Transcription of The Stock Network Interview with 49 Metals (ASX:49M), CEO Phil Carter
Lel Smits: 49 Metals has delivered another strong set of drilling results from its Gold Mountain project in Nevada with a broad 64m gold intercept adding to the confidence that the company is defining a large gold system. The latest results expand the high grade at its own discovery while multiple assay results are still pending. I’m joined today by CEO Phil Carter to discuss the latest drilling results and what they reveal about the scale of the Gold Mountain project as the high grade discovery continues to grow.
Phil, welcome back to the Stock Network.
Phil Carter: Hi, Lel, thanks for having me again.
Lel Smits: Great to have you on and 49 Metals has just released results showing a broad gold system emerging at your flagship Gold Mountain project in the Walker Lane trend of Nevada in the US.
Phil, what do these latest intercepts tell you about the overall size and also the potential of the Gold Mountain system?
Phil Carter: Yeah, Lel, what excites us most about the project and the results really isn’t just the individual grades, it’s what we’re learning about the geology is what’s more important to us right now. Now we’ve got these broad zones of gold mineralisation, it’s all oxidised too, we know we’ve got extensive alteration, we’ve got countless historic workings of the project and importantly we believe we’ve found a high grade feeder corridor. Now those are all characteristics of what you’d see, what you’d expect in a significant epithermal system and every drill hole is helping build a much clearer model which is really exciting for us.
Before we started drilling we were sort of thinking to ourselves, do we have a gold system here? Obviously there was a bit of sniff here and there of gold but now we’re asking ourselves, how big can the system be? So it’s really encouraging and every drill hole is finding more gold and it’s helping build our model as we keep getting results in. So still early days, more drilling to come but the project’s becoming increasingly more coherent from a geological perspective and that’s really encouraging.
Lel Smits: Awesome and Phil these new results as you’ve touched on appear to strengthen the high grade added zone discovery and also a suggesting mineralisation extends well beyond a single structure.
Why do you think this is important and also can you explain to us how it has also improved your confidence in the project?
Phil Carter: Yeah so hole nine was a discovery hole. It was exciting because we hit this what we think is a high grade feeder corridor and the question after that was, did we just get lucky with that hole or was it a real structure, a real structure that continues along the strike? So hole 16 has gone a long way to answer that. Obviously it was about 40 metres drilled away from hole nine and obviously hit the same structure, really high grade, same sort of geochemistry as well but the 64 metres at a gram in the same hole above the structure associated with the structure, it just shows we’ve got a lot of broad mineralisation event happening at Goldmound.
So it’s not just going to be this high grade, not just the low grade. We’ve got a broad mineralisation model which is I suppose a highlight of these big sort of epithermal projects. The high-grade feeder corridor is obviously where we expect the higher grade to be and these mineralisation fluids are sort of concentrated on.
Now we’re seeing these structures continue sort of a long strike and we’ve seen the gold sort of leaking up these structures. We see this sort of nice broad sort of lower grade intersections and that’s really important and it’s really where you want to be as an explorer is just sort of finding gold everywhere you drill which is exciting.
Lel Smits: Absolutely and filled with six drill holes that are still awaiting assays and also that follow-up drilling planned later this year, what are you telling investors now to keep an eye out on?
Phil Carter: Yeah so frustratingly the assay turnaround is a bit lengthy at the moment given its drill season is in full swing in the American summer right now.
But we do expect to get those results over the next sort of six-odd weeks or so. So I’d expect to see another two or three announcements on results over the next sort of six to eight weeks and then we spend some time analysing the data. Once we get the full data set available to us we’ll spend some time working out where to drill next.
Our next drilling campaign we’re committed to doing it obviously before the end of the year and the next campaign will focus more on expanding areas of known gold mineralisation rather than I suppose more blue sky exploration which we’ve done to date to try and determine the best prospects. Now we know where the best place to look is so I think now it’s more about well next campaign be more about growth rather than sort of more drilling different targets.
Lel Smits: Phil thank you for the update from 49 Metal.
Phil Carter: No worries, thanks, Lel.
Ends