities at flagship projects

By Justin Ware. Published at May 10, 2018, in Small Caps

High Grade Metals (ASX:HGM) has informed shareholders that it now has boots on the ground at its Schellgaden Gold Project and Leogang Cobalt-Copper-Nickel Project in Austria.

On ground activities are underway at both assets, where field teams have submitted documentation to authorities to gain approval for the 2018 field program.

HGM Managing Director and CEO Torey Marshall spoke on the update, “In a short space of time since listing, we have built our very capable project teams who have now completed a huge volume of work in the background to lay the groundwork for the commencement of on ground activity.

“We have delivered a substantial exploration target for our flagship cobalt, copper project and we expect to deliver an exploration target for our flagship gold project shortly.

“Our current and planned on ground activity includes new data acquisition (geophysical and geochemical), at our Nockelberg prospect (which is located within the Leogang Project), and shortly geological mapping and sampling in Schellgaden as a precursor to first drilling which is expected to start in late June or early July.”

Schellgaden Gold Project

The Schellgaden Gold Project is located within the upper Mur Valley, County of Lungau in the Federal State of Salzburg. The site can be accessed easily via the Tauern Autobahn A10, a major European freeway.

The Schellgaden North exploration region covers a contiguous area of 17.3km2, while the Schellgaden South exploration area covers a contiguous area of 57.6km2.

HGM is currently finalising geological modelling at the site, which will optimise drill hole targets for the upcoming program and solidify the exploration target. The company expects and exploration target to be completed for Schellgaden in May 2018.

Drilling remains on track to begin in late June or early July this year, subject to regulatory approvals and drill rig availability.

Leogang Cobalt-Copper-Nickel Project

The Nockelberg Cobalt-Copper-Nickel prospect is situated within the Leogang Project and is located three kilometres west of the township Leogang (population circa 3,200), in the District of Zell am See, Federal State of Salzburg.

The Leogang Project area covers approximately 27km2, with cobalt, nickel, copper and silver having been mined in the area from the mid-16th century.

Of course, as with all minerals exploration, success is not guaranteed — consider your own personal circumstances before investing, and seek professional financial advice.

HGM has indicated it will perform an induced polarisation geophysical survey at the site in late May, with preliminary results expected in June.

The company has also begun geological mapping and geochemical sampling at Nockelberg to better define several prospective trends within the broader area.

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