Newly listed Minerals 260 has launched an initial A$6.7 million exploration program at its Moora gold-platinum group element-nickel-copper project and adjacent Koojan joint venture project in the Julimar Mineral Province of Western Australia, about 150km northeast of Perth.
Minerals 260, which was demerged from ASX 200 lithium developer Liontown Resources, listed on the ASX in October after raising $30 million in an oversubscribed initial public offering.
Moora is 100%-owned by the company, while it is earning 51% of Koojan from Lachlan Star. The projects cover 1100sq.km of ground in a WA exploration hot spot, north of Chalice Mining's major Julimar discovery.
Prior to listing, Minerals 260 reported early success at the Angepena gold prospect with a hit of 43m at 1.8 grams per tonne gold from 198m, including 18m at 3.9gpt gold and 2m at 21.2gpt gold.
Since the start of November, a further six diamond holes have been drilled for about 1200m to follow up the results.
While assays are pending, visual logging and portable XRF data indicate that the previously reported gold intersections may be related to two different styles of mineralisation: bleached, carbonate-altered zones coincident with anomalous arsenic, and/or zones of disseminated, veinlet and matrix pyrrhotite, chalcopyrite, arsenopyrite and pyrite.
Managing director David Richards said the company was extremely encouraged by the visual results and assays were expected in January.
Minerals 260 will carry out a review of the structural data to determine true widths and the relationship between the two different styles of mineralisation, as well as litho-geochemical and petrological analyses.
The company is planning a further seven diamond holes for about 2000m at Angepena, as well as a 35-hole, 5000m reverse circulation program to test targets spatially associated with the Mt Yule magnetic anomaly, including strike extensions of the Angepena gold prospect and the Northern and SEZ zones.
Other work planned as part of the 12-month exploration program includes an 11,000 line-kilometre aeromagnetic survey, a 400m x 400m ground gravity survey, 35 line kilometres of moving-loop electromagnetics, 40sq.km of gradient array induced polarisation, additional geochemical sampling, and follow-up aircore, RC and diamond drilling.
Minerals 260 has a strong team alongside Richards, Liontown's former managing director and current technical director.
Chartered accountant Anthony Cipriano is chair, with Liontown chairman Tim Goyder and former Equinox Minerals CEO Craig Williams as non-executive directors.
Goyder, who recently stepped down as chairman of Chalice, is also the company's largest shareholders with just under 14%.
Minerals 260 also boosted its board just after listing with the appointment of corporate lawyer Emma Scotney.
