With gold prices near an all-time high, MetalsGrove Mining Ltd (ASX:MGA) is revisiting its Bruce Prospect in the Central Desert Region of the Northern Territory with an exploration program targeting high-grade gold and copper.
The company is set to conduct initial surface mapping and sampling over areas prospective for high-grade gold and copper.
A mapping program in 2022 identified at least three main ferruginous quartz vein sets with strike lengths up to 2.8 kilometres long along the west-east trend at the prospect. A total of 91 individual veins have previously been mapped with the majority yet to be sampled.
Of the veins sampled, best high-grade gold-copper assays include gold values of 53 g/t, 15 g/t and 7.2 g/t, and copper values of up to 2.66%.
MetalsGrove’s new mapping and sampling program will take a more regional approach, investigating the northern portion of the tenement where little work has previously been undertaken. The company will take additional samples for assay analysis from previously mapped veins.
Bruce gold-copper prospect.
Managing director and CEO Lijun Yang said: “With the gold price at or near to its all-time high and with the supply-demand profile for copper looking very encouraging, it seems sensible for us to revisit the Bruce Gold-Copper Prospect in the Northern Territory where, from very limited previous work, some 91 multi ferruginous quartz veins have previously been mapped over a strike length of up to 2.8 kilometres.
“I am particularly encouraged by the fact that, of the small number of veins so far sampled, assay results including gold values of 53 g/t, 15 g/t and 7.2 g/t, and copper values of up to 2.66% have been recorded.
“These at-surface values are highly encouraging, particularly in the context that the majority of known veins are yet to be sampled, and with much of the project area yet to be mapped. I look forward to reporting the results of the upcoming program to shareholders.”
MetalsGrove has budgeted to undertake a mapping and sampling program at Bruce focused on the northern portion of the tenement where little previous work has been undertaken. It will also sample each of the veins that have previously been mapped but are yet to be sampled.
The program is expected to commence around September 9, 2024 and take around two weeks to complete. Rock-chip samples will be submitted for assay immediately thereafter.
Gold in rock chips over Total Magnetic Intensity.
Update: Upper Coondina lithium
MetalsGrove has also advised it is relinquishing the Upper Coondina lithium prospect in the East Pilbara district of WA.
The decision was made considering the weakness in the lithium market and disappointing exploration results from a 2023 reverse circulation drilling program,
The company owns other exploration projects in Australia, including the Edwards Creek copper-zinc prospect and Box Hole lead-zinc prospect in the Northern Territory, and the Woodie Woodie North manganese prospect and Dundas prospect in Western Australia.
Read more on Proactive Investors AU
