Published On: August 30th, 2023
Boab Metals Limited (ASX: BML) (“Boab” or the “Company”) announced the successful completion of the Phase VII drilling program at its 75% owned Sorby Hills Lead-Silver-Zinc Project, located in the Kimberly Region, Western Australia. The drilling program at the Keep Seismic Target resulted in the potential discovery of a new zone of mineralisation over a 15m interval from 242m, including levels of massive sphalerite (ZnS).
Key Highlights
- All program goals were achieved within the budget, with the drilling of 2,634 metres across 22 drill holes, representing a 24% increase in drilled metres. The Company has also tested one new target.
- The “Keep Seismic Target” drilling produced an intercept of visible mineralisation over a metre interval from a depth of 242 metres, including sections of massive sphalerite (ZnS).
- Assay results are anticipated for late Q3 or early Q4 2023.
On this remarkable achievement, the Managing Director and CEO, Mr Simon Noon, said:
“We are pleased to report the successful completion of our 2023 drilling campaign. Efficient drilling progress has allowed us to complete additional drill holes within the original budget, including three drill holes to test extensions to mineralisation north of Norton and Beta deposits, as well as the testing of the conceptual “Keep Seismic Target”. We are very excited to report that the drill hole at the Keep Seismic Target has predominantly intersected zinc-sulphide mineralisation between 242m and 257m. With the target’s conceptual nature and location at a depth where no mineralisation has been discovered, this is a great success. The location of the drill hole sits around 2km from the closest defined deposit at Sorby Hills.
Mineralisation continuity was also confirmed by the step-out drill holes at Norton and Beta. In conjunction with our 2023 drill program, Boab continues to advance toward a final investment decision on the Sorby Hills Project with preferred EPC contractor GRES firming up Front End Engineering & Design work, and discussions with financiers are ongoing.”
Background to Phase VII drilling program
The Sorby Hills Project reserve base was to be increased through additional metallurgical testwork, extensional drilling, and in-fill drilling. This objective was the focal point of Boab Metals’ proposed Phase VII drilling program, encompassing 19 diamond drill holes spanning approximately 2,000m.
The efficient and economical progress allowed the drilling of additional holes. As part of the program three additional holes were drilled: one at Norton North, 50m north of SHSD_164, in the region of scattered historic drilling; one at Beta to investigate the continuity of mineralisation; and one deep drill hole at the south of the present resource area.
Phase VII Drilling Program
The drilling program concluded with the completion of 22 drill holes totalling 2,634m, which is also 24% more metres than originally planned. Out of the total program, 1,200m across nine holes were drilled for resource/reserve expansion and exploratory goals, and 1,433m across 13 holes were drilled for metallurgical purposes. The use of sonic drilling technologies to penetrate the unconsolidated cover rocks during the drilling program has resulted in productivity gains.
The Keep Seismic Target
As indicated in July 2022, the Keep Seismic Target is a conceptual drill target that was developed using the interpretation of historical seismic data from petroleum development over the Burt Range Sub-Basin. As part of the Phase VII drilling program, Boab Metals successfully dug a 306.5m deep drill hole into the Keep Seismic Target. The drill hole SHSD_185 encountered the lower part of the Knox Formation around 224.6m. It concluded at a depth of 306.5m within extensive Sorby Dolomite, following the traversal of two mineralisation zones (upper interval of mineralisation and lower mineralisation interval).
The upper interval of mineralisation consists of disseminated and thin bands of massive sulphide-filled veins containing galena (PbS), marcasite (FeS), and sphalerite (ZnS). In the lower mineralisation interval – the principal target – there are intermittent sections of massive colloform sulphides dominated by sphalerite, along with disseminated coarse crystalline galena. The lowest massive sphalerite bed is located at a depth of 266.2m.
The Company believes that the initial findings at the “Keep Seismic Target” mark a substantial achievement in their exploration efforts. These results validate the concept and underscore the Burt Range Basin’s capacity to contain a notably more significant base metal mineralisation.
