Published On: April 9th, 2024
Figure 1: GCX Metals Limited
GCX Metals Limited (ASX: GCX) (GCX or the Company), a leading exploration Company, has achieved significant progress at the Dante Cu-Au-PGE-Ni Project. Under the leadership of Managing Director and CEO Mr Thomas Line, GCX has completed 17 drill holes for approximately 3600 metres as part of the maiden reverse circulation (“RC”) drill program. All collected samples from these drill holes are dispatched to the laboratory for assay mapping.
Around 30 additional RC drill holes are scheduled to be conducted across the four priority prospects: Cronus, Hyperion, Crius and Oceanus.
Figure 2: Priority prospects at the Dante Cu-Au-PGE-Ni Project
The drilling program commenced at the Cronus magmatic Copper-Gold sulphide target before moving to the Crius copper, gold, and PGE reef. The drill rig will now be positioned to concentrate on the Hyperion copper, gold, and PGE reef, where the field team found a new gossan near planned drilling. The Oceanus copper, gold, and PGE reef will follow the drill plan.
Mr Thomas Line, Managing Director & CEO of GCX Metals Limited, commented,
“Despite heavy seasonal rains temporarily impacting logistics, we are very pleased with the progress of the maiden RC drilling program at the Dante project. We are testing a series of hypotheses regarding the nature of mineralisation at Dante, and our initial observations are providing confidence in our models. We look forward to releasing the first lot of assays, which will make up only a small portion of the program. Shareholders can expect strong news flow and many assay results over the coming months”.
Dante Cu-Au-PGE-Ni Project
Figure 3: Dante Project Location Map
The Dante Cu-Au-PGE-Ni Project is in Western Australia. The West Musgrave region is renowned for its vast deposits of critical minerals such as copper, cobalt, and nickel. This flagship Project was acquired 100% by the Company in October 2023. GCX Metals has completed a Rock Chip program, identifying mineral anomalies for Cu-Au-PGE-Ni (Copper, Gold, Platinum Group Elements, and Nickel). Moreover, the Project encompasses large-scale magmatic Cu-Au-PGE-Ni targets and PGE-Au Reef targets, including a 23 km stretch of outcropping mineralised strike featuring notable concentrations of PGE3 (up to 3.4 g/t), V2O5 (1.13%), and TiO2 (23.2%). The Project is close to Australia’s largest Cu-Ni sulphide deposit of BHP’s $1.7 billion Nebo-Babel Project, which is expected to be producing concentrate by 2025.
About Mr Thomas Line, CEO and MD of GCX Metals
Figure 4: Mr Thomas Line, CEO and MD of GCX Metals
Mr Thomas joined GCX Metals as a part of the acquisition of Dante Resources. Before the acquisition, he headed the operations at Dante Resource as CEO and MD. He is a seasoned geologist with over 12 years of experience developing and managing projects from initial exploration to production. He has also led junior exploration companies on the Australian stock market for over four years.
Investor’s Outlook
- GCX possesses a diverse portfolio of projects encompassing critical and next-generation minerals, including Copper, PGE, Li-REE, and Gold, each at different stages of completion
- GCX Metals has successfully dispatched the first samples to the laboratory for assay from the Dante Project, and the drill program will be expanded to 47 drill holes
- Dante Cu-Au-PGE-Ni Project is just 15 km from BHP’s giant Nebo-Babel mining site (slated to begin operations in 2025). The Project exhibits similar geology, boosting confidence in establishing reserve targets
- GCX Metals Limited’s share price was traded at AUD 0.065 per share as of April 8th, 2024, with a 52-week range movement of AUD 0.023 – 0.069 per share
- The Company’s market capitalisation is AUD 16.42 million, with 278.5 million shares issued and outstanding as of April 8th, 2024
Visit the Company’s official website for detailed information and updates.
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