High Grade Metals gears up for further drilling at Schellgaden gold project

High Grade Metals ASX HGM Schellgaden gold Leogang copper cobalt Austria
High Grade Metals has planned a second drilling program at the Schellgaden gold project to test the project’s 4.7Moz of contained gold exploration target.

High Grade Metals (ASX: HGM) is planning a second round of drilling at the Schellgaden gold project in Austria and discussions are underway with experienced local drillers with suitable rigs.

The drilling program is scheduled to begin in the June quarter and will likely involve 10 to 12 holes.

In May last year, High Grade released an exploration target for Schellgaden with up to 4.7 million ounces of contained gold grading 15 grams per tonne estimated for the project.

An initial drilling program was kicked-off in late October last year and comprised four diamond holes.

However, only one hole was completed to the planned depth, with the other three not reaching the target depth due to either adverse weather or technical difficulties.

As a result, High Grade failed to unearth significant mineralisation. High Grade believes the main mineralised sequences are within the target depths and may extend deeper than 300m.

Geologically modelling also indicates multiple layers of mineralisation are present and could be up to 1,200m thick.

In the upcoming drilling program, experienced operators will be engaged with appropriate rigs and will properly test the full extent of the exploration target.

Corporate reshuffle

To better-administrate the project, High Grade is reviewing office accommodation in a town centrally located between its Schellgaden and Kreuzeck gold projects.

In addition to being closer to the projects, the office space will likely have an area for logging, sampling and storing drill core.

High Grade has also begun its search for an Austrian in-country manager to oversee the company’s assets in the region.

The company is also on the hunt for a new chief executive officer and managing director.

Leogang copper-cobalt project

In addition to the gold projects, High Grade is planning a smaller drilling program at the Leogang copper-cobalt project.

A maiden drilling campaign was carried out at Leogang in early October last year and focused on the historic high-grade Nockelberg mine, which has been exploited for cobalt over 400 years.

Four holes were undertaken, but unfortunately, High Grade did not recover core from two of the holes.

Core samples from the other two holes were sent for analysis with assays expected to be received shortly.

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