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Boab Metals (ASX:BML) eyes resource expansion at Sorby Hills post stellar assay results

  • February 08, 2021 06:47 PM AEDT
  • Kunal Sawhney
    CEO Kunal Sawhney
    2781 Posts

    Kunal Sawhney is founder & CEO at Kalkine and is a richly experienced and accomplished financial professional with a wealth of knowledge in the Australian Equities Market. Kunal obtained a Master of Business Administration degree from University of T...

Boab Metals (ASX:BML) eyes resource expansion at Sorby Hills post stellar assay results

Summary

  • Boab Metals has received the final set of results from Phase IV drilling, concluded in November last year.
  • The results provide support for potentially reclassifying the Inferred resources, with new results consistent with the current Resource model.
  • The Company has a strong track record of increasing mineral resource with each drilling program.
Gold MTF non-AMP

Stepping its resource-expansion up a notch, Boab Metals Limited (ASX: BML) has crossed another landmark with the conclusion of another successful drilling campaign. The Company on 8 February 2021 announced it has received the final batch of assay results from the Phase IV drilling program conducted at its 75% owned Sorby Hills Lead-Silver-Zinc Project. 

Overall, the latest batch of outcomes is expected to expand the project's resource inventory and have a positive impact on open-pit designs for the Norton and Omega South deposits.

Copyright © 2021 Kalkine Media Pty Ltd. (Data Source: BML ASX Update, 8 February 2021)

Following the significant update, BML share price edged up by over 3%, trading at $0.475 mid-day. 

ALSO READ: Boab Metals (ASX:BML) ticks off another milestone, shares leap 20%

A snapshot of the latest Drill Results

The Company received Phase IV final set of assay results from Norton and the southern portion of the Omega Deposits, with the latter consisting of drill holes SHDD040, SHDD041 and SHDD046. 

Like the results reported earlier for Omega, these drill holes were also collared either outside or extended beyond the Omega South’s current known mineralisation. 

The assay results have identified new mineralisation areas. Furthermore, the new results provide support for the potential re-classification of Inferred Resources, consistent with the current Resource model. 

Copyright © 2021 Kalkine Media Pty Ltd. (Data Source: BML ASX Update, 8 February 2021)

OMEGA South (SHDD040, SHDD041 and SHDD046)

Drill holes SHDD040 and SHDD041 targeted the Inferred Mineral Resources area with a low drilling density for re-classification.

SHDD040- The lower portion of the Transition Formation intersected typical stratabound mineralisation, consistent with the style of mineralisation in drillhole SHDD041 and implies lateral continuity.

SHDD041- Adjacent to drillhole SHDD040, it intersected strong stratiform mineralisation which can likely enable a Resource re-classification in the area.

Source: BML ASX Update, 8 February 2021

SHDD046- Drill hole intersected multiple narrow mineralisation intervals, which may be grouped into an upper and lower interval of mineralisation. It is considered a significant extension with a 10m shallow depth to the top of mineralisation.

The mineralisation zone is consistent with the outward projection and likely extension of the Resource envelope. The mineralisation is open to the west and northwest and further step-out drilling would be undertaken to test mineralisation.

ALSO READ: Boab Metals (ASX: BML) delivers a high-octane December Quarter

Lucrative Prospects from Review of Phase IV Brown-field Results

The Company utilised the Phase IV drilling program to test potential interpretations and extensions of mineralization, currently classified as Sorby Hills Inferred Resource. Comprehensive data review and reinterpretation undertaken in 2020 helped in the identification of the targets. 

The results derived from testing these opportunities represent some of the most significant highlights of the Phase IV drilling. These outcomes not only support the robustness of the reinterpreted geological model but also reveal exciting opportunities for further systematic testing and subsequent Resource upgrades.

The Company is presently evaluating the opportunities and ways to target them in the next drilling program for maximum effect.

Building the Momentum for further drilling program with Gravity Surveys 

Boab Metals is looking forward to the results from the gravity survey, with contracts being awarded already. Significantly, the gravity surveys will involve the processing and interpretation of the gravity data over the Company’s wholly owned Eight Mile Creek and northern area of the Sorby Hills JV tenements. 

Notably, the Company has recently acquired gravity data for the Sorby Hills JV tenements. The future drilling programs will test the targets derived from the gravity surveys. 

Sorby Hills on track to Further Resource Expansion

The Pre-Feasibility Study confirmed that a large, near-surface Lead-Silver-Zinc deposit underpins Sorby Hills, which hosts a Mineral Resource of 44.1Mt at 3.3% Pb, 38g/t Ag and 0.5% Zn. Proved and Probable Reserves for the deposit include 13.6Mt at 3.6% Pb and 40g/t Ag.

Bolstered by a positive Pre-Feasibility Study, Boab Metals marched ahead with Phase IV Drilling campaign that aimed to steer Sorby Hills towards the Definitive Feasibility Study. The program targeted a combination of DFS Geotechnical and Metallurgical objectives and resource extension across the project. 

The Company completed the successful drilling campaign and received impressive assays from the B and Omega Deposits, maintaining the legacy of adding resource inventory with each drilling program. 

 

 


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