SI6 Metals (ASX:SI6) accelerates exploration program, shared drilling updates

Summary

  • SI6 has commenced RC drilling on its Gold Project in Western Australia.
  • A total of 34 holes with a combined depth of 4,375m is planned on two prospects on the project.
  • The Company completed the drilling of a hole with a depth of 550m at its Maibele Project in Botswana, Africa. The core samples have been sent to a lab in South Africa for analysis.

The ASX-listed gold explorer Si6 Metals Limited (ASX:SI6) has shared an update on its exploration projects. The Company has commenced reverse circulation (RC) drilling on its Monument Project in Western Australia. The project lies within the Laverton tectonic plate and is surrounded by proven gold reserves in the region.

Read More: Three ASX listed large-cap gold stocks to watch in 2021

Monument Gold Project: Lies in Premium Jurisdiction

The project is spread over 300KM2 area and is located 50KM west of Laverton. Major gold projects lie in close vicinity of the project, including the Granny Smith & Wallaby Mines (8Moz), Sunrise Dam Mine (9Moz), and Mt Morgan Project (2.1Moz). The Monument Project lies along the strike of Mt Morgan Project.

The inferred mineral resource (JORC Complaint) of the project is estimated at 50koz [email protected] 1.8g/t. The mineralisation is open along the strike and down dip.

Also Read: Gold price loses sheen as US govt bond yields shoot up

Project Location Map (Image Source: ASX Update, 09 September 2020)

More than 30% area under the project is less explored. The Company has identified 7 prospects to focus its exploration activities on the project. The prospects are:-

  1. Waihi
  2. Korong South
  3. Perseverance
  4. Anomaly 4
  5. Anomaly 39
  6. A1 North
  7. Old Copper

The ongoing drilling campaign to focus on Waihi and Korong prospects.

Prospects Location on Project (Image Source: ASX Update, 09 September 2020)

The Drilling Campaign

Si6 Metals has planned a 34-hole drilling campaign on the Monument Project. The Company will drill 13 holes with a total depth of 1,715m on the Waihi prospect. The rest 21 holes with a combined depth of 2,660m will be drilled at Korong prospect.

The drilling campaign is estimated to get over in 3-4 weeks. The samples from the program will be evaluated and analysed at the ALS Laboratories in Kalgoorlie.

Update from the Overseas Project - Maibele

Si6 Metals operates Maibele Project in Botswana, Africa. The project is highly prospective and hosts multi-element mineralisation. The project covers an area of 1500KM2 with a strike length of up to 30KM. The project has prospects for the following metals:

  • Au
  • Zn
  • Cu-Ag
  • Li-Ta-Sn
  • Ni-Cu-Co-PGE

Prospects of the project (Image Source: ASX Update, 09 September 2020)

The Company informed the stakeholders about the completion of a diamond drill hole, having the depth over 550m, in Maibele North. The objective of the well was to test the mineralisation continuous of nickel sulphide.

The visual inspection by the on-site geologists has revealed the presence of sulphide minerals in a depth range of 450-525m.

The samples from the hole are sent to a lab in South Africa for analysis and evaluation.

Si6 Metals has plan to log a hole in near future. The Company will also undertake an electromagnetic survey on the prospects to identify the targets.

Share Price Movement

The stocks of the Company were trading at A$0.021 at 2.30 PM AEDT with a market cap of A$34.4 million as on 19 January 2021.

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