Base metals: Metals X makes a record tin hit in Tasmania
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Metals X (ASX:MLX) has delivered its best ever drill hit at its Renison tin operations in Tasmania.
The hit came in at 30.1m at 4.58 per cent tin from 233m.
Other intersections were also encouraging for the company. These included 3.89m at 1.74 per cent tin from 211m and 8.5m at 2.3 per cent tin from 221m.
All these results came from two drill holes, the latter two from hole U6965 and the best result from U6966.
The company first defined the Bell 50 area in April and has drilled 54 holes – the best of which returned 10.3m at 7.65 per cent tin.
There are currently two rigs in operation in the Bell 50 area and the company is considering mobilising a third to support a planned optimisation study. The study will take six months and set out a production schedule and infrastructure requirements.
“Bell 50 continues to deliver; due to its proximity to the Area 5 discovery and develoment project, these high grade intersections are very significant,” Metals X managing director Damien Marantelli said.
Shares jumped as much as 8 per cent this morning.
Poseidon Nickel (ASX:POD) is taking advantage of rising nickel prices and is accelerating rehabilitation of mining infrastructure at its Black Swan operations. It expects this to be completed in the coming months. CEO David Riekie said it was an important and critical time for Poseidon in the context of rising nickel prices.”Improved market dynamics provides the basis for a foundation for a sustained price level to support a restart of the Black Swan operations and previously foreshadowed,” the company said.
Mincor Resources (ASX:MCR) has reported high-grade hits of 6.3m at 7.1 per cent nickel and 4.5m at 9 per cent nickel at its Cassini deposit in Kambalda. One specific intercept of 0.4m at 16.1 per cent nickel appears to be the highest grade of nickel sulphide species. The current drilling program will be completed within six weeks. “Our Cassini discovery keeps yielding mineralisation with every drill hole and today’s high-grade and thick intersection provides further validation of the exceptional grade and tenor of the deposit,” managing director David Southam said.