Transcription of The Stock Network Interview with 49 Metals (ASX:49M), CEO Phil Carter
Lel Smits: 49 Medals has marked a transformational March quarter, successfully listing on the ASX after raising $10 million and immediately commencing drilling at its flagship Gold Mountain project in Nevada. With RC drilling underway and assays pending, the company is now focused on unlocking the potential of its Nevada gold portfolio. I’m joined today by CEO Phil Carter to discuss the milestone quarter and what comes next as drilling gets underway at Gold Mountain in Nevada.
Phil, welcome back to the Stock Network.
Phil Carter: Hi Lel, thanks for having me here. Good to be here again.
Lel Smits: Great to have you on. And since we last spoke, you have successfully raised $10 million and listed on the ASX. How important was it to move quickly into drilling really at Gold Mountain post-listing?
Phil Carter: Yeah, it’s a good question. Two things really. Firstly, we know a lack of news flow can be a real weight on junior explorers. So we really want to give investors near-term news flow and exposure to immediate discovery at Gold Mountain.
And secondly, we just really like Gold Mountain and we just couldn’t wait to start drilling this project and start unpicking this geological puzzle in front of us. So here are two reasons really why we wanted to drill early.
Lel Smits: Excellent. Now your maiden drilling program is underway. You’ve got 2,740 metres drilled across the first nine RC holes and more planned. What are you now going to be targeting with this program? And also really in broader terms, what does success look like for you?
Phil Carter: Yeah, so we’re targeting sort of six different areas on our project. We’re targeting each of them. One of those are geologically quite different to each other. It’s quite a geologically complex project, lots of structures and shear zones intersecting with each other.
But really, we’re targeting our IP anomaly, a couple of holes into the IP anomaly, try and see what this really strong response is at depth, which has never been tested before. So we’re targeting that with two or three holes, as well as we’ve already drilled some holes at higher grade zones in Montecristo zone, which is near the existing non-jork resource. And right now, we’re drilling up at what we call the adit zone, which is further up the mountain a little bit.
And we’re chasing these sort of high grade structures that the old timers used to mine on, which is what’s called the adit zone. There’s adits sort of scattered all across the area. So really following up some of those higher grade areas and try and prove continuation, extensions to those areas and potentially repetitions.
Lel Smits: And as for success, what does it look like? It’s obviously hard to say as a gold explorer.
Phil Carter: We just want to find obviously, you know, confirm some previous gold results and hopefully, like I said, find more gold mineralisation along strike and hopefully find a decent discovery.
Lel Smits: Absolutely. And look, as you’ve outlined, it’s certainly a busy period. You’ve got assays pending, further drilling planned. This is also alongside early stage planning at Cintra and Buffalo Canyon. In terms of priorities, though, over the coming quarter, how are you planning those priorities in the coming 12 weeks?
Phil Carter: Yeah, so obviously the main priorities is going to be gold and getting those assays back and then really the interpretation of what the results mean geochemically and obviously just, you know, assay wise for gold mineralisation. That’ll be our main focus for the coming one or two months, really trying to, like I said, unpick this puzzle at Gold Mountain and try and prove that we are sitting on what could be a potential economic gold project one day. Obviously, beyond Gold Mountain, we are planning some geophysics at Cintra.
So I’m hoping to kick that campaign off mid-year with some geophysics at Cintra so we can start advancing that project in the background.
Lel Smits: Certainly hitting the ground running, post-listing Phil and look forward to seeing what comes next for 49 Medals.
Phil Carter: Yeah, me too. Can’t wait, Lel, and we’ll look forward to updating you guys and the investors in due course with some results.
Ends