Centaurus Metals (ASX: CTM) has unearthed what it says are its “best four intercepts to-date” from ongoing drilling at its Itapitanga nickel-cobalt project in Brazil.
Additionally, one drill hole (ITAP-RC-18-114) was beneath 12m of granite country rock in the Northern Zone, and Centaurus believes this opens up the possibility of discovering more mineralisation outside of its current exploration target.
“Drill hole ITAP-RC-18-114 has really excited our geologists as it suggests there is potential for significant high-grade nickel-cobalt mineralisation below the country rock,” Centaurus managing director Darren Gordon said.
“Previously, we only drilled 4-5m into the country rock with the auger before we considered it to be sterilised.”
“The intercept of 30m at 0.90% nickel and 0.04% cobalt below 12m of granite in this hole suggests that we may well have closed off the interpretation of the mineralised contact too early,” he added.
The remaining top three intersections were recorded at Daniel’s Creek and included: 32m at 1.02% nickel and 0.13% cobalt from surface, with a 18m interval containing 1.16% nickel and 0.20% cobalt from 4m; 30m at 1.48% nickel and 0.09% cobalt from 10m; and 26m at 1.23% nickel and 0.06% cobalt from 5m.
According to Centaurus, the 18m interval exceeds a previous intersection from the Daniel’s Creek fault zone that returned 10m at 1.03% nickel and 0.21% cobalt.
Drilling has also extended the known strike extent at Daniel’s Creek by 350m.
“Like any quality discovery, the more we drill, the better it seems to get,” Mr Gordon said.
Centaurus also received other notable assays from ongoing drilling including 28m at 0.74% nickel and 0.05% cobalt from surface, 17m at 0.72% nickel and 0.02% cobalt from 3m and 12m at 1.03% nickel and 0.10% cobalt from 1m.
Once it has received all its drill results, Centaurus plans to update its recently announced exploration target for Itapitanga which is calculated at up to 45 million tonnes grading 1.10% nickel, 0.12% cobalt and 30 grams per tonne scandium.
With the maiden drilling campaign now complete at Itapitanga, Mr Gordon said the company would now begin drilling at the Pebas copper gold project, with the program to begin before the end of the month and expected to take about two months to complete.
“During this period, we will review all of the outstanding data from the recent reverse circulation campaign at Itapitanga, update our exploration target, complete permitting for drilling in the vegetated areas and confirm some of the new exploration targets we have identified before getting back in the field with the rig later this year,” Mr Gordon added.
Investors reacted positively to Centaurus’ news this morning, pushing the company’s share price up more than 11% to reach A$0.010 in early morning trade.