Pegasus extends massive sulphides at Mt Mulcahy

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THE DRILL SERGEANT: Pegasus Metals (ASX: PUN) has received drilling results, which it claims have confirmed the presence of extensive massive sulphide mineralisation with high-grade copper as well as zinc, silver and gold at the South Limb Pod deposit at the company’s Mt Mulcahy project in Western Australia.

The latest results include grades of up 5.2 per cent copper and 3.28 per cent zinc.

 

Mt Mulcahy project – South Limb Pod. Source: Company announcement

 

Notable intercepts from the latest drilling include:

–    3.8metres at 3.11 per cent copper, 2.89 per cent zinc, 27.6 grams per tonne silver and 0.46 grams per tonne gold;

–    1.8m at 5.20 per cent copper, 3.49 per cent zinc, 36.9g/t silver and 0.84g/t gold;

–    4.8m at 4.30 per cent copper, 2.68 per cent zinc, 36.8g/t silver and 0.28g/t gold; and

–    4.3m at 4.76 per cent copper, 3.30 per cent zinc, 42.6g/t silver and 0.36g/t gold.

Pegasus said the mineralisation at South Limb, located 50 kilometres north of Cue in the Murchison Region has now been outlined over a down-dip extent of approx. 150 metres.

Diamond drilling is ongoing to determine the down-plunge and down-dip extent of the mineralisation, which remains open in all directions.

“These latest assays show South Limb Pod is emerging as a substantial body of high-grade VMS mineralisation,” Pegasus Metals managing director Michael Fotios said in the company’s announcement to the Australian Securities Exchange.

“We are particularly encouraged by the fact that the geology and the grades are very similar to those contained in world-class ore bodies in the region.

“We will continue with an intensive program of diamond drilling to grow the known extent of this mineralisation with a view to establishing a maiden JORC resource at the first opportunity.”

Pegasus has acquired a 100 per cent interest in the tenements, which comprise the Mt Mulcahy project, from private company Black Raven Mining, although the transaction is still subject to shareholder approval.

The project is situated in a similar geological setting to the world-class Golden Grove VMS deposits and the recent Hollandaire copper discovery announced by Silver Lake Resources (ASX: SLR) at its Murchison project.