Dynamic Metals Ltd (ASX:DYM) welcomes the start by GWR Group Ltd of metallurgical drilling at the Prospect Ridge Magnesite project in northwest Tasmania, which is 70% held by GWR and 30% by Dynamic.
Prospect Ridge sits on a granted Exploration Licence (EL5/2016), is 11 kilometres long and 51 square kilometres in area, and contains two magnesite targets -Arthur River and Lyons River. It is 40 kilometres southwest of the Port of Burnie.
Drilling underway
Having completed the first phase of the diamond drilling program at the Arthur River deposit in May, the phase 2 diamond drilling program at Arthur River has commenced and will consist of six holes for 900 metres.
Phase 2 drilling will be conducted by Metallo Pty Ltd using an Atlas Copco Mustang track-mounted diamond drill rig. The drill rig was mobilised to site on June 17, 2024.
Phase 3 drilling proposed
A third phase drilling program is proposed, comprising an additional 21 holes for 3,150 metres of drilling and the possibility of undertaking this by RC drilling is being investigated.
The drilling, once completed, is expected to increase confidence in the 2012 mineral resource estimate of 25.1 million tonnes at 42.4% magnesium oxide.
This resource is based on previous diamond drilling over a strike length of around 800 metres, where a total of 44 holes were completed for 6.939 metres on lines approximately 150 metres to 50 metres apart.