Neometals Receives High-Grade Gold Results from Drilling at Barrambie Project in WA

Neometals (ASX: NMT) is already planning further work at its Barrambie gold project in Western Australia after obtaining high-grade hits in new drilling at the site.

While Barrambie has seen only minimal gold exploration since the 1990s, Neometals believes the project has potential for high-tenor gold mineralisation.

The company conducted a program of diamond drilling during May and June, with promising returns from two focus areas within the Sugarstone Centre in the northern sector of the project.

Ironclad and Mystery Programs

Neometals completed seven holes for 638.6 metres at Ironclad, where intercepts featured 22.1m at 1.75 grams per tonne from 18.6m, including 2.4m at 5.95g/t and 2.9m at 4.33g/t.

The program verified higher-grade zones and improved the company’s understanding of the nature of mineralisation, key structural associations and controls within Ironclad’s inferred mineral resource estimate (MRE).

At Mystery, where Neometals was aiming to verify the continuation of mineralisation below historic underground workings, drilling returned 10.2m at 2.72g/t from 83.3m, including 1.45m at 8.97g/t.

The company now intends to undertake additional infill and extension drilling to grow the inferred MRE at Ironclad, while at Mystery it will carry out step-out drilling to extend mineralisation.

Barrambie Gold Potential

The Barrambie Project hosts one of the world’s highest-grade titanium deposits and is also highly prospective for gold mineralisation within Neometals’ tenure, which contains approximately 40km of the Barrambie Greenstone Belt strike.

The Belt’s gold potential is demonstrated by several historical mines that have an average production grade of 24.8g/t, and Neometals has used data from them to estimate a gold exploration target of between 8Mt at 1.3g/t and 10.5Mt at 2.3g/t, for between 335,000 and 775,000 ounces of gold.

Neometals also plans to begin initial drilling of high-priority targets along the 4km Barrambie trend, including testing the Barrambie Ranges mine.

“It is still very early days, but we are excited by the opportunities the Barrambie project presents,” managing director Chris Reed said.