Boab is on a growth trajectory with Manbarrum acquisition
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Boab Metals is spreading its wings with acquisition of the Manbarrum zinc-lead-silver project in the Northern Territory.
The 175sqkm project is just 25km east of its flagship Sorby Hills lead-silver-zinc project across the border in Western Australia and is the subject of significant work by the previous operator.
This includes conceptual open pit mining studies that delivered positive results based on an onsite processing facility as well as an opportunity to improve economics through toll treating at a future Sorby Hills plant.
Importantly, Boab Metals (ASX:BML) notes that Manbarrum geology is “genetically” related to that found at its flagship project, allowing it to transfer its technical knowledge to maximise exploration and resource development.
“The acquisition of the Manbarrum asset is both a logical step and exciting strategic opportunity for the company to grow its resource base and further establish itself as a long-term mineral producer and economic contributor to the Kimberley region,” managing director Simon Noon said.
“The synergies between Manbarrum and Sorby Hills are clear. The location of Manbarrum with respect to Sorby Hills and its genetic relation to Sorby Hills will allow for the systematic exploration and economic evaluation of a highly prospective and underexplored geological domain.
“While our near-term focus will remain squarely on bringing Sorby Hills into production, the company looks forward to exploring opportunities to leverage our experience at Sorby Hills to fully realise the value adding potential of the Manbarrum Project.”
Location of the Manbarrum Project, Sorby Hills Project and Eight Mile Creek Tenements. Pic: Supplied
Zinc-dominated mineralisation at Manbarrum was discovered and delineated by drilling at the Sandy Creek and Djibitgun prospects, which are along the eastern margin of the onshore Bonaparte Basin.
This mirrors Sorby Hills, which is its geological counterpart on the western margin of the Bonaparte.
Vendor Todd River Resources (ASX:TRT) had a previously defined resource of 22.5 million tonnes grading 1.8% zinc, 0.5% lead and 4.6 grams per tonne (g/t) silver at Sandy Creek while Djibitgun has a historical HORC 2004 resource of 20Mt at 16g/t silver and a base metal resource of 6.7Mt @ 1.8% Zn, 0.6% Pb, and 14.0g/t Ag.
However, Boab notes that it has not carried out independent verification of the resource and will not publicly report it until it has undertaken its own assessment.
Over the medium to long term, the company plans to integrate all technical data into a basin-wide exploration model; define priority target areas within and outside the land holding; and assess the untested geochemical, geophysical and structural geological anomalies within Manbarrum.
Boab will also carry out a synthesis of mineralisation settings across the sub-basin while reviewing the scope for re-interpretation and targeting of the high-grade mineralisation at Sandy Creek and Djibitgun.
Additionally, Manbarrum hosts multiple zinc-lead-silver soil anomalies located along the eastern basin margin, which are coincident with faults mapped from seismic and gravity data, that have yet to be drill tested.
This article was developed in collaboration with Boab Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.