High Grade Metals Limited Releases Leogang Copper, Cobalt And Nickel Project Update

  • Mar 22, 2019 AEDT
  • Team Kalkine
High Grade Metals Limited Releases Leogang Copper, Cobalt And Nickel Project Update

High-Grade Metals Limited (ASX: HGM) provides mining services. The Company offers exploration activities, as well as focuses on extraction, exploration, and production of cobalt, copper, and gold. High-Grade Metals serves customers in Australia.

The company, today on 22 March 2019, has come out with an update on its flagship Leogang Copper, Cobalt and Nickel Project.

The flagship Leogang Copper, Cobalt and Nickel Project (“Project”) covers an exploration area of 63 overlapping licences called “Freischürfe” totalling 27square kilometers. The Project covers one of the primitive and most famous mining districts in Austria, the Schwarzeleo Valley, where mining was first documented in 1425. Copper, nickel and cobalt were mined in the region from the middle of the 16th century when Leogang was renowned for the diversity of its mineralogy and rich ore. Many times in past, cobalt, nickel, copper and silver have been mined at Leogang.

On 27 March 2018, the Company released results from mining waste dump samples taken from dumps associated with historic mining operations at Leogang. Assay results showed up to 7.5% Copper, 0.68% Cobalt, and 3.5% Nickel.

On 16 July 2018, the Company released results from its geophysical program at the Project. The plan involved the acquisition of six profiles of a combined geo-electrical (DC), induced polarisation (IP), and electric spontaneous potential (SP) survey data. Besides, a ground magnetic survey was acquired to supplement the other geophysical data. Importantly, the program confirmed the internally generated model that supported the Exploration Target dated 30 March 2018.

Initial Drilling Program took place between 3 October 2018 and 14 November 2018, the Company’s drilling contractor drilled four holes with a total length of 468 m. The Drill hole NB18-6 was abandoned at a depth of 100 m due to relatively poor rock conditions and low drilling angle, and the difficulty in establishing a water circulation. Drill hole NB18-11 had the same issues and was abandoned at 76.1 m. Drill holes NB18-12 and GEO-01 reached planned depth. NB -12 - 12 was abandoned at 249.9 m and GEO-1 at 42.0 m. Drill holes NB18-11 and NB18-12 intercepted dolomite sequences, and those intervals were sampled in full length.

No hole encountered any meaningful copper, cobalt or nickel results. It appears that both drill holes were too steep to result in an intercept with the mineralisation.

Importantly both drill holes have enabled the Company to rework the geological model into a one-layer model. This model appears to fit better with the known data including mapping results, visible fault zones, old galleries, and drilling results.

As regards the 2019 Drilling Program, the Company is currently completing planning for an initial drill program in 2019 that is designed to test the bottom layer of the Exploration Target dated 30 March 2018. This target ranges from 26 to 39m tonnes at stand-alone copper grades of 1.2% to 7.8% with potential by-product credits from cobalt and nickel. This drill program is likely to be relatively low cost given the shallow nature of the target.

On the price-performance front, the stock has posted the YTD return of -27.27%. The company also has posted returns of -68% over the past six months. At the time of writing (22 March 2019 AEST 02:26 PM), the stock of the company is trading at a price of A$ 0.008, performing flat during the day’s trade with a market capitalisation of ~A$3.62 Mn. It had a 52-week high price of $ 0.063 and a 52 weeks low price of $ 0.006, with an average volume of, 929,242 approximately.


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