Promising drill results from PM1’s ‘Battery Hub’ project
Published 11-JAN-2018 12:11 P.M.
|
3 minute read
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
Pure Minerals Limited (ASX:PM1) continues to deliver incremental progress at its 100%-owned Battery Hub manganese project in WA’s Gascoyne region.
In a market update today, the company announced initial drill results from its first phase of drilling. The key statistical highlights are summarised below:
Source: Pure Minerals
PM1 has strong intentions of defining its maiden manganese JORC Resource in the region in the foreseeable future and intends to continue 2018 in a similar vein to how it closed out last year — with plenty of activity. PM1 finished up 2017 by completing 42 drill-holes at its Julia prospect and delivering 43 significant intersect targets for further follow-up work.
According to the company, its average intercept thickness was 8.9 metres with a weighted average intercept grade of 7.4 per cent manganese. The average maximum depth of intercepts was reported as 20.6 metres — considered a positive result which could indicate that much of the manganese Resource PM1 hopes to eventually define will be bulky and at shallow depth.
This could then translate into lower production costs per unit of production and raise the chances of PM1’s Battery Hub Project reaching economic viability.
It should be noted, however, that PM1 is a speculative stock and investors should seek professional financial advice if considering this stock for their portfolio.
Furthermore, PM1 says that 39 of its 43 intercepts exceeded 5.0 per cent manganese with an average intercept thickness of 7.6 metres and a weighted average grade of 8.3 per cent manganese. In addition, 18 significant intercepts exceeded an average of 10 per cent manganese with an average intercept thickness of 6.2 metres and a weighted average grade of 12.6 per cent manganese.
The initial results come from 42 drill holes located at the Julia Prospect, located at the eastern end of tenement E09/2217 as shown below:
Source: Pure Minerals
Pure Minerals first phase drilling program — completed December 2017
Late last year, PM1 completed a 79 hole, 2,880 metre reverse circulation drilling program, testing for shallow (less than 60 metre depth) manganese mineralisation with bulk tonnage potential at the Julia, Pools, Isles and Steven Ridge prospects, all located within tenement E09/2217.
At the time, PM1 geologists set a further objective to confirm historic drilling for which no physical records remained. More than 1,500 samples, comprising 413 composite samples and 1,125 one-metre split samples, were submitted to ALS Global laboratory in Wangara, Western Australia, for assay test work in December 2017. These results are expected to be received and published in the coming months which could have a material effect on PM1’s valuation.
With many results still pending, the company intends to utilise the drip-feed of drill data it is receiving on a near-weekly basis, plus the historic database of more than 500 drill holes, in the calculation of a maiden JORC Resource later this year.
Upcoming test work
In a market update, PM1 said it intends to “release results from an additional 37 holes from the First Phase drilling programs at Pools, Isles and Steven Ridge in the coming weeks”. These results are likely to contribute in planning the Phase 2 drilling campaign within the E09/2217 tenement at Battery Hub.
Phase 2 is expected to commence in early 2018 and will include exploration of the prospective Five Fingers prospect, including preliminary metallurgical test work aimed at determining whether PM1 has the capability to beneficiate the mineralised material recovered at Battery Hub — a key determining factor as to whether PM1’s mined material will be able to be sold to electric-vehicle battery manufacturers once the company enters production.
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.
