Octava Minerals believes it may be on the cusp of proving up a significant nickel sulphide orebody in the wake of finding high-grade mineralisation from deep drilling at its JV project in WA’s Kimberley.
The company’s project partner Future Metals, which is conducting the exploration at its Panton Project, has reported a new discovery of high-grade platinum group metals that is believed to extend “well beyond” its current 6.9-million-ounce mineral resource. That deposit also shows traces of nickel and copper.
In January, the two companies noted “sim-ology” between their adjacent sites and inked a farm-in joint venture agreement. Following the new 350m step-out drilling program, Octava is optimistic the Panton intrusion may extend into its property and connect the pair at depth underground.
The Panton Project is owned by Future Meals, while Octava’s adjoining East Kimberley Project houses its Panton West, Panton North and Copernicus North prospects.
Importantly for Octava, this is the first time the Panton intrusion has been tested at depth, with the drill rig sunk some 1328.6m into the crust during the January mission.
Octava’s Panton North and Copernicus North prospects had been subject to extremely limited exploration at the time its JV deal was struck.
Data behind both tenements is comprised of a mere eight shallow holes which were drilled to about 100 metres and included rock chips in calico bags, geochemical samples and electromagnetic anomalies. To boot, Panton West, which sits on the boundary of the Panton intrusion, has never had a rig crack the surface.
But Future Metals is now planning to sink shallow RC holes at Panton West and Copernicus North in the June quarter.
Octava managing director Bevan Wakelam said: “This is a significant development in the evolution of the Panton Project. FME are producing results that support the potential for a nickel sulphide orebody through geological understanding and targeted exploration work. We certainly look forward to the Q2 drill testing of the embayment feature and also Panton West and Copernicus North as part of the Exploration JV farm in.”
Octava has three strategically-located projects in three proven provinces across Western Australia, with its flagship being the Talga lithium project in the Pilbara.
It might be too early for the company to pop the Panton champagne just yet, but the bottles appear to have been put on ice.
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