GWR Group Drilling Intersects Thick Zones Of Magnesium At Prospect Ridge

GWR Group Ltd (ASX: GWR) has revealed thick intersections up to 118 metres at 43.3% magnesium from drilling at the Prospect Ridge Project in Tasmania.

The 70% GWR and 30% Dynamic Metals (ASX: DYM) project is located 40 kilometres southwest of the Port of Burnie.

Prospect Ridge is spread across 51 square kilometres and contains two magnesite deposits, the Arthur River and Lyons River deposits.

Notably, these deposits contain the third-largest magnesite inventory in Australia.

Diamond drilling results

The Phase 1 diamond drilling program consisting of four diamond drill holes for 485.3 metres has been completed at Arthur River.

Significant results include:

  • 118.7 m (metres) at 43.3% MgO (magnesium oxide) from 6.3 m;
  • 61.5 m at 42.9% MgO from 11.3 m; and
  • 30.8 m at 43,7% MgO from 92.7 m.

Regional Research Collaboration Grant

GWR is an industry partner that is part of the Federal government funded Regional Research Collaboration Grant (RRC), being undertaken by the Centre for Ore Deposit and Earth Sciences University of Tasmania (CODES).

Metallurgical test work is now being undertaken by Nagrom and CODES in respect to the RRC project on drill core obtained from the Phase 1 drilling program.

Drilling approvals

GWR secured approval early this month from Mineral Resources Tasmania for the Phase 2 drilling program consisting six drill holes for 900m at Arthur River.

Phase 2 drilling will provide additional metallurgical samples and assist with resource estimation.

At the end of the March quarter, GWR held cash reserves of A$38.12 million, A$7.1 million in ASX-listed securities and no debt.

 

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