Mamba Exploration Ltd (ASX:M24) shares rose as much as 21% higher intra-day to 23 cents after discovering sulphide mineralisation in its first reverse circulation (RC) drill hole (21BHRC001) at the Black Hills priority target within the Darling Range Project in Western Australia.
Visual logging has been completed on the first hole and has identified multiple zones of disseminated sulphide mineralisation.
Samples for the priority portion of the hole have been submitted to the laboratory in Perth for analysis, and results are expected in 3 – 4 weeks.
Breakdown of visual sulphide intersections from 21BHRC001.
Mamba managing director Mike Dunbar said: “We are very pleased to announce the discovery of sulphides within the first hole drilled at the Black Hills priority EM and magnetic target.
“To intersect sulphide mineralisation within the right rocks with the first hole is an excellent result and reinforces our strategy of de-risking the drilling by as many independent targeting methods as possible.
“It is very encouraging that the EM response from the VTEM has NOT been from a stratigraphic source but rather appears to be from sulphides within a mafic / ultramafic intrusion identified in the northern portion of the Black Hills tenement.
“The significance of the sulphide mineralisation is yet to be fully understood, however with the samples already submitted into the laboratory for analysis and the downhole EM that is planned for this week the significance will be better understood in the next few weeks.”
Next steps
RC drilling of two more holes is ongoing and expected to be completed in the next few days, with samples to be submitted this week to the laboratory for analysis.
Given the pending Christmas period, results are expected to be received in around 4 weeks after sample submission.
In addition to the ongoing drilling, a downhole EM (electromagnetic) survey team has been secured to survey all completed holes this week.
Location of Mamba Exploration’s Black Hills project area in relation to Chalice Mining’s Julimar discovery.
To better define the magnetic anomaly and to better target the drilling, an ultra-detailed (20-metre line spaced) drone magnetic survey has also been completed over the priority intrusion.
This survey will provide far better detailed magnetic data when compared to the current 200-metre spaced data.
It is expected once the magnetic data is processed that 3D inversion modelling along with the downhole EM and geological data from the RC drilling when combined will provide improved drill targeting for the next round of follow up drilling.