Sponsored

Mount Burgess shares soar ~17% as drilling crew begins mobilisation

Highlights

  • Mount Burgess Mining announced the commencement of mobilisation from Gaborone in eastern Botswana.
  • Following the significant update, MTB shares surged nearly 17% on 7 October 2021.
  • The drilling programme would underpin mineral resource estimate compliant with the 2012 JORC Code.
  • The Company plans to conduct confirmatory metallurgical test work, leading to a Pre-feasibility study.

ASX-listed explorer of diverse commodities, Mount Burgess Mining NL (ASX:MTB) is making exploration headway at its Nxuu polymetallic deposit on the Nxuu-Kihabe Project, Botswana. Significantly, the drilling contractor has confirmed that the drilling crew kicked off mobilisation from Gaborone in eastern Botswana on Wednesday. The crew is expected to arrive on site soon.

Triggered by the significant update, MTB shares soared 16.6% from the previous close on Thursday. Mount Burgess traded at AU$0.007 on 7 October 2021.

RELATED ARTICLE: Mount Burgess to commence drilling at Nxuu Deposit

The recent developments are advancing as per the expectations of the Company, which in late September 2021 stipulated the commencement of drilling at the Nxuu deposit once the drill crew returned from Botswana’s Independence Day celebrations. Mount Burgess had also confirmed the arrival of a drill rig on site. Meanwhile, the contractor was engaged in August this year by Mount Burgess (Botswana) Pty Ltd, a wholly owned subsidiary of Mount Burgess Mining to commence to commence a further drilling programme at the deposit.

READ MORE: Mount Burgess appoints contractor for drilling programme at Nxuu Deposit

Rationale behind drilling Nxuu deposit

An overview of the drilling programme

In the Northeast and Northwest zones, the Company has planned 38 HQ diamond core holes and six PQ diamond core holes, for around 1800 metres, with an average 41 metres depth per hole. 

Meanwhile, in the Southwest zone, 14 HQ diamond core holes are planned, for an advance of ~ 800 metres, with an average depth of 57 metres per hole. Notably, depths of intermediary holes previously drilled have been used to estimate all proposed drill hole depths to barren dolostone basement.

ALSO READ: Mount Burgess points to a bright future at African Mining Summit

Furthermore, the Company will use both HQ and PQ core to determine ore operating characteristics to advance the process route to a Pre-feasibility study, including-

  • Mineralogy to evaluate the economic liberation of the mineral assemblage throughout the process
  • Confirming previous test work and refining the on-site requirements for operational process

ALSO READ: Which characteristics of Kihabe & Nxuu is Mount Burgess leveraging upon?

Resource estimate on the charts

Mount Burgess believes that the completion of the drilling programme would pave the way for the estimating the Indicated/Measured resource, compliant with the 2012 JORC Code. Henceforth, the Company plans to conduct confirmatory metallurgical test work, leading to a Pre-feasibility study.

ALSO READ: This is how Mount Burgess is developing Nxuu-Kihabe Project

Comment


Disclaimer

Ad

GET A FREE STOCK REPORT


Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.


   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK