Battery Minerals drill tests for intrusion-related gold at Stavely-Stawell project
Junior explorer Battery Minerals (ASX: BAT) has completed eight diamond holes for 2,138 metres as part of a maiden drilling program to test intrusion-related gold (IRG) targets at the White Rabbit district of the Stavely-Stawell project in Victoria.
Results from the Coxs Find, Coxs Find North, Frankfurt and Cosmopolitan prospects have upgraded two areas of interest for significant IRG mineralisation which represent follow-up drill targets.
The first area is down plunge from a wide zone of IRG alteration at Coxs Find and the second is adjacent to sporadic high-grade and wide gold zones at the margin of an IP (induced polarisation) chargeability feature at Frankfurt.
Notable assays at Frankfurt were 106.3 metres at 0.1 grams per tonne gold from 161.1m; 27m at 0.62g/t gold from 15m; 8m at 0.79g/t gold from 27m; 5m at 0.7g/t gold from 110m; and 24m at 0.21g/t gold from 24m.
At Coxs Find North, the best intercepts were 1m at 4.5g/t gold from 115.2m and 0.7m at 2.6g/t gold from 199.2m.
The significance of IRG mineralisation at White Rabbit is demonstrated by the presence of the large Wonga deposit at the south end of the six million ounce Stawell gold field.
The White Rabbit district lies along the same regional, northeast-trending structural corridor as Wonga and is considered highly prospective for IRG mineralisation.
In the September quarter, Battery Minerals planned a drilling campaign for the Azura copper-nickel-gold project to test priority electromagnetic and geochemical targets.
Several contingency drill sites will be prepared to allow for flexibility in the company’s schedule based on ongoing results.
Heritage clearance has been completed and additional environmental permitting has been requested by the regulator in relation to flora and fauna surveying before Battery Minerals can get the go-ahead to commence drilling.
The company has engaged Stantec Australia to collate data for the surveys.
Name and board change
During the reporting period, Battery Minerals proposed a name change to Waratah Minerals in an effort to better reflect a growing portfolio of gold and copper assets.
A change was also made to its board line-up to support the transition from a Mozambique-focused graphite developer to an explorer of high-value mineral discoveries in Australia.
David Flanagan resigned as non-executive chairman after overseeing the sale of the company’s graphite assets and Dr Darryl Clark was appointed as his replacement.
Dr Clark has decades of global exploration and operating experience across a range of companies including Ivanhoe Mines, Vale, SRK Consulting, Sunrise Dam and Great Central Mines.
Jeff Dowling also resigned as non-executive director and was replaced by economic geologist Dr Andrew Stewart who has over 20 years of base and precious metal exploration experience throughout southeast and central Asia, Australia, South America and Europe.
Richard Willson was appointed company secretary.
As of 30 September Battery Minerals had $740,000 cash at hand.
The company has since sold down some of its assets and currently has cash and listed investments valued at $4.8 million.