Pivotal Metals Extends Broad Copper-Rich Intersections at Horden Lake, Quebec

Pivotal Metals Ltd’s (ASX: PVT) latest diamond results confirm thick copper zone continuity at the Horden Lake Project, in Quebec, Canada.

Significant gold, silver, palladium, platinum and cobalt metals were delineated again.

These metals were not assayed in this part of the deposit during previous drill campaigns.

Highlights include; 39.1 metres at 0.97% copper equivalent, comprising 0.4% copper, 0.17% nickel, 0.06g/t gold and 0.14g/t palladium.

This is down plunge from the previously reported; 37.5 metres at 1.31% copper equivalent, comprising 0.57% copper, 0.22% nickel, 0.10g/t gold and 0.15g/t palladium.

News flow will remain strong in the near-term with another 6,400 metres across 30 diamond holes to come.

The second half of 2024 will see a mineral resource update and metallurgical testwork.

Resources

Horden Lake currently hosts a resource of 27.8 million tonnes at 1.49% copper equivalent.

Of this, 55% is in the higher confidence indicated category.

With the deposit starting at surface, 62% of the total resource is in the open pit shell.

Valuation proposition

Pivotal Metals currently has a market capitalisation around $13 million, with $2.9 million in cash.

Providing an enterprise value of $10 million.

Adding interest, Quebec is an extensive mining and smelting region with established infrastructure and skills.

There are also flow through tax incentives, as Quebec has the highest tax credit in Canada for critical metals, and access to low-cost renewable energy.

Asset upside

Ivan Fairhall, managing director, commented:

“The meaningful assays of palladium, gold, cobalt, platinum and silver, previously ignored, further reinforce the upside potential of this asset.

“Logging and analysis continues, and we expect consistent news flow over the coming months as we release assays and downhole geophysics interpretations to target both grade and tonnage upside potential on the project.”

 

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