Mi6 reckons they’re probably sitting on a battery metals mammoth at Moora

Minerals 260 says multiple discoveries from its maiden exploration program confirm the potential of its Moora copper-gold-nickel-PGM project in WA to host an economic battery metals discovery.

The company’s latest quarterly details the two new shallow copper-gold discoveries from RC drilling at the Zest and Mynt prospects.

Drilling at Zest returned 12m at 1.4% copper and 2.0 g/t gold from 72-84m, including 6m at 2.5% copper and 3.5 g/t gold from 74-80m.

And Mynt returned 24m at 1.9% copper and 0.7 g/t gold from 99-123m, including 14m at 2.9% copper and 1.1 g/t gold from 74-80m.

Plus, gold-copper-cobalt mineralisation was intersected over a strike length of 900m at Angepena with the system remaining open along strike and at depth.

Best intersections include:

9m at 1.1g/t gold from 100-109m, including 3m at 2.7g/t gold from 102-105m;
2.45m at 5.6g/t gold from 64-66.45m, including 1.45m at 9.4g/t gold from 65-66.45m; and
9m at 2.8g/t gold from 3-12m, including 5m at 4.7g/t gold from 3-8m.

Assays are pending for an air-core drilling program completed subsequent to the end of Quarter and planning is underway for follow-up drilling programs.

Large portions of Mt Yule magnetic anomaly untested

“At the time of listing late last year, we had identified the prospective nature of the Mt Yule magnetic anomaly (MYMA) and identified the Angepena gold prospect,” Minerals 260 (ASX:MI6) MD David Richards said.

“We were hopeful two other prospects, being the Northern and South Eastern Zones of the MYMA would return positive results, and to have now intersected significant copper-gold at both (renamed Mynt and Zest respectively), makes the MYMA one of the most exciting anomalies I have come across.”

“While these emerging discovery zones are obvious targets for our next phase of drilling, large portions of the MYMA and coincident gravity anomaly remain untested and, hence, we will adopt a holistic approach to exploration at Moora,” Richards said.

“That means we will complete the ongoing systematic air-core and geophysical programs, integrate all the data, and work out where the best targets are across the project.”

Minerals 260 Mi6 — Pic: Mt Yule magnetic anomaly and related prospects.

Koojan JV shows similar potential to Moora

The company also holds the Koojan copper-gold-nickel-PGM JV with Lachlan Star Limited (ASX:LSA) and has the right to earn up to 51% equity in the project.

Notably, Koojan adjoins the western boundary of Moora and is considered prospective for the same styles of mineralisation.

The first-ever drilling program testing coincident geochemical/geophysical targets has been completed, with assays pending.

The company ended the quarter with a cash balance of $25.5M and Richards said the company believes it’s demonstrated the scope for “a substantial discovery at Moora and Koojan and, with our strong cash position, look forward to unlocking its full potential for shareholders.”

This article was developed in collaboration with Minerals 260 Limited, 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.