GreenTech Metals Limited (ASX:GRE) Recommences Whundo Copper Drilling
Drilling Program Resumes
GreenTech Metals Limited (ASX:GRE) has announced the recommencement of its approximately 4,000m stage 2 diamond core drilling program at the Whundo Cu-Zn project located in the West Pilbara. This follows a brief hiatus during the Christmas and New Year period, with Topdrill returning as the drilling contractor.
The initial stage 1 program involved 1,710m of reverse circulation (RC) drilling, indicating strong potential for resource expansion at the Whundo cluster of volcanic-hosted massive sulfide (VMS) deposits. The stage 2 operations will target down plunge conductor zones associated with mineralised shoots at key locations including Austin, Shelby, Yannery, and Ayshia.
Funding and Support
The stage 2 drilling program is financed through a $2.3M placement that has been completed, following an extraordinary general meeting on 31 December. Additional funding includes a $1M drill-for-equity agreement with Topdrill and a government grant up to $140,000 from the Western Australia Government’s EIS program.
Executive Comments
Tom Reddicliffe, Executive Director of GreenTech, expressed enthusiasm about the drilling campaign. “We are excited to return to site and recommence drill testing of a host of untested conductors associated with mineralised copper shoots,” said Reddicliffe. The current phase will also involve downhole electromagnetic surveys which are expected to enhance targeting efficiencies.
Future Outlook
This drilling initiative aims to identify and quantify new resources, informed by previous findings which suggest significant potential expansion of the existing resources at Whundo, currently estimated at 6.19Mt with grades of 1.12% Cu and 1.04% Zn. Results from high-powered geophysical surveys conducted in December are anticipated soon and may yield additional drill targets.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.