Centaurus Metals’ final assays extend Itapitanga thick nickel-cobalt mineralisation
Centaurus Metals’ Itapitanga project is in northern Brazil close to world-class nickel and cobalt operations including Anglo American’s Jacare discovery.
Final assays from Centaurus Metals’ (ASX: CTM) drilling program at Itapitanga in Brazil have returned yet more thick nickel and cobalt intersections from surface.
The final assays from the phase one drilling program revealed 21m at 1.01% nickel and 0.09% cobalt from surface with a 12m interval comprising 0.83% nickel and 0.14% cobalt from surface.
Other notable intersections were 33m at 0.77% nickel and 0.12% cobalt from surface, including 15m at 0.92% nickel and 0.22% cobalt from surface; 16m at 1.05% nickel and 0.06% cobalt from 1m; and 15m at 1.05% nickel and 0.07% cobalt from 12m.
“In short order, we have moved from some encouraging surface rock chip results to definition of a significant exploration target – which is a huge achievement by our exploration team,” Centaurus managing director Darren Gordon said.
The exploration target for Itapitanga has been initially set at up to 45 million tonnes at 0.80% to 1.10% nickel and 0.07% to 0.12% cobalt for up to 495,000t of contained nickel and 54,000t of cobalt.
Centaurus hopes to release an updated target that takes into account all the latest assay data now at hand.
“We think the project has plenty of room to grow with the most recent results from around Daniel’s Creek showing us that the thickest and highest-grade intercepts are associated with the fault that runs underneath the creek,” Mr Gordon explained.
“We are now trying to expedite the appropriate licences to allow us to extend the reverse circulation drilling as soon as possible in the area around the creek,” Mr Gordon said.
He said the company would also test new targets including ones where mineralisation was discovered under 12m of granite and returned an intercept of 30m at 0.90% nickel and 0.04% cobalt.
While the company is waiting for requisite licences to launch phase two drilling, the exploration team will work on firming up the latest round of targets.
“We intend to return to the project and build further on the existing exploration target in advance of defining a maiden resource estimate,” Mr Gordon said.
Prior to getting back on the ground at Itapitanga, Centaurus’ exploration team will be busy advancing the Pebas copper-gold project, which is also in northern Brazil.
The Pebas drilling campaign is expected to take about two months to complete and, once finished, Centaurus will move the drill rigs back to Itapitanga.