Mantle Minerals has identified four promising new drill targets at its Mount Berghaus project following a high-resolution gravity survey, while seeking government co-funding to advance exploration.
- High-resolution gravity survey delineates four new drill targets at Mount Berghaus
- New targets linked to magnetic intrusions and structural controls near known gold mineralisation
- Application submitted for WA Government Exploration Incentive Scheme co-funding
- Recent drilling confirms multiple gold halos with encouraging grades and depths
- Quarterly cash flow shows ongoing exploration expenditure and a $700,000 capital raise
Mount Berghaus Exploration Advances
Mantle Minerals Ltd (ASX: MTL) has reported significant progress at its Mount Berghaus gold project in Western Australia, following a detailed geophysical review and a recently completed high-resolution gravity survey. The survey has successfully identified four compelling new drill targets associated with buried intrusions and structural features that appear to control gold mineralisation.
The gravity survey focused on the southern drill line of the Mount Berghaus tenement, an area already known for gold mineralisation intersected in recent drilling. Notably, two distinct gold halos were confirmed: one spanning over 800 metres with grades up to 3.57 g/t Au over 4 metres, and another with a broader but lower-grade intersection of 32 metres at 0.16 g/t Au. These findings reinforce the prospectivity of the area and provide a refined framework for targeting.
New Drill Targets and Structural Insights
The four gravity-defined targets (MTB_T1 to MTB_T4) are interpreted to represent previously untested magnetic intrusions and alteration zones within sediments. Depth modelling indicates these targets lie at relatively shallow depths beneath cover, enhancing their accessibility for upcoming drilling campaigns. The proximity of these targets to anomalous drill collars and interpreted magnetic structures suggests a strong geological rationale for follow-up exploration.
These structural interpretations build on the understanding of the Mallina Shear and associated northwest and northeast trending faults, which appear to localise higher-grade gold mineralisation. The identification of potential intrusive bodies and alteration halos could mark the presence of a significant mineralising system.
Funding and Strategic Outlook
To support the next phase of drilling, Mantle Minerals has submitted an application for co-funding under the Western Australian Government’s Exploration Incentive Scheme (EIS). This grant, if awarded, would provide valuable financial support to accelerate exploration activities and de-risk the project.
Beyond Mount Berghaus, the company is preparing a new geophysical interpretation for its Yule River project, which covers the prospective Sholl Shear Zone. This work aims to expand Mantle’s exploration pipeline and leverage structural analogies with the Mallina Shear.
Financial and Corporate Developments
The quarterly cash flow report reveals ongoing investment in exploration, with $11,073 spent at Mount Berghaus and a total exploration expenditure of approximately $102,000 across all projects. Mantle also completed a capital raising of $700,000 during the quarter, bolstering its financial position. However, a proposed capital consolidation resolution was withdrawn at the recent general meeting, indicating some caution or reconsideration among shareholders.
With a current cash balance of $86,000 and ongoing funding efforts, Mantle remains focused on advancing its exploration targets while managing its capital structure prudently.
Bottom Line?
Mantle’s new gravity-defined targets at Mount Berghaus set the stage for a pivotal drilling campaign that could reshape its gold exploration prospects.
Questions in the middle?
- Will the WA Government approve Mantle’s Exploration Incentive Scheme grant application?
- How will the upcoming drilling results at the new gravity targets impact Mantle’s valuation?
- What are the implications of the withdrawn capital consolidation for shareholder confidence?