Pegasus reports copper-zinc-silver hits at Mt Mulchay
THE DRILL SERGEANT: Pegasus Metals (ASX:PUN) has intersected high-grade copper with zinc and silver in massive sulphides during an initial drilling program being conducted at the South Limb Pod deposit at the company’s Mt Mulcahy project in Western Australia.
Pegasus said the results confirm Mt Mulcahy hosts high-grade copper-rich polymetallic volcanogenic massive sulphide (“VMS”) mineralisation.
The company has completed diamond drilling in for holes to date, one of which intersected its target horizon north of the mineralised shoot and returned anomalous base metal mineralisation in sediments.
Another intersected massive sulphides containing abundant chalcopyrite and sphalerite over 7 metres from 30 metres to 37 metres down hole.
Pegasus said it had received assays from an intersection of 4.3m true thickness from 31.4m to 35.7m down hole averaging 4.48 per cent copper, 2.88 per cent zinc and 38.1 grams per tonne silver.
Gold assays from this interval are awaited.
Diamond drilling conducted by private company Black Raven Mining also returned encouraging results, including an intersection of 6.80m true thickness of massive sulphide from 112.20m at 4.86 per cent copper and 3.67 per cent zinc in the South Limb Pod.
Mt Mulcahy project – South Limb Pod. Source: Company announcement
Pegasus recently acquired a 100 per cent interest in the tenements located north of Cue in the Murchison Region from Black Raven Mining, subject to shareholder approval.
“This outstanding first round of assays confirms the high-grade VMS nature of Mt Mulcahy and in particular South Limb Pod,” Pegasus Metals managing director Michael Fotios said in the company’s announcement to the Australian Securities Exchange.
“The combination of the high grade, the shallow nature of the mineralisation and the fact that it remains open along strike and at depth highlights the significant potential of South Limb Pod.
“Despite some highly promising results, exploration in this area has been extremely limited.
“Drilling is ongoing to delineate the extent of this mineralisation, with a steady flow of assay results expected over coming months.”
The company said its ongoing diamond drilling program will focus on delineating the SLP massive sulphide lens along strike and down plunge.
Further testing of selected EM targets will also be undertaken.
Pegasus is currently undertaking a review of all historical drilling completed to date to determine how much of this can be used to complete a JORC-compliant resource estimate once the current program is completed.
The company said a good deal of the historic drill holes appear to have suffered RC/core recovery issues or were insufficiently assayed and may need to be redrilled.
