Minerals 260 Ltd Finds More Copper-Gold At Moora Project In Western Australia

Minerals 260 Ltd (ASX: MI6) has intersected further copper-gold mineralisation in diamond drilling at the Mynt prospect at its 100%-owned Moora Project in Western Australia.

Highlight results include 18.7 metres at 0.5% copper and 0.1 g/t gold from 206.3 including 3.8 metres at 1.2% copper and 0.3g/t gold.

The Moora Project forms part of a contiguous, 1,000 square kilometre land package which includes the adjacent Koojan JV with Lachlan Star Ltd (ASX: LSA).

Minerals 260 has already earned an initial 30% equity in the Koojan JV with the right to increase this to 51%.

RC and diamond drilling

In mid-December 2023, Minerals 260 started a major drilling program at Moora and Koojan designed to test multiple targets including the Mynt prospect.

The program, which comprised a total of 16 reverse circulation (RC) holes for 2,903 metres, plus seven diamond tails for 881 metres, was completed in mid-February.

Assays for four diamond tails are still pending, with receipt of results expected to assist with geological interpretations.

Planning is underway for follow-up drilling in preparation for the restart of fieldwork in Q4 CY2024 when access is available post-harvest.

DHEM surveys

DHEM surveys can assist exploration by generating drill targets based on the interpretation of “offhole conductor” responses.

DHEM surveys completed on recent drilling have defined two new off-hole conductors within the Mt Yule Magnetic Anomaly.

This correlates with the Gradient Array Induced Polarisation (GAIP) anomalies identified last year and may represent further mineralisation.

Planning is in progress to drill test both anomalies in Q4 CY2024/Q1 CY2025.

Exploration success

 Minerals 260 Managing Director Luke McFadyen said: “We continue to be encouraged by the exploration results at Mynt and more broadly across the Moora Project.”

 McFadyen said that the company has been successful in discovering further mineralisation at depth and along the strike of Mynt as it seeks to understand the potential scale of this high-grade copper-gold project.

Cashed up

The company spent $1.8M in the December quarter with $1.3M (~75% of total expenditure) on direct exploration activities, ending the quarter with a strong cash balance of $13.6 million.

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