Summary
- NTM Gold Limited has intersected outstanding grades and widths from Hub deposit extensional diamond drilling.
- The drilling has demonstrated continuation of Hub mineralisation to the south and which remains open.
- RC and diamond drilling at GTS deposit and RC drill program at the Gully area has been completed, and aircore program has returned encouraging initial stage results.
- NTM maintained cash of $5.2 million at the end of the quarter and continued targeting assessment of Wells Group acquisition.
Mineral exploration company, NTM Gold Limited (ASX:NTM) is focused on its 100% owned Redcliffe Gold Project, which is a key emerging project that has established resources proximal to existing gold operations. Of late, the Company has reported various key developments during the September quarter, via exploration activities undertaken at Redcliffe Project, comprising
- Diamond drilling at Hub
- RC drilling at Gully
- Diamond and RC drilling at GTS
- Conclusion of an aircore program
Let us learn more about the substantial upside that the results from these activities present for NTM Gold Limited.
Interesting Read: ASX:NTM Gold Limited Stretches High-Grade Mineralisation at HUB DEPOSIT
Diamond Drilling At Hub
NTM concluded six diamond holes for 2,973m at Hub testing extensions to the mineralisation, primarily focussing on the southern plunge. Five holes were completed from the surface, and the remaining hole was a diamond tail on an earlier RC hole.
The plunge potential of the high-grade mineralisation south of the lamprophyre intrusive that crosscuts the deposit was tested through four of the holes, namely, 20RDD003, 20RDD004, 20RDD005 and 20RDD006. The best intercepts from the holes included the following:
Did you read: NTM Gold Limited’s (ASX:NTM) Growth Through Exploration In An Outstanding Region
Significantly, the high-grade mineralisation intercepted over 160m vertically through holes 20RDD003, 20RDD004, and 20RDD005, and remains open up and down dip, along strike, and down plunge to the south.
NTM is pleased to report that the high-grade mineralisation is at least 160m high, nearly 300m long and remains open down plunge, highlighting significant upside for Hub over and above the near-surface high-grade oxide zone.
20RDD003 Hub Diamond Core 460.9m (Source: ASX Announcement 30 October 2020)
NTM drilled 20RDD007 just north of the lamprophyre dyke at depth and is still under process with assays expected in the upcoming few weeks. Other than this, NTM also concluded a diamond hole at the GTS deposit that was aimed at testing depth extensions. Significantly, the hole remains under processing and results are expected to arrive after NTM receives results for 20RDD007.
Related: NTM Gold: New Tenement Granted At Redcliffe Gold Project & JORC Derived
RC Drilling and Aircore Drilling
NTM concluded a 32-hole RC drilling program at the GTS deposit and Gully area for a total of 4,195m, which aimed at testing depth and strike extensions to the mineralisation and these holes are to be used as pre-collars for diamond tails.
In addition to this, NTM further completed a large aircore drilling with 833 holes drilled for 41,377m that tested several targets within the Redcliffe project. Further, numerous encouraging results that necessitate follow up were delivered through the program. However, NTM is currently undertaking an assessment of the results to determine future programs work and timing.
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Significantly, the better results included the following:
Going forward, NTM anticipates obtaining results from RC drilling over the coming weeks.
For the Wells Group acquisition, Geological interpretation and targeting remains ongoing and is being undertaken by Resource Potentials geophysical consultants. While work to date has already identified numerous high priority targets, the work shall further include the Mertondale Shear Zone located within the Redcliffe tenements.
Overall, NTM remains in a strong financial position with $5.2 million in cash and no debt on 30 September 2020. The results returned from the drilling reflect upon the highly successful diamond drilling in extending the high-grade mineralisation at Hub.
Interesting Read: NTM Gold Limited Reports High-Grade Mineralisation at the Redcliffe Gold Project
Although all results have not been received to date, NTM is currently progressing with planning for follow up holes and drilling is expected to commence once a rig has been sourced. Going forward, Gully and Bindy are likely to be included in other areas of near-term drilling.
NTM share price quoted at $0.110 with a market capitalisation of $75.22 million on 9 November 2020.
*All financials are in AUD, unless specified
