Bass commences drilling campaign

THE DRILL SERGEANT: Bass Metals has commenced an expanded drilling program in the vicinity of its producing Hellyer Mine operations in northwest Tasmania.

The company has recently completed a capital raising program of entitlements offer to shareholders resulting in $8.8 million hitting the company’s coffers.

The raising has allowed Bass to announce an immediate doubling of its current surface drilling capacity.

The company has also indicated it has plans to restart underground drilling over the coming months.

The decision to accelerate its drilling program follows a string of drilling successes the company has achieved in the vicinity of the Hellyer mine.

One of the key targets for the expanded campaign is the recently drilled McKay discovery, located just 120 metres from the existing Fossey mine operations.

Recent exploration drilling at the McKay prospect returned a number of high-grade intersections including:

–    7 metres at 22.3 per cent zinc, 9.9 per cent lead, 0.7 per cent copper, 181 grams per tonne silver and 3.4 grams per tonne gold; and

–    1.65m at 21.9 per cent zinc, 14.7 per cent lead, 1.0 per cent copper, 182 g/t silver and 2.3 g/t gold.

Diamond drill rig mobilising to new site at McKay prospect. Source: Company announcement

Bass Metals managing director Mike Rosenstreich said the company was excited about the exploration potential in the McKay area.

“It’s proximity to the Fossey mine development means that it has the early potential to be upgraded into resources for our Hellyer project,” Rosenstreich said in the company’s announcement to the Australian Securities Exchange.

“Importantly it validates the company’s new exploration model, which opens up a range of new prospects in areas that have never been touched by a drill bit between the large high-grade Hellyer and Que River deposits.”

Bass Metals said it plans to use the recently raised funds to maintain an aggressive drilling program, advance a tailings feasibility study and continue the work on its revised mine plan at Fossey.

The company expects to announce further production successes at its Hellyer operations in the near future with the release of an Operations Update, following completion of a sixth milling campaign in early November.
 
“The past five months have been a difficult period for all Bass stakeholders,” Rosenstreich admitted.

“Many spectators had written us off, but with the proven quality of our team and assets we have emerged reinvigorated and are targeting sustainable and profitable growth.

“It is important to acknowledge the support of associated companies such as Mancala and Intec and our shareholders, Directors and brokers, Helmsec Global Capital who all supported the Entitlement Offer.

“They have all been important contributors to this fundraising process and I thank them for their patience and support.
 
“Bass Metals is now better placed to achieve the targets for growth and profits that our quality Tasmanian assets hold.

“We look forward to providing the market and our shareholders with further positive details of exploration activities and business and development plans going forward.”