MPJ hits more mineralisation at Lake Talc
Mining Projects Group (ASX:MPJ) has hit nickel mineralisation of up to 7% at a previously untested sequence with two holes 600m apart.
The ASX-listed small cap nickel hunter said that it had hit nickel with the two holes testing the Talc Lake prospect at its Roe Hills project near Kambalda in WA.
One of the holes hit mineralised intervals with a 0.2% to 1% nickel grade in one hole, but 0.2% to 7% in the other.
Both readings were taken on the spot, with samples needed to be sent away for assay before a firm conclusion can be reached.
The two diamond drill holes were drilled 600m apart and were testing a previously untapped ultramafic sequence, often a sign of mineralisation.
They were drilled 800m to the east of a historic hole which returned 1m @ 3.53% Ni, including 0.5m @ 6.15% Ni.
MPJ said it would conduct down hole electromagnetic surveys on the holes over the next few weeks, which will give it more geological data to work from.
Meanwhile, it will start drilling another hole being drilled to tap a previously identified DHEM conductor, also near the Lake Talc prospect.
The conductor was identified using a DHEM survey on a previously drilled hole, which was completed down to 395.2m with spot readings finding mineralisation of up to 3%.
It hit multiple narrow intervals of nickel-bearing sulphides between 190m and 260m, within the range identified on modelled down hole electromagnetic studies.
However, with a new conductor zone found, MPJ said it would now drill the new target within the next week.
Today’s result sparked a relative buying frenzy for the micro-cap stock, with it adding 20% to 0.6c in intraday trading with 17.5 million shares trading hands.
Over the past 30 days, the average volume traded has been 8.08 million.
More on the MPJ plan
It is testing a possible 40km mineralisation extension at Roe Hills, with 5000m of drilling previously planned before the end of the year.
The targets picked out by MPJ’s technical team and ex-CSIRO head of magmatic ore deposits Dr Robin Hill.
The assays from the first hole of the exploration campaign have not been returned as yet.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.