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Metals X Confirms Nifty Extension Potential

Wednesday, August 09, 2017
THE DRILL SERGEANT: Metals X (ASX: MLX) reported the outcome of the first step-out drill hole undertaken one kilometre down plunge of the current Nifty orebody at the company’s 100 per cent-owned operation in Western Australia.

Metals X claimed the drilling intercepted multiple mineralisation zones over 30 metres.

The company explained that the first hole was aimed at confirming the mine sequence stratigraphy as interpreted by the recent geophysics.

Metals X said the drilling has confirmed both the stratigraphy and has intercepted copper mineralisation in what it considers to be the same mineralised limb currently being mined at Nifty.

Multiple zones of copper mineralisation in 17NNMD001 have been intersected 30m downhole with higher grade zones including:

10.95 metres at 1.12 per cent copper from 531.47m, including 4.34m at 1.5 per cent copper from 538.08m; and

3.56m at 1.73 per cent copper from 548.44m, including 2.23m at 2.15 per cent copper from 548.44m.

Metals X’s objective for the current drilling program is to step out and test the position of mineralisation down-plunge of the current mining areas.

The location of the completed drillhole is approximately one kilometre east of the current mine workings, 700m from the defined area of mineralisation and remains relatively shallow.

This first hole did what was expected and intersected the northern limb of the Nifty Syncline.

A further hole will be drilled to target the syncline keel which is the key mineralised area of the Nifty ore system.

“This is an exceptional and exciting result for Metals X as it clearly shows that mineralisation of Nifty continues down plunge well beyond the current orebody, further demonstrating our expectations that Nifty will become a very large long-life mine,” Metals X managing director Warren Hallam said in the company’s announcement to the Australian Securities Exchange.