Dundas Minerals Ltd (ASX:DUN) has soared on receiving strong indications of cobalt, copper, nickel and silver in massive sulphides at the Central Target (NYSE:TGT) within the prospective Albany-Fraser Orogen of Western Australia.
The company, which is actively exploring for nickel, copper, cobalt and gold in the region, has found anomalies pointing to the mineralisation using a portable XRF gun with shares as much as 59.52% higher this morning to $0.335, a new high.
Dundas has mobilised a diamond drill rig and drilling support equipment and set up camp at the exploration target with the rig already completing three shallow holes, for drilling water, to a maximum depth of 37 metres.
Samples returned massive sulphides
Massive sulphides were unexpectedly intersected in hole 22CEWB003 from 17 metres and pyrite-rich altered stockwork veins, also from 17 metres, in hole 22CEWB001.
The company recovered drilling spoil, or chips, from each hole and analysed them using a handheld portable XRF gun (pXRF). Samples returned massive sulphides anomalous in cobalt, nickel, copper and silver.
This campaign, however, hasn’t been without its challenges. Samples were susceptible to downhole smearing and formational contamination due to the RAB drilling technique used, while the saturated water table also impacted sample recovery.
The company was unable to determine the precise depth of the sample location in hole 22CEWB003, and cautioned that sample representation was, therefore, “inherently uncertain” and that “pXRF results should be regarded as indicative only”.
Drilling to test anomaly
Hole 22CEWB003 is on the southwestern edge of one of two audio magnetotelluric (AMT) anomalies, which means that the anomalous cobalt, copper, nickel and silver values in massive sulphides from this hole are considered significant.
Drilling has kicked off to test this AMT anomaly at around 450 metres.
Of note, massive sulphides encountered from 17 metres are associated with ultramafic rock.
Composite samples from both holes have been dispatched for laboratory testing and should be back in around four weeks.
Significant visible pyrite was returned from each hole, but because the pXRF does not analyse for gold, results for this element will only be available upon the return of laboratory assays.
Encouraging for gold
The presence of large amounts of pyrite and the anomalous pXRF silver readings is encouraging for gold mineralisation.
Commenting on the pXRF results, Dundas Minerals managing director Shane Volk said: “The completely unexpected intersection of ultramafic massive sulphides immediately below the hard calcrete lithological layer at Central, prior to commencing the holes targeting the two AMT anomalies, is an extremely positive early result.
“The cobalt, copper, nickel and silver pXRF readings are very encouraging. We are moving as quickly as possible to test both Central AMT anomalies with diamond drill holes to depths of up to 500 metres.”
“The Central target was initially identified by Dundas Minerals from an aerial electromagnetic (EM) survey (SkyTEM) in late 2021. Two of the strongest EM anomalies were then confirmed by two audio magnetotellurics (AMT) survey lines in March 2022, then drill targets were developed.
“What is most exciting about Central is that there are a series of EM anomalies that extend over a length exceeding 10 kilometres.
“As far as Dundas Minerals can determine, there has been no prior exploration ever conducted in this area of the Albany-Fraser Orogen – we are working in an absolute greenfield exploration environment.”