Metals X Limited (ASX: MLX), an Australian Stock Exchange listed base metals producer, announced on 14th May 2019 that the company received highly encouraging results from Renison Tin Operations, a 50 percent owned operation of the company in Tasmania. The company undertook an exploration drilling at the conceptual Bell 50 target, which is located beneath the high-grade Area 5, currently in development.
Source: Company’s Report; Area 5 and Bell 50 location
The company drilled a total of 5 holes with accounted for 1,772m of drilling from the southern end of 1140 HW Drill Drive. The drill aimed to test the down-plunge extension of the host mine. Metals X mentioned and identified this down-plunge test area as Bell 50.
The company recently presented a reset plan for its Nifty Copper Operations.
Source: Company’s Report; Bell 50 drill locations
The results of the above-shown drill locations include:
- The drill hole identified as U6681 resulted in an intercept of 10.3m at 7.65% of Tin and 0.13% of copper from 259.0m.
- The drill hole identified as U6682 resulted in an intercept of 1.7m at 1.46% of Tin and 0.01% of Copper from 245.1m.
- The drill hole identified as U6683 resulted in an intercept of 3.0m at 1.01% of Tin and 0.06% of Copper from 213.0m, and 5.7m at 1.74% of Tin and 0.05% of copper from 255.1m.
- The drill hole identified as U6913 resulted in an intercept 3.7m at 6.78% of Tin and 0.11% of Copper from 223.2m.
- The drill hole identified as U6914 resulted in an intercept of 10.0m at 2.47% of Tin and 0.08% of Copper from 203.0m.
Bell 50- Exploration drill results for April-May 2019 are as follows:
Source: Company’s Report; Bell 50- Exploration drill results for April-May 2019
The drill hole U6681 intersected a significant width within the No.2 Dolomite, which is the primary Area 5 host rock, in close proximity to the granite contact and it also continued into the granite; however, did not return any significant assay.
The drill holes in the Red Rock Member, namely U6682 and U6913 penetrated the granite as well and returned results as shown above.
As per the company, the results from newly identified down-plunge (Bell 50) are considered highly significant and provide a potential for the extension of Area 5 mineralised system until 200m towards the down-plunge.
Mr Simon Rigby, a member of the Australian Institue of Geoscientists, complied the exploration results, and the company qualified him as a Competent Person as defined in the JORC 2012 edition.
The share prices of the company recovered in a recent rally from the level of A$0.205 (Day’s low on 21st March 2019) to the level of A$0.287 (Day’s high on 24th April 2019), from where the shares started a correction. The prices fell from the level of A$0.287 to the level of A$0.240 (Day’s low on 13th May 2019). The stock of the company last traded at A$0.245 (as on 14 May 2019), up by 2.083% from its previous close.
On a monthly basis, the share prices of the company in a continuous downtrend from the level of A$1.227 (high in January 2019). After hitting a low of A$0.205 in March, the shares are consolidating in a narrow range of A$0.225 to A$0.287.