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Stellar drilling results put Boab Metals (ASX:BML) in the box seat

  • January 20, 2021 08:12 PM AEDT
  • Kunal Sawhney
    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...

Stellar drilling results put Boab Metals (ASX:BML) in the box seat

Summary

  • Boab Metals (ASX:BML) has concluded the 4,803m Phase IV drilling program, with 58 diamond and rotary/diamond drill holes completed during November last year. 
  • Assay results have confirmed a number of shallow-depth mineralisation extensions from the Omega deposit. 
  • The latest drill results are expected to allow several historic intercepts to be integrated into the Mineral Resource Estimate.
  • Boab Metals intends to advance the Phase IV drill program, with further assays anticipated in January this year. 

Australian explorer Boab Metals Limited (ASX:BML), formerly known as Pacifico Minerals (ASX:PMY), continues to make significant strides with its exploration endeavours at its 75%-owned Sorby Hills Pb-Ag-Zn Project, backed by high-grade, near-surface Phase IV drilling results.

The Company’s latest batch of assay results from Phase IV drilling has confirmed significant shallow-depth extensions of mineralisation adjacent to PFS (Pre-feasibility Study) open pit designs. Results from the core samples taken from Boab Metals’ flagship project is expected to underpin the DFS (Definitive Feasibility Study).

The latest drill results are expected to allow several historic intercepts to be integrated into the Mineral Resource Estimate (MRE). Further assay results are anticipated over the coming weeks.

ALSO READ: Boab Metals (ASX:BML) Advancing Well on Sorby Hills with JV partner Yuguang

An Overview of the Phase IV drilling Program

Boab Metals released a PFS in August 2020 that highlighted strong economics and extensive, high-grade Pb-Ag-Zn deposit at Sorby Hills Project. The 4,803m Phase IV drilling program with 58 diamond and rotary/diamond drill holes was undertaken on the back of exciting PFS outcomes. The program aimed at:

  • Advancing the project towards DFS (3,340 metres Drilling)
  • Fostering resource growth through resource extensions and brown-fields exploration (approx. 1,460 metres drilling)

Boab Metals has received results for various brown-field drill holes that are expected to positively impact the project’s resource base and the overall future pit design.

Drilling Results to Support Project Resource

Boab Metals unveiled assays from the first four batches of samples taken from the Sorby Hills Project. The drilling campaign, designed for collecting data for updating metallurgical and geotechnical parameters required for the ongoing DFS, consisted of 30 diamond drill holes for an advance of 3,340 metres.

Significantly, several drill holes from the campaign also intersected new intervals of mineralisation. These intersections lie directly adjacent to the existing open pit designs and confirm significant extensions of mineralisation.

The previously reported geological observations are supported by the recent results which underpin the future drilling plan. 

In a nutshell, the intersections are expected to have a very favourable impact on the resource of the Sorby Hills. 

SHDD017

Drilled at the Northern portion of the Omega deposit, the hole named SHDD017 returned a significant drilling outcome with mineralisation located below the current design pit.

The drill hole intersected a broad minerlised zone of about 40 metres containing 1.4% Pb and 10 g/t Ag, including-

  • Upper target: 5 metres with 1.70% Pb and 13 g/t Ag from 82 metres downhole
  • Lower zone: 13 metres with 2.87% Pb and 16 g/t Ag from 101 metres downhole

The assay results validate the outcomes of historic deeper drilling which intercepted mineralisation outside the current MRE. The new results will enable the design and targeting of a new mineralisation zone. Besides, a new specific drilling program will be designed post assimilating the new data within the existing data base and conducting an assessment of the significance.

The holes were drilled into the southern portion of the Omega deposit and each has intersected a significant interval of mineralisation sitting outside the current boundary of Sorby Hills’ Mineral Resource Estimate. 

SHDD039

The results from drill hole SHDD039 indicate the potential for a second significant mineralisation interval lying below the current open pit design. 

The upper and lower mineralised zones intersected in the drilling campaign are as following:-

  • 21m at 3.5% Pb and 15 g/t Ag from 31m; and
  • 7m at 2.1% Pb and 6 g/t Ag from 55m.

SHDD046

Results are pending from SHDD046 drill hole, which is a 30m step-out drill hole situated to the northwest of the current Resource envelope. The drill hole intersected strong mineralisation near the surface (<10 metres). The historical and recent drilling campaign demonstrated variable results and consequently the resource was not extended to the targeted area. The initial results confirmed high grade assay results and will potentially impact the mineralisation envelope.

SHDD043

Drill hole SHDD043 has confirmed the encouraging drill core observations of November 2020 and returned two very significant mineralisation intervals. 

  • 11m at 7.4% Pb and 29 g/t Ag from 35m; and
  • 18m at 2.9% Pb and 9 g/t Ag from 52m

Drill hole SHDD043 has confirmed the continuity of the ore body down-dip of the current Mineral Resource Estimate and open pit design in addition to indicating a broader zone of mineralisation than has previously been modelled in the area of the Inferred resource. Besides, it will also allow integration of further historic intercepts down dip.

ALSO READ: Boab Metals (ASX:BML) onboards Chief Operating Officer to fast-track production at Sorby Hills

Way Forward

Boab Metals intends to advance the Phase IV drill program, with further assays anticipated in January this year. 

Following the receipt and interpretation of all the results, Boab would decide if it shall include further drilling activity into the DFS, with the aim of potentially increasing the mining and processing rates.

Share Price Movement

The shares of Boab Metals closed 1.075% up from the previous close at A$0.475, with a market cap of A$70.76 million as on 20 January 2021.

 

 


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