Dynamic Metals Ltd (ASX:DYM) has confirmed that the Prospect Ridge Magnesite Project in northwest Tasmania is now being advanced with a drilling program planned to start any day now and a scoping study underway.
The Prospect Ridge project, owned 70% by GWR and 30% by Dynamic Metals Ltd (ASX:DYM), contains two magnesite targets — the Arthur River and Lyons River deposits, containing the third largest magnesite inventory in Australia.
Drilling program
A phase-two diamond drilling program at the Arthur River deposit is set to commence this month. The program will consist of six holes for 900 metres of drilling, ahead of a third phase drilling program comprising an additional 21 holes proposed.
Once completed, the proposed drilling is expected to increase confidence in the 2012 mineral resource estimate (MRE) of 25.1 million tonnes at 42.4% magnesium oxide.
In addition, 97 sample pulps have been submitted to the Nagrom lab in Perth for gold, silver, copper, lead, zinc and nickel analysis, following up on anomalous sulphur and iron intercepts from the 2023 program and investigate the project’s iron oxide copper-gold (IOCG) potential.
“We are eager to push ahead with the Prospect Ridge Magnesium Project and commence Phase 2 drilling for 900 metres whilst also discussing plans to follow up with an aggressive 3,150 metres, 21-hole program,” said GWR chair Gary Lyons.
“The drilling program will be used to provide additional metallurgical samples, assist with mineral resource estimation and domaining of mineralisation types, all valuable information that will assist in completing a detailed scoping study on the project.
“The potential infrastructure in place to advance this project through to production is a significant benefit to the economics of the Prospect Ridge Magnesium Project and the company will continue on its green focus with the potential industrial hub planned by the Tasmanian Government at Hampshire located less than 40 kilometres from the Prospect Ridge Magnesium Project, where a combination of potential hydro and wind power sources are planned.
Scoping study
A scoping study has also been initiated using inputs from previous feasibility studies, recent drilling and from the Federal government funded Regional Research Collaboration Grant.
Interest is expected to be received from world-leading refractory manufacturers in relation to the Prospect Ridge Magnesite Project.
There are also plans to engage a leading industrial minerals expert to assist with product definition and market research.
Highly respected consultants pitt&sherry have been engaged to commence the environmental investigations and the approvals process for the Prospect Ridge.