Havilah Resources Limited (ASX:HAV) Updates Mutooroo Project Study Program
Drilling Program Completion
Havilah Resources Limited (ASX: HAV) has completed its drilling program at the Mutooroo copper-cobalt-gold project, totaling 7,511 metres, in collaboration with JX Advanced Metals Corporation (JXAM). The program aimed to obtain representative metallurgical drillcore samples and confirm potential resource expansions.
Significant Drill Results
Noteworthy intersections include 10 metres of 1.59% copper, 0.14% cobalt, and 0.29 g/t gold from 151 metres in drillhole MTRCD283, approximately 250 metres north of the existing JORC Measured Resource. Additional intersections within the existing resource envelope confirmed current resource grades, supporting the potential for significant resource expansion.
Future Plans and Partnerships
Havilah and JXAM are evaluating all drilling results before proceeding with further drilling. Planned activities include downhole electromagnetic surveying for selected drillholes to identify undrilled massive sulphide zones. The companies are negotiating an agreement for JXAM to fund a mining feasibility study on Mutooroo, potentially leading to JXAM acquiring an equity interest in the project.
Executive Comments
Dr Chris Giles, Technical Director of Havilah Resources, stated: “The drilling program at Mutooroo in cooperation with JXAM continues to fulfil its planned objectives of obtaining representative metallurgical drillcore samples and potentially extending and confirming the existing resource. We are most grateful for the funding and technical support provided by JXAM for this work.
“The data from this drilling program helps improve the current deposit model and will support the completion of an updated mineral resources estimation.
“The substantial resource upside potential at the previously undrilled northern end of the deposit continues to be supported by the new drilling results reported here.”
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.
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