Published On: November 9th, 2023
Boab Metals Limited (ASX: BML) (“Boab” or the “Company”) announced the significant drilling discovery at Keep Seismic Target. The 1st drill hole of Phase VII drilling program conducted at the Keep Seismic Target within its 75% owned Sorby Hills Lead-Silver-Zinc Project, located in the Kimberley Region of Western Australia, has delivered noteworthy assay results.
On this remarkable achievement, Boab Metals Limited Managing Director and CEO, Mr Simon Noon, said:
“We are very excited to confirm that the drill hole at the Keep Seismic Target has intersected zinc lead sulphide mineralisation between 242m and 257m as was anticipated. This is an outstanding success given the conceptual nature of the target and its location in an area and at a depth where no mineralisation has been intersected before. The location of the drill hole sits around 2 km from the closest ore reserves at Sorby Hills and will be a catalyst for further exploration within our mining tenements.
There is more to be discovered at Sorby Hills. The step-out drill holes at Norton and Beta also confirmed the continuity of mineralisation.
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 whilst discussions with financiers are ongoing”.
Table of Contents
Phase VII Drilling Program Overview
The Phase VII drilling program concluded, exceeding its original plan by covering 24% more metres. In total, 2,634 metres were drilled, serving dual purposes. A significant portion of 1,433 metres, distributed across 13 holes, was drilled to support metallurgical studies, while the remaining 1,200 metres, divided into 9 holes, focused on expanding resources and exploring new possibilities.
The figure below represents the locations of the completed drill holes for the Phase VII drilling program concerning previous drilling, the Mineral Resource, and DFS open pit outlines.
The Keep Seismic Target Drilling Updates
As indicated in October 2023, using the interpretation of seismic data from petroleum exploration developed over the Burt Range Sub-Basin, Boab Metals successfully dug a 306.5 metre-deep drill hole into the Keep Seismic Target. The drill hole SHSD_185 encountered the lower part of the Knox Formation around 224.6 metres. It concluded at a depth of 306.5 metres 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 – intermittent sections of massive colloform sulphides are dominated by sphalerite, along with disseminated coarse crystalline galena. The lowest huge sphalerite bed is located at a depth of 266.2 metres.
The Company believes the initial geological findings at the “Keep Seismic Target” mark a significant exploration success. These results validate the concept and underscore the Burt Range Basin’s capacity to contain a notably more substantial base metal mineralisation. The Company’s further aim to progress with follow-up work with its knowledge from the seismic data results at the Keep Prospect. The first drill hole into the conceptual target, SHSD_185, produced significant results.
- At a depth of 242.55 metres, a 9.55-metre interval containing 5.10% PbEq (comprising 2.59% Pb and 2.26% Zn) was identified
- Within this interval, a subsection of 3.12 metres exhibited even higher concentrations, with 13.43% PbEq (comprising 6.37% Pb and 6.36% Zn)
- Additionally, a silver content of 26.5 g/t Ag was detected starting from 245.36 metres
- SHSD_185 upper mineralisation interval encountered 4.40 metres @ 0.81% (0.67% Pb and 0.13% Zn) and 11 g/t Ag from 83.6 metres
Norton North and Beta Drilling Updates
Exploration efforts on the Norton deposit’s northern edge yielded positive results by drilling holes SHSD_164 and SHSD_183. Impressive grades and composition were discovered at the Norton Ore body intercepts. Both the holes intersected partial oxidised and massive galena mineralisation. The drill holes of about 100 metres show consistent mineralisation.
- SHSD_164: 6 metres at 9.92% PbEq (3.92% Pb and 170 g/t Ag) starting from 101 metres down the hole
- SHSD_183: 2 metres at 6.85% PbEq (4.43% Pb and 69 g/t Ag) starting from 103 metres down the hole
- SHSD_184: 2.80 metres @ 3.84% PbEq (3.17% Pb & 19 g/t Ag) from 129.0 metres down the hole
Norton Ore Body Updates
- SHSD_171: 11.05 metres @ 17.63% PbEq (10.98% Pb & 189 g/t Ag) from 81.95 metres
- SHSD_174: 11.60 metres @ 20.23% PbEq (8.78% Pb & 325 g/t Ag) from 74.40 metres
Metallurgical Testing for Norton Deposit
Metallurgical test work is being conducted to determine the metallurgical characteristics and uniformity of the Norton deposit compared to other ore domains within the Sorby Hills deposit. The encountered ore grade intervals show low iron content and high silver. Additionally, Norton’s geometry and mineralisation grade align with the Sorby Hills Resource model in terms of depth and width.
Investor Outlook and Financials
- The announcement confirms positive drilling results at the Keep Seismic Target, indicating significant base metal mineralisation. This discovery suggests that Boab Metals has access to valuable resources, including lead, zinc, and silver, in high demand for various industrial applications
- Boab Metals highlights exploration success at the Keep Seismic Target and other locations like Norton North and Beta. This success suggests the potential for further resource expansion, which is positive news for investors
- With these drilling results, Boab Metals is on a path to expand its resource base and increase its revenue streams potentially. This announcement sets the stage for future growth, translating into higher shareholder value and company success
- By the end of September 2023, the Company had around AUD 3.0 Million in cash, which serves as a financial safety net. This amount ensures the Company has funds to continue Project optimisation initiatives and exploration activities
- Boab Metals (ASX: BML) stock price stands at AUD 0.125 per share as of 8 November 2023, with a 52-week range of AUD 0.059 – AUD 0.375 per share
- The Company has a market capitalisation of AUD 21 million as of 8 November 2023, with 174.46 million shares on issue
Visit the official website for the latest news and announcements.
About Boab Metals Limited
Boab Metals Limited (ASX: BML) is an exploration and development company headquartered in Western Australia. Their primary focus is the Sorby Hills Lead-Silver-Zinc Joint Venture Project in Western Australia. Boab Metals has a 75% ownership stake in this venture, with the remaining 25% being contributed by Henan Yuguang Gold & Lead Co. Ltd.
The Sorby Hills project is located just 50 kilometres from the regional hub of Kununurra in the East Kimberley region, with sealed roads from the project site to the facilities at Wyndham Port, covering a distance of 150 kilometres.
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