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MetalsGrove Mining Ltd (ASX:MGA) is expanding its portfolio of multi-metal assets by securing exploration tenement E77/3152, now known as the Leake Prospect. Located 135 kilometers south of Southern Cross in Western Australia, this tenement covers an area of 66.7 square kilometers and is recognized as a highly prospective site for copper and gold.
The tenement includes a coherent copper anomaly in its northern portion, identified through historical soil sampling, which remains open to the south. A limited exploration program, involving a single line of aircore drilling, has also recorded anomalous copper values in this area. In addition to its copper potential, the tenement is situated about two kilometers from the Great Southern Gold Mine, which produced around 1,000 tonnes of gold at 7.13 g/t in the 1920s and approximately 2,053 tonnes at 5.72 g/t in the 1980s.
MetalsGrove Mining's Managing Director and CEO, Lijun Yang, expressed enthusiasm for the potential of the Leake Prospect. Referring to a previous announcement, Yang highlighted the strategic focus on copper and gold exploration and noted the favorable conditions for these metals as part of the company's ongoing exploration efforts. Yang emphasized the tenement's high prospectivity for copper and gold and underscored the results from the initial soil sampling and drilling activities, which revealed a coherent copper anomaly.
The company plans to undertake further soil sampling to extend the copper anomaly to the south before considering a follow-up drilling campaign. Yang also pointed out the area's overall potential, given its proximity to historical gold and nickel mining activities, which further adds to its appeal.
Originally, the tenement was one of nine applied for by MetalsGrove's previous management team in the broader Dundas/Leake area, with an initial focus on lithium exploration. However, due to recent challenges in the lithium market, the company decided to shift its focus and retain only the copper-gold opportunity offered by E77/3152. This change in direction is reflected in the rebranding of the tenement from the Dundas Prospect to the Leake Prospect.
The Leake Prospect is positioned within a larger tenement package that is also prospective for gold, nickel, and lithium, held by Forrestania Resources Ltd. The Great Southern Gold Mine, operated by Forrestania, is located approximately two kilometers from the southern edge of the Leake Prospect, along a granite-granite contact that trends onto E77/3152.
Upcoming Exploration Activities
MetalsGrove Mining has outlined a series of planned exploration activities for the Leake Prospect. The company intends to conduct additional soil sampling to better define the extent of the copper anomaly to the south. Alongside this, it will identify optimal drill locations to test the anomaly further. The exploration program will also include testing the granite-granite contact along the strike of Forrestania’s Great Southern Gold Mine, which could provide further insights into the geological potential of the area.
By focusing on these exploration efforts, MetalsGrove aims to enhance its understanding of the Leake Prospect's potential for copper and gold, positioning the company to capitalize on the site's promising geological characteristics.
