Drilling for copper-gold in the NT
Mandrake Resources (ASX: MAN) reports that it has commenced RC drilling at its Berinka Pine Creek Gold Project in the Northern Territory, targeting high-grade gold and copper mineralisation.
The 1,410m RC drilling program across 10 holes (plus diamond tails if required) will target five prospects with high-grade gold and copper potential.
The program was designed to follow up on results from the 2020 drilling program and test five other prospects in the immediate vicinity. That previous drilling returned high-grade intercepts including:
- 3m at 1.8 g/t gold, 32 g/t silver and 2.1% copper from 124m, including;
- 1m at 3.7 g/t gold, 69 g/t silver and 3.1% copper from 124m.
MAN had approximately $17.2M in cash as at 26 July 2022 and with a $22.4M market cap, it is trading with a company enterprise value (EV) of just $5.2M.
Keep in mind that this NT copper gold project is only one of MAN’s assets.
Its primary project that we want to see developed is its Chilean copper project. Here, MAN is undertaking due diligence with a view to chasing a large-scale copper porphyry discovery in a region of northern Chile that hosts the world's largest copper mine.
MAN also has a 140km2 exploration licence prospective for PGE-nickel-copper in WA’s Jimperding Metamorphic Belt, 70km northeast of Perth and just 30km east of Chalice Mining’s massive Julimar discovery.