Parabellum Resources Ltd (ASX:PBL) is moving towards initial reverse circulation (RC) drilling of its New South Wales copper-gold projects, which it aims to kick off later in the quarter.
The company is in discussions with three drilling contractors that are active in the region for cost estimates on the maiden program.
With the majority of the ground electromagnetic (EM) program completed late last year, Parabellum has resumed the final stage of the program ahead of schedule.
Once completed, the final modelling and interpretation of the data will be finalised to allow the EM targets to be ranked for drill testing.
Furthermore, applications to permit drilling were submitted by the exploration team to the NSW resources regulator in December last year, with approvals expected in the near term.
"Prudent exploration"
Parabellum non-executive director Peter Ruse said: “CY2022 was a frustrating year for PBL’s NSW project team due to unrelenting rainfall that caused numerous delays to the exploration program planned by the company at the time of its IPO.
"Pleasingly, a drier spell of summer weather conditions has allowed the final stages of the ground electromagnetic survey to commence earlier than scheduled.
"Following completion of this survey, final target delineation and refinement will occur ahead of the maiden drill program.
"Our exploration team has engaged with three drilling contractors currently active in the region for cost estimates on our maiden RC drill program to commence later in Q1 CY2023.
"Weather permitting, the company will continue to pursue a prudent exploration program on our NSW projects as detailed in our IPO prospectus.
"We are confident that the outcomes of the current EM program will continue to further refine copper and gold targets."
NSW projects
PBL holds 100% interest in four projects in a highly prospective region of Central West New South Wales
The Redlands/Whitbarrow, Recovery and Lunns Dam projects in the Tottenham-Girilambone district comprise four granted exploration licences covering about 690 square kilometres.
The Obley Project in the Yeoval district comprises one granted exploration licence covering about 180 square kilometres.
NSW project locations.