NickelSearch prepares for exploration and drilling programs at Mt Isa North project
NickelSearch (ASX: NIS) has commenced initial work programs including reconnaissance exploration and preparations for maiden drilling at its Mt Isa North project in Queensland.
The work follows the company’s announcement in August that it had signed a deal to acquire Capella Metals and a 100% interest in five exploration permits owned by Bacchus Resources (collectively known as Mt Isa North).
Rock chip and grab samples collected and assayed during a recent due diligence site visit returned strong grades at the Surprise target (24.8% copper and 1.23 grams per tonne gold) and the undrilled Moonside prospect (30.0% copper and 64.7g/t silver).
Maiden campaign
The Surprise samples are believed to validate the presence of high-grade copper-gold mineralisation indicated by previous samples, which returned grades as high as 36.8% copper and 0.38g/t gold.
NickelSearch is targeting a 1,500m reverse circulation campaign at Surprise before year-end to validate and extend mineralisation identified at the now-abandoned Surprise mine and test the potential for previously unassayed by-product credits such as gold and silver.
The company is currently confirming drill contractors and negotiating stakeholder clearances.
‘All systems go’
Executive chair Mark Connolly said it had been a case of “all systems go” since the company announced the Mt Isa North acquisition.
“We have been hard at work finalising this transaction alongside collating all the data and identifying the highest priority targets to commence drilling,” he said.
“These new rock chips highlight the prospectivity of the whole tenement package, plus the identification of a completely new target at Moonside.”
“We look forward to hitting the ground running once this acquisition is completed next month.”
In addition to the 1,500m campaign, the company will continue mapping and sampling of the 2.5-kilometre Surprise trend and conduct project-wide geophysical surveys to refine current targets and generate new ones at depth and along strike of existing workings.