C29 Metals is closing in on the Mayfield Project’s base metals potential, with a recently completed Induced Polarisation geophysical survey uncovering an extensive mineralised system and identifying a number of open exploration targets across the Project located in Queensland’s mineral-rich Mt Isa inlier.
Bearing Base Metals
The 46.7 line kilometre IP survey was completed by a highly experienced consultant Australian Geophysical Services and was completed over five sets of section lines to follow up on previous targets identified by the analysis of gravity survey, soil geochemistry and magnetic survey results received last year.
Figure 2: The Mayfield IP survey with changeability and the gravity targets
Chargeability and resistivity anomalies were produced in each of the five sets of IP lines over several of the previously delineated gravity and magnetic targets, with the changeability anomalies at MF_G4 and MF_G6 being of particular interest to the Company as they both remain open to the north and south.
C29 is now moving to immediately follow up on this success, with an additional 11.3km over six Induced Polarisation lines added to the survey to fully delineate the northern anomalies and allow it to fully evaluate the Project’s prospectivity and accurately design and prioritise targets for drilling.
The Company expects this follow-up program to be completed within two weeks.
Alongside the IP survey, the Company has also made a strategic pivot in its exploration activities, now deciding to no longer pursue the acquisition of the Pocitos 7 and Pocitos 9 lithium brine projects in Argentina, citing concerns around minimum lithium grade and porosity of the aquifer zone encountered at Pocitos 7.
The Company first secured the option to acquire 80 per cent of the Argentinian projects last October, but following extensive due diligence exploration, including the completion of a drill hole at Pocitos 7, C29 has come to the decision that acquisition and development of the Projects are not in its best interests and that focus would be better used on its existing projects.
While it remains open to new opportunities in the base and battery metals sector, the Company is doubling down on its existing portfolio, targeting its namesake element copper, ramping up exploration at its Mayfield, Sampsons Tank and Stadlers Projects which all exist in renowned copper-bearing regions.
C29’s Australian Stock Exchange-listed is currently selling at 8.5c (10.41 am UTC+ 8 hours).