Can High-Tech Metals Sustain Momentum as Wagtail Drilling Targets Resource Upgrade?
High-Tech Metals Ltd reports impressive high-grade gold rock chip results at its Mt Fisher project, setting the stage for imminent infill drilling at the Wagtail deposit to refine resources and advance development.
- Rock chip assays up to 14.75 g/t Au at Mt Fisher
- Bullock Pit samples confirm ‘Wagtail-style’ mineralisation with grades up to 14.2 g/t Au
- Historical data shows exceptional grades including 73.8 g/t Au rock chips and 32 g/t Au bulk sample
- Infill reverse circulation drilling at Wagtail to commence soon, targeting resource upgrade
- Mining agreement with SSH Group funds pre-feasibility and drilling activities
High-Grade Gold Confirmed at Mt Fisher
High-Tech Metals Ltd (ASX, HTM) has revealed compelling new exploration results from its 100%-owned Mt Fisher Gold Project in Western Australia. Recent rock chip sampling returned high-grade gold assays reaching 14.75 grams per tonne (g/t) at Mt Fisher, while the nearby Bullock Pit, situated just north of the Wagtail deposit, yielded samples up to 14.2 g/t Au. These findings reinforce the presence of ‘Wagtail-style’ quartz-vein mineralisation, known for its rich gold content.
Historical Context and Resource Potential
The Wagtail deposit itself boasts a JORC 2012 Mineral Resource of 14,600 ounces at 7.11 g/t Au, hosted within a steeply dipping quartz vein system. Historical sampling at Wagtail has been impressive, with rock chips averaging over 12 g/t Au and individual assays as high as 73.8 g/t Au. A notable bulk sample collected in 1982 returned 32 g/t Au, underscoring the deposit’s high-grade nature. These data points suggest significant upside potential beyond the current resource footprint.
Imminent Drilling to Refine Resource and Support Development
Building on these encouraging results, High-Tech Metals is poised to commence an infill reverse circulation (RC) drilling program at Wagtail in the coming weeks. This drilling aims to enhance geological confidence, support updated resource estimates, and provide critical metallurgical data. Previous drilling at Wagtail has intercepted remarkable grades, including 5 meters at 41.13 g/t Au and 3 meters at 55.14 g/t Au, highlighting the deposit’s rich core zones.
Strategic Partnership Accelerates Project Advancement
Exploration and development activities at Wagtail are being managed by SSH Mining Australia Pty Ltd, a subsidiary of SSH Group Ltd (ASX, SSH), under a Mining Agreement announced earlier this year. SSH is funding all pre-feasibility studies and drilling required to advance the project toward a Final Investment Decision. Concurrently, scoping studies and discussions on toll treatment options with nearby processing operators are progressing, aiming to streamline the pathway to near-term gold production.
Outlook and Next Steps
High-Tech Metals’ CEO James Merrillees emphasised the significance of the results and the upcoming drilling campaign, "The exceptional grade profile at Wagtail, with historical production averaging 66 g/t Au, positions us well for rapid advancement. The infill drilling will be pivotal in refining our resource model and supporting mining studies, bolstered by SSH’s funding and technical expertise." The company is also undertaking metallurgical testwork and mine design studies to underpin project planning and development.
Bottom Line?
With high-grade gold confirmed and drilling imminent, High-Tech Metals is on a fast track to unlock Mt Fisher’s full potential.
Questions in the middle?
- Will the upcoming infill drilling confirm extensions to the high-grade Wagtail resource?
- How will metallurgical test results influence processing strategies and project economics?
- What are the timelines and terms for potential toll treatment and offtake agreements?
