Boab Metals (ASX: BML) kicks off Phase VII drilling at Sorby Hills Project, shares jump

Highlights

• Boab Metals Limited has its current focus on the development of its 75%-owned Sorby Hills Lead-Silver-Zinc Project (WA)
• Drill rig has arrived, and drilling commenced at the site for the Phase VII program which will comprise of 19 diamond drill holes and will test extension to existing pit designs
• This phase of drilling is expected to be completed in approximately 6 weeks, with assay results likely by mid 3Q 2023

ASX-listed base and precious metals exploration and development company, Boab Metals Limited (ASX: BML) -- has announced the start of the Phase VII drilling program at its Sorby Hills Lead-Silver-Zinc Project. Notably, the Project is based in Western Australia's Kimberley Region, with BML holding a 75% ownership. The company has stated that the drill rig has arrived at the site and drilling has commenced. This phase of drilling activity consists of 19 holes (diamond drilling).

The objectives of BML's 2,000m drilling activity in Phase VII are increasing the size of the Norton deposit Reserve base with the help of additional metallurgical test work and testing extensions of the mineralisation at the deposit.

Source: Company update

Norton Cross Section trending NE incorporating latest intercepts, interpreted mineralisation and target area for the Phase VII drilling campaign; Image source: company update

Shares gain over 8.5%

Triggered by the update, BML shares gained more than 8.5% to trade at AU$0.190 at the time of writing on 16 June 2023.

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The Phase VII drill campaign follows the successful Phase VI drilling program (2022) at the company's Sorby Hills Project, Boab Metals states.

The goal is to target opportunities to mark an uptick in Sorby Hills’ reserve base. This will be done by further metallurgical test work, extensional and in-fill drilling.

Source: Company update

Notably, the Phase VI extensional drilling showed multiple high-grade intersections. These were on the fringe of the current open pit design. Phase VII, according to BML, is set to follow up these intersections. The goal of the activity is to demonstrate continuity of mineralisation, alongside the possibility of incorporation into a revised pit design.

Source: Company update

Progress at Manbarrum Zinc-Silver-Lead Project

The company has also mentioned the latest developments at its Manbarrum Project, which BML acquired in 2021. It is pertinent to note that the Project has 175 sq km of prospective tenements, with two granted mining leases and two declared Minerals Resources.

Boab Metals has used multiple sets of data for the purpose of building a new three-dimensional model of the geology.

The company has defined high-priority targets at the Manbarrum project, located 25km east of Sorby Hills.

Statement by Managing Director and CEO of BML

Mr. Simon Noon has asserted that the primary goal of the Phase VII program is to “grow the Sorby Hills production target”. He also commented that opportunities at Norton are “particularly exciting”, and the company is continuing to progress toward a final investment decision on the Project.