Figure 2: The section and geological interpretation of SHSD_185 and seismic line WP_96-08 are shown in detail
Mr Simon Noon, Managing Director of Boab Metals Limited
Figure 3: Simon Noon, Managing Director and CEO at Boab Metal Limited
With around 15 years of experience at the helm of public resource enterprises, Mr Simon Noon, who holds the positions of Managing Director and CEO at Boab Metals Limited, boasts considerable prowess in business planning, finance, strategic management, and successful capital acquisition across a broad spectrum of commodities.
His remarkable track record includes increasing Groote Resources Ltd’s market capitalisation from below AUD 10 million to market highs of AUD 200 million. Before Boab Metals Limited acquired West Rock Resources Ltd. in 2013, Mr Simon Noon, Co-founder of West Rock, held the position of its Managing Director. In this capacity, he developed joint ventures and strategic partnerships with mid- and top-tier miners.
Since taking the reins at Boab Metals in 2013, Mr Simon Noon has been in charge of project evaluation and exploration across Australia and South America. Notably, he oversaw the large purchase of Sorby Hills in Western Australia in 2018. Under Mr Simon Noon’s direction, Sorby Hills has seen a 50% rise in the size of its mineral resource and the completion of a high-quality PFS and a Definitive Feasibility Study highlighting the Project’s strong economics and low risk.
Investor’s outlook
- During the recent quarter, Boab Metals Limited achieved notable progress at their flagship Sorby Hills Lead-Silver-Zinc Project, bringing them closer to deciding mine. The Company’s commitment to ethical exploration and development aligns with the rising demand for refined lead, silver, and zinc.
- The Program has accomplished all its objectives, exceeding expectations by drilling 24% more metres than initially planned, all within the allocated budget.
- The drilling of the “Keep Seismic Target” area yielded an intercept displaying visible mineralisation. This mineralisation included sections with substantial sphalerite, a highly encouraging sign of potential economic deposits.
- The assay results, expected to be unveiled in late Q3 or early Q4 of 2023, hold great promise.
- These results will provide crucial information, offering investors insights into the Project’s overall viability and prospects.
- As of August 29th, 2023, the share price of Boab Metals is AUD 0.18 per share, with a 52-week range of AUD 0.375 to AUD 0.150 per share.
- Boab Metals has 174.46 million shares on issue as of August 29th, 2023, and has a market capitalisation of AUD 31.40 million.
About Boab Metals Limited
Boab Metals Limited (ASX: BML) is an ASX-listed exploration and development company based in Perth, Western Australia. Boab Metals specialises in base and precious metals and possesses holdings in Australia and South America. The Sorby Hills Lead-Silver-Zinc Joint Venture Project, in which the Company holds 75% of the ownership, is the Company’s flagship project in Australia.
Sorby Hills is situated 50 kilometres from Kununurra. There is existing infrastructure in the form of sealed roads, through which concentrate can be transported 150 kilometres from the site to the Wyndham Port facilities. Demonstrating its commitment to providing essential metals for a sustainable future, the Company maintains robust connections with the Kununurra and East Kimberley communities.
Disclaimer
The Content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations, and video (Content), is a service of COLITCO LLP and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is not a solicitation or recommendation to buy, sell or hold the stocks of the Company (s) or engage in any investment activity under discussion. Colitco LLP is neither licensed nor qualified to provide investment advice through this platform. Users should inquire about any investments, and Colitco LLP strongly suggests that users seek advice from a financial adviser, stockbroker, or other professional (including taxation and legal advice), as necessary. Colitco, at this moment, disclaims any liabilities to any user for any direct, indirect, implied, punitive, special, incidental, or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Colitco LLP. Some images/music used on this website are copyrighted to their respective owner(s). Colitco LLP does not claim ownership of any pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions, or are believed to be in the public domain. We have used reasonable efforts to accredit the head wherever it was indicated as or found to be necessary.
