Newly-listed exploration company Heavy Minerals (ASX: HVY) has intercepted visual garnet and ilmenite from surface in the initial holes of a maiden drilling program at its wholly-owned Port Gregory garnet project, north of Perth in Western Australia.
Heavy minerals were panned from the first drill hole on day one of the 12,000-metre, 300-hole aircore program, highlighting garnet and ilmenite fractions.
The work has been contracted to Hornet Drilling and designed to confirm historical drilling results collected by previous owner GMA Garnet Group.
It will aim to extend the mineralised footprint beyond the current exploration target of between 3.5 million tonnes and 4.5Mt contained garnet, as well as define a JORC-compliant mineral resource.
Heavy Minerals chief executive officer Nic Matich said the early drilling results show the potential of the Port Gregory project.
“Intercepting heavy minerals from surface in each of our drill holes on day one is highly encouraging,” he said.
“It is in line with our expectations from GMA’s historical data and bodes well for [the remainder of] our program.”
Drilling is scheduled for completion in eight weeks and samples will be shipped in batches to Diamantina Laboratories in Perth for assaying on a weekly basis.
Alongside the drilling program, Heavy Minerals recently completed a passive seismic survey with “encouraging results” to map basement depth (mineralised dunal sand thickness) and to assist in optimising the drilling program.
The survey tested for potentially mineralised sand zones beneath the limestone caps at the Port Gregory deposit.
Interpretation and calibration of passive seismic survey results is currently underway.
Heavy Minerals said the seismic model will be further calibrated with the addition of drilling data, to suit in-situ conditions and used to guide drilling depths.
Heavy Minerals made its ASX debut last month following an oversubscribed $5.5 million initial public offering.
At the offer price of $0.20 per share, the company’s market capitalisation at listing was approximately $10.26 million with an indicative enterprise value of $4.76 million (before costs).