Octava Minerals Limited (ASX:OCT) (“Octava” or the “Company”), a Western Australia focused explorer of the new energy metals antimony, REE’s, Lithium and gold, is pleased to report that it has secured agreement with a drilling contractor to conduct exploration drilling at its 100% owned Yallalong antimony project. Drilling is expected to start in the last week of this month.
Highlights
- Octava has now completed the selection process for a drilling contractor to conduct exploration at its 100% owned high-grade Yallalong antimony project in the Midwest of Western Australia.
- A 3000m drilling program is expected to commence by the end of this month and will focus on the Discovery target, where previous high-grade intercepts have been recorded including:
- YRC16: 7m @ 3.27% Sb from 12m including 1m @ 11.5% from 18m
- YRC06: 3m @ 6.83% Sb from 21m including 1m @ 13.6% Sb from 22m
- Maiden drill holes will also be completed on the Central antimony target, where no previous drilling has been done.
- Detailed geophysical survey over the identified antimony corridor at Yallalong is progressing well, now 40% complete.
- The geophysical survey will assist in defining additional antimony targets within the corridor, that may be transported cover.
Octava’s Managing Director Bevan Wakelam stated, ‘We are really pleased to have secured our drillers to undertake the exploration drill program to outline further high-grade antimony at Yallalong. We will target lateral extensions of existing, known high grade antimony mineralisation and also the underlying bedrock contacts. We also look forward to completing the geophysical survey that will provide us with better geological understanding of what’s below the surface along the antimony corridor.”
The antimony (Sb) mineralisation identified at Yallalong appears to occur within a 10km north-south striking mineralised corridor that is interpreted to be related to a structural corridor between the Darling and Woodrarung faults. The fault zones act as conduits for mineralising fluids into the sedimentary rocks that are peripheral to mafic intrusive dykes, a well-known geological setting for antimony deposits worldwide.
Octava is planning to drill two of the priority antimony targets at the Yallalong antimony Project, Discovery and Central. Previous exploration identified four principal antimony targets where antimony mineralisation was exposed at surface at all target locations. Only the Discovery Prospect has any drilling and remains open. Antimony ingot prices at that time were ~$8000/tonne compared to over $30,000/tonne now1. Drilling is expected to commence at the end of this month.
The detailed geophysical surveys are progressing well, now at 40% and on track to be completed in the next 7-10 days. The survey will provide clearer understanding on these key structures, such as shears & faults and provide better definition of controlling lithological boundaries.
This announcement has been authorised for release by the Managing Director/CEO.
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