Octava Minerals Limited (ASX:OCT) (“Octava” or the “Company”), a Western Australia focused explorer of the new energy metals antimony, REE’s, Lithium and gold, is pleased to report that the drill rig is relocating to site at the Yallalong antimony project and will commence drilling this weekend. Drilling will focus on two antimony targets, Discovery and Central, with No.4 and North targets to be drilled in the new year.
Highlights
Drill rig relocating to site with drilling to commence this weekend. The 3000m reverse circulation (RC) drill program is targeting further high-grade antimony at the Discovery prospect. Historic drilling at Discovery recorded high-grade antimony intercepts over a strike length of ~300m and remains open. Results include: YRC16: 7m @ 3.27% Sb from 12m including 1m @ 11.5% from 18m YRC06: 3m @ 6.83% Sb from 21m including 1m @ 13.6% Sb from 22m After drilling at Discovery, the drill rig will relocate to the Central antimony target, 2km north along strike. There has been no previous drilling at Central. A detailed geophysical survey over the antimony corridor at Yallalong is now complete, with the data being processed. This is expected to generate further targets within the antimony corridor.Octava’s Managing Director Bevan Wakelam stated, ‘It’s great to have the rig heading to site and earlier than we had planned. The drilling will start on Discovery, then move to the Central target and should take about 2 weeks to complete. High-grade antimony has already been intersected at Discovery over a significant strike length and this drilling will further test the size. We will also twin some of the previously drilled holes.’
The antimony (Sb) mineralisation identified at Yallalong appears within a 10km north-south striking mineralised corridor that is interpreted to be related to a structural belt between the regional scale Darling and Woodrarung faults. Previous exploration identified four principal antimony targets where antimony mineralisation was exposed at surface. Only the Discovery Prospect has any drilling and remains open. Antimony ingot prices at that time were ~$8000/tonne compared to over $30,000/tonne now1.
Drilling at Discovery target recorded some of the highest-grade antimony drill intersections in Australia, at shallow depth, over a strike of ~300m including:
YRC16: 7m @ 3.27% Sb from 12m including 1m @ 11.5% from 18m YRC06: 3m @ 6.83% Sb from 21m including 1m @ 13.6% Sb from 22m YRC27: 6m @ 1.35% Sb from 13mAfter drilling at the Discovery target is complete, the rig will then move to the Central target, which is located 2 kilometres north along strike. There has been no previous drilling at the Central target.
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