High Grade Metals to drill multiple Austrian targets
High Grade Metals (ASX:HGM) had a productive June quarter, releasing an Exploration Target for the Schellgaden Gold Project in Austria.
While the potential quantity and grade of the exploration target is conceptual in nature, this development is significant as it is supported by underground mine sampling and surveying, historic drilling, and detailed geological modelling.
Importantly, as well as providing vital data, the survey also enabled discovery of additional shaft locations, which may access deeper layers that have been mined.
A second stage survey is in the process of being planned and will focus on both the lateral and vertical extent of the mined areas in all layers found.
Drilling is expected to commence in the September quarter and the company is debt free with cash of $3.6 million, leaving it well-funded to mount an exploration campaign across its Austrian projects.
At the same time, it’s worth noting that this is an early stage play and investors should seek professional financial advice if considering this company for their portfolio.
The following map shows the company’s gold projects in Austria.
Leogang Cobalt-Copper-Nickel Project
During the June quarter the company released an Exploration Target (also conceptual in nature) for the Nöckelberg Prospect, part of the flagship Leogang Project that is supported by whole rock assay results, soil geochemical assessment and detailed geological modelling.
A comprehensive drilling campaign will commence at the project in the September quarter.
The project lies within an exploration area of 63 overlapping Freischürfe covering 27 square kilometres.
The area covers one of the oldest and most famous mining localities in Austria, the Schwarzelo Valley, where mining was first documented in 1425. Nickel and cobalt were mined in the region from the mid-16th century when Leogang was renowned for the diversity of its mineralogy and rich ore.
Mines within the broader project include the Nöckelberg and Leogang mines. At various times in its past, cobalt, nickel, copper and silver have been mined at Leogang.
Gratlspitz Cobalt – Copper - Nickel Project
Gratlspitz is another cobalt-copper-nickel asset (situated to the west on the above map), and it is also located in a well-recognised mining region with a history of copper and cobalt production.
Exploitation of copper deposits dates back to the Late Bronze Age, while the first recording of a copper and silver refinery at Brixlegg dates back to 1463. Between 1420 and 1827, it has been estimated that some 190,000 tonnes of copper and 2,600 tonnes of silver were mined in this area.
Cobalt occurrences are located at Silberberg, Geyer, and on the flanks of Gratlspitz Mountain.