Wednesday, January 19, 2022

Discovery Metals reports glowing results from Mango Project

Discovery Metals, the Australian domiciled  mineral  exploration  and  development  outfit, has reported encouraging  results  from  the  ongoing  drilling  activity  at  its  recently  discovered  Mango  Prospect.

The Mango Prospect is a copper-silver mineralisation situated within┬á┬á the emerging Kalahari Copper belt in northwest Botswana. It is┬á a┬á new┬á expansion┬á of┬á the┬á company’s┬á 100 percent┬á owned┬á Boseto┬á copper┬á project.┬á

While  advancing  the  flagship  project  to  full  production  in  the  first  half  of  2012,  the  group  has  embarked  on  a  drilling  activity  which  discovered    multiple  parallel  mineralised  zones  along a 36-kilometre-long trend  at  Mango  zone.

According to its market update, results of the drilling to date indicate  that an oxidised zone exists,  approximately  65 metres below the surface.  The company said this indicates that the mineralisation at the Mango Prospect may offer potential for economic open pit or underground mining.  

The update noted that six diamond drill holes have been completed over a strike length of approximately one kilometre at the north?eastern end of Mango. All drill holes have intersected high?grade (> 1.5 percent Cu) copper?silver between 30 and 140 metres below surface and dipping approximately 60 degrees to the south?east. 

The company conducted Diamond and Rotary Air Blast (RAB) drilling  eight  km   at the south?western end of Mango  Prospect. The RAB results demonstrate there is potential for copper?silver mineralisation over eight kilometres of strike length to the south?west of the current diamond drill holes at the Mango Prospect.

The┬ácompany┬ásays┬ádrilling has also commenced near the south?west extremity of the Mango Prospect, about 36┬ákilometres south?west of the area drilled. “Two diamond holes have been completed to date┬áwith geological logging confirming that one hole intersected copper?silver mineralisation with assay results┬áawaited. Drill rig and a diamond core drill rig are currently working in this area┬áwith┬áfurther results┬áanticipated in November 2011.”

Company┬áManaging┬áDirector,┬á Brad┬á Sampson,┬á said, “Mango is an exciting┬á new discovery within the vicinity of the Boseto copper project that will be┬á explored further, with additional diamond┬á and RAB drilling┬á planned over the next few months.”

He added: “The┬ácompany continues to advance towards its goal of┬ádiscovery of another Boseto style project on the Kalahari Copperbelt┬á within the next 2 years.”┬á

He  said  that the  company  will  spend  approximately  $10  million  chasing  Boseto  number  two.  Some  recent  commodity  forecasts  indicate  that  average  prices  for  copper  and  silver  could  be  $US4.81/ib  and  26.70/oz  in  2012,  a  record  which  has  the  potential  to  attract  more  investment  to  successfully  advance  Boseto  number  2.

The Mango Prospect has been delineated after analysis of various data  from  the recent  65,000 line kilometre  helimag surveys,  which  were  part  of  companies  exploration in the Kalahari Copper belt. 

According┬á to┬á the┬á company’s┬á Exploration┬á Manager,┬á Frank┬á Mackay,┬á the surveys completed last week will assist in providing enhanced control on the surface trace of the prospective horizon for the copper?silver┬á mineralisation across the Copper┬á belt, and is likely┬á to┬á assist in target definition for follow up drilling┬á during┬á this┬á quarter┬á of┬á the┬á year.

Discovery Metals has 14 prospecting licences covering 8,877 km2 along the Copperbelt.
The Company has relinquished some areas that, after analysis by the Company, are not considered to be prospective.  The current exploration expenditure is approximately US$1 million per month.


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