Transcription of The Stock Network Interview with 49 Metals (ASX:49M), CEO Phil Carter
Lel Smits: 49 Metals has reported another strong set of drilling results from its maiden RC program at the Gold Mountain Project in Nevada. The latest results support geological interpretations that the high-grade corridor remains open in all directions while assays are still pending from nine additional holes. I’m joined today by CEO Phil Carter to discuss the significance of the latest drilling results, the emerging geological model and the next catalysts as Gold Mountain continues to demonstrate the characteristics of large epithermal gold systems.
Phil, welcome back to the Stock Network.
Phil Carter: Hi Lel, thanks for having me again.
Lel Smits: Great to have you on and to see your latest drilling which has extended the interpreted high-grade feeder structure.
Can you give us an update really how significant this result is in terms of building that confidence that you’ve identified a much larger mineralized system?
Phil Carter: Yeah, it absolutely does build confidence in our model and really supports our theory that Gold Mountain has significant potential to host a good-sized gold deposit. We stepped out 40 meters or so from this high-grade feeder structure we discovered in hole 9 and managed to hit the same structure which is good news. Now the grade wasn’t as good as hole 9 which ran 27 meters at 8 grams including a nice sort of 20 gram intersection there but to hit more high-grade gold of sort of 5 gram dirt over 6 meters within a 15 meter 2.5 gram sort of intersection.
It’s got the same elevated pathfinder geochem signature so we do know it’s the same feeder structure and that helps build some orientation to this sort of feeder zone and potentially helps us understand the geometry of this system further which is obviously really good news.
Lel Smits: Yes and Phil, Gold Mountain is increasingly showing those hallmarks of a large epithermal system. How has your understanding of the project evolved really now as the drilling is progressing?
Phil Carter: Yeah it’s becoming more clear to us the importance of these larger regional structures.
Now we knew these were going to be quite important obviously but these sort of structures and where they sit in regards to the contact between you know the the oddy rhyolite and this sort of fraction tuff, it does act as a sort of significant fluid pathway and or you know trap potentially for the gold mineralization. So that’s been really important learning for us from this drilling program. The depth of the oxidation is also a bit deeper than we’d initially thought which is obviously good news for you know mineral processing down the track.
Everything we’ve found so far is all oxidized gold you know even down to 300 meters. So that’s again really good news there for later on, at least because of the project one day if it does. And beyond the high grade hits in the added zone we continue to find gold in all our other targets albeit some of them are quite narrow but we’re still getting sort of 2 grams up to 4 gram dirt over these sort of high grade structures that we’re hitting in these other prospects.
So which evidence was a big system at play here. It’s clearly carrying gold mineralization. We just need to narrow our search down a bit now and focus on finding out whether you know the bulk of this of this gold is going to sit.
Lel Smits: Yes and so with assays still pending from nine holes what catalysts do you think investors should be watching over the coming months?
Phil Carter: Yes we demobilized the rig from site a couple of days ago. We did 22 holes in total across number of prospects. Like I said there’s nine assays in the lab still waiting for results.
We should get those in the next month to six weeks which would give us a really good understanding of the system at play here. Most of those holes were drilled around this sort of added zone around these sort of feeder structures. So hopefully we get some more sort of high grade results to come and then beyond that obviously our attention shifts to follow-up drilling.
You know we have to do some drill targeting once we get all the all those results in and do some science, do some good brain work on it and try and get a diamond rig to site by the end of the year targeting sort of early quarter early Q4 and go and sort of re-target the edit zone, get some good structural analysis and hopefully expand this sort of discovery zone a bit more.
Lel Smits: Phil thank you for the update from 49 Medals.
Phil Carter: No worries thanks Lel.
Ends