logo-loader
viewElement 25 Ltd

Montezuma Mining set for deeper drilling as gold greenfield tantalises

Montezuma Mining Company has defined three targets for deeper drilling after a shallow first-pass campaign at its Yamarna gold project in Western Australia confirmed the presence of widespread anomalism in three regional-scale mineralised corridors.

au_montezuma_mining_wa_358_5643c011bfa9c.jpg

Montezuma Mining Company (ASX:MZM) has defined three targets for deeper drilling after a shallow first-pass campaign at its Yamarna gold project in Western Australia confirmed the presence of widespread anomalism in three regional-scale mineralised corridors.

Reconnaissance exploration results have included 11 holes hosting gold values greater than 0.1g/t gold, with individual assays up to 2.7g/t gold.

This is growing evidence of multiple large-scale gold systems and which will be followed up in the coming weeks by reverse circulation drilling at three targets, namely Jatz, Captains and Cruskit.

Jatz is the standout target, with strong basement mineralisation, including ore-grade intercepts along a strike of over 1.5 kilometres.

Drilling so far at Yamarna has indicated multiple types of granite and mafic and meta-sedimentary rocks with quartz veining.

The overlying cover is variable in thickness, from about 12 metres in western areas to over 40 metres to the east.

The basement mineralisation intersected also showed a moderate to strong copper, bismuth, molybdenum and tellurium association, a common assemblage in meso-thermal gold deposits in the Yilgarn Province.


Underexplored area

The first drilling at Yamarna delivered results including 15 metres at 0.4g/t gold with a bottom-of-hole assay of 1 metre at 1.47g/t gold.

This followed a soil sampling program that defined anomalism similar in size and tenor to recent gold discoveries by Gold Road Resources (ASX:GOR) at its Gruyere deposit.

Gruyere hosts a resource of about 3.8 million ounces of gold at 1.23g/t gold with strong grade continuity and is open at depth.

Montezuma’s latest efforts represent the first exploration work in its Yamarna project area since 1997 when Western Mining Corporation found a number of large gold anomalies.

Montezuma is extremely well placed to develop this property with cash of A$6.2 million as of the end of September.


Analysis

Results from early exploration at Yamarna are significant as they have now confirmed the potential for significant gold mineralisation at all three primary target areas.

This has exceeded expectations and represents an excellent result for the first-ever drilling program in this area.

Importantly, all of the three established targets are open in all directions.

The string of encouraging exploration newsflow from Yamarna has helped propel Montezuma shares about 30% over the past four weeks to their last close of A$0.24.

The deeper upcoming drilling program therefore seems set to offer further price catalysts for the stock.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Element 25 Ltd

Price: 0.22 AUD

ASX:E25
Market: ASX
Market Cap: $20.22 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Element 25 Ltd named herein, including the promotion by the Company of Element 25 Ltd in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Element 25 in due diligence phase for Northern Australia...

Element 25 Ltd (ASX:E25) executive director Justin Brown updates Proactive on progress with an application for Northern Australia Infrastructure Facility (NAIF) support for the Butcherbird Manganese Project. The company has received written confirmation that NAIF has considered a strategic...

1 week, 2 days ago

3 min read