MetalsGrove Unveils Four New Gold-Copper Prospects and Strong Zinc-Copper Assays

Exploration Breakthroughs at Bruce Gold-Copper Project

MetalsGrove Mining Limited (ASX: MGA) has delivered a compelling update in its December 2024 Quarterly Activities Report, revealing the identification of four new gold-copper exploration prospects at its Bruce Project in the Northern Territory. The project, covering over 17,700 hectares in the Central Desert Region, has yielded high-grade assay results from a recent mapping and sampling program, with gold values reaching as high as 53 g/t and copper assays up to 2.92%.

The exploration program combined geological mapping, rock chip sampling, and extensive soil sampling across multiple targets designated A through I. Notably, Targets A, B, and C near the core Bruce Prospect extended the known mineralisation footprint eastward, while Targets D and E revealed further gold mineralisation potential. Soil sampling delineated two distinct gold anomaly groups, suggesting both single and stacked quartz vein systems that could host significant mineralisation.

Edwards Creek Confirms VMS-Style Zinc-Copper-Lead Mineralisation

At the Edwards Creek Copper-Zinc Project, approximately 85 km north-northeast of Alice Springs, MetalsGrove reported encouraging assay results from a four-hole reverse circulation drilling program. Each hole intercepted volcanogenic massive sulphide (VMS)-type mineralisation, with the standout intercept being 32 meters grading 1.59% zinc, 0.48% copper, and 0.27% lead from 97 meters depth in hole 24EC001. These results not only confirm the presence of a substantial VMS system but also suggest the ore body thickens at depth and extends northeastward.

The drilling program builds on historical data from the early 1980s, enhancing the geological understanding of the deposit and setting the stage for further targeted drilling to delineate the resource size and mineralisation controls.

Financial and Corporate Stability

MetalsGrove ended the quarter with a solid cash balance of approximately $1.88 million, providing a stable financial foundation for upcoming exploration activities. The company also successfully passed all resolutions at its 2024 Annual General Meeting, reflecting shareholder confidence in its strategic direction.

Exploration expenditure for the quarter was $229,000, focused entirely on advancing the Bruce and Edwards Creek projects, with no mining production or development activities reported.

Looking Ahead: 2025 Exploration Plans

Managing Director Lijun Yang expressed optimism about the quarter’s results, highlighting the significance of the newly identified prospects and the robust zinc-copper-lead mineralisation at Edwards Creek. The company plans to undertake further infill sampling and drilling at Bruce to better define the four new prospects and to expand drilling at Edwards Creek to refine the understanding of the VMS deposit.

These developments position MetalsGrove as a promising multi-metal exploration company with a growing portfolio of prospective assets in the Northern Territory, poised to deliver value through continued exploration success.