Transcription of The Stock Network Interview with 49 Metals (ASX:49M), CEO Phil Carter
Lel Smits: 49 Metals has completed its maiden drilling program at Gold Mountain in Nevada with every hole hitting gold and or silver. The latest results combine substantial widths with high-grade zones, strengthening the case for a large mineralized system that remains open in all directions. I’m joined today by 49 Metals CEO Phil Carter to explain the results and plans to unlock Gold Mountain’s scale.
Phil, welcome back to the Stock Network.
Phil Carter: Hi Lel, thanks for having me here.
Lel Smits: Now, the latest drilling delivered Gold Mountain’s thickest intersection to date. How does this result change your view of the project’s scale and potential?
Phil Carter: Yeah, it’s a really pleasing result. We couldn’t have asked for a better result in the last assay to come back from Gold Mountain. Obviously, getting 170 metres of continuous gold mineralization at 0.9 is really, really pleasing.
It confirms sort of two things. First of all, we’ve got bulk tonnage potential. We’ve got lots and lots of gold around the one gram per ton mark, which is obviously really good for a bulk open pit mining potential one day.
And as well as that, we’ve got these sort of high-grade feeder structures we keep identifying. We’ve hit it three times now in our holes. So we’ve got a good mixture of high-grade gold, which is basically the plumbing system we think of the entire Gold Mountain system.
But as well as that, we’ve got this sort of broad, lower-grade mineralization, which is still a perfectly reasonable, you know, minable grade at sort of a gram a ton. So really, really pleased and we’re really looking forward to putting it all together into our geological model and working out what it means, you know, big picture and see the potential of Gold Mountain. It’s very exciting.
Lel Smits: Excellent. And look, DRC19 extended the interpreted feeder corridor. What does this tell investors about the high-grade opportunity within the broader system?
Phil Carter: Yeah, like I mentioned, it just means the plumbing system remains open sort of in every direction.
We’re still trying to get a feel of where this sort of feeder structure’s going. But to keep hitting really, you know, really high-grade gold, you know, this one was, you know, 10 metres, 8 grams within that 67 metres. So again, we just keep hitting this high-grade gold and, you know, what these structures represent for the entire project is still a little bit to be determined.
But we’re getting a really good feel for the orientation of this structure now, what this zone means and how to spot it geochemically. So yeah, really looking forward to chasing these high-grade zones up in future drilling.
Lel Smits: Absolutely.
And in terms of the future, all 22 holes returned gold and or silver mineralisation, while the added zone remain open in every direction. Where will you drill next? And also what key milestones should investors be watching through to the end of this year?
Phil Carter: Yeah, we’re still working through our drilling program at the moment. So next sort of two or three weeks, we’ll determine our final drilling campaign.
This is the scope of it, the size of it and where to put the holes. Clearly we’ll focus on the added zone as a priority. We’ll try and expand that, you know, Longstrike and Dan Dip, which it remains open to, as well as a few other targets around Gold Mountain.
We might do a couple of blue skull holes in just because you never know what you can find with these sort of blue skull holes. But the primary focus is on the added zone and also to test the relationship between, you know, the added zone and the previous drill sort of oxide resource, which is non-jork. But, you know, there’s nearly half a million ounces of historical resource there.
How does that relate to the added zone? They’re a fair distance apart, so I’d be really keen to see if they do join up, which is unproven yet, but we’ll look at doing that in due course and, and yeah, I suppose seeing how big Gold Mountain can be.
Lel Smits: Absolutely. Phil, thank you for the update on 49 Metals and congratulations on the results.
Phil Carter: No, thanks, Lel. I’m really good to be here and thanks for the interest.
Ends