20974 29Metals AR23 WEB V1 - Flipbook - Page 101
2023 key
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Chair letter and
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97
29Metals Appendix 4E and Annual Financial Report for 29Metals Limited and its Controlled Entities for the year ended 31 December 2023
22
Directors’ Report
Operating and Financial Review
Exploration Activities
xploration activit during the Reporting Period was limited following the xtreme Weather vent at Capricorn Copper. Activit focused on resource
conversion and extension drilling.
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An overview of exploration performance for the Reporting period is set out below.
rilling focused on resource conversion and resource extension at the Cervantes, Tr all, Amit , and X orebodies.
▪
▪
Cervantes drilling focussed on converting the core of the known mineralisation with the aim of increasing confidence in the resource classification.
The programme returned encouraging results which were reported in August 2 2 , including
―
S2
. m 1 .
. m 2.1
―
S2
1
―
S2
1
.9m
―
S2
1
1 .1m
.9m
m
n, .9 Cu, 1. Pb, g t Ag, . g t Au, from
n, 2. Cu, 9g t Ag, 1. g t Au, from 9 m.
2.9 Cu,
1 .
.
2.
. m and
g t Ag, .2g t Au, from 19.9m.
n, .
Cu, 1.
Pb, 1
g t Ag, 1.2g t Au, from
. m.
Cu, 2 g t Ag, . g t Au, from 2 .9m and
Cu, 11g t Ag, .2g t Au from
m.
Resource conversion drilling at X focused on mineralisation at depth, with the orebod remaining open down plunge.
rilling focused on SS, reenstone, and Mammoth. Activit was suspended after the xtreme Weather vent, as the site’s focus transitioned to recover
efforts.
▪
At Mammoth, activit focused on resource extension and returned encouraging results which were reported in April 2 2 . The drilling identified a
new mineralised trend not previousl identified approximatel 1 metres laterall from the known Mammoth mineralisation. e results included
―
MAM22 11
22 m 1.2 Cu, g t Ag, ppm Co, from 2 m
including, m
.9 Cu, g t Ag, 1 ppm Co, from 2 m.
A targeted drilling program to follow up these results commenced in late ecember 2 2 and is continuing in the Mar tr 2 2 .
▪
SS drilling focused on down plunge resource extension and resource conversion. All drilling in the program intersected mineralisation, with resource
extension drilling at depth intersecting broad copper, silver, and cobalt mineralisation outside 29Metals’ current Mineral Resources estimates.
Resource conversion drilling to the north is expected to extend mineralisation at depth and improve overall resource confidence. e results include
―
―
―
▪
S
S
S
SS22
SS22
SS22
W A
W2
A W1
. m
.1m
2 . m
2.
2.
.
Cu, 2 g t Ag, 1
ppm Co, from 21m
Cu, 2 g t Ag, 1221ppm Co, from
.9m and
Cu, 1 g t Ag, 9ppm Co, from
m. 9
Work on Capricorn Copper’s regional tenement holdings advanced during the Reporting Period with field work (mapping and soil sampling on
prioritised targets and surve work undertaken on the southern extents of the mine site and speran a ault one, to provide a greater
understanding of the structures controlling mineralisation.
o field exploration activit was undertaken in 2 2 , with work relating to Redhill limited to ongoing desktop evaluation of the ground southeast of the
known Cutters mineralisation seeking to identif potential for additional mineralisation. Multiple scenarios have been developed for potential future
pro ect activities. n 2 2 , 29Metals will evaluate strategic options for Redhill.
…
Refer to 29Metals’ announcement entitled ‘
–
’ released to the ASX announcements platform on 1 August 2 2 for full information regarding the
drilling results, including Competent Person’s statements and JORC Code Table 1 disclosures.
Refer to 29Metals’announcement entitled ‘
–
’ released to the ASX announcements platform on 12 April 2 2 for full information regarding the
drilling results, including Competent Person’s statements and JORC Code Table 1 disclosures.
9 Refer to 29Metals’announcement entitled ‘
–
’ released to the ASX announcements platform on 12 April 2 2 for full information regarding the
drilling results, including Competent Person’s statements and JORC Code Table 1 disclosures.
22
