M3 Mining Limited (ASX:M3M) has successfully expanded its holdings at both the company’s Victoria Bore Copper Project and Edjudina Gold Project in Western Australia.
The expanded portfolios improve the company’s tenement holdings in proven WA copper and gold districts.
The new tenements at Victoria Bore enhance the existing tenure that is highly prospective for copper and proximal to the Victoria Copper Mine that historically mined 183t at 32.7% Cu for 60t Cu
The company has been able to secure these additional ground positions in key strategic areas in an environment of significant ground acquisition activity and consolidation by competitors and majors.
Executive Director, Simon Eley, said M3M’s discrete acquisition strategy has been key in this regard and allows us to now focus on these areas as part of our core exploration at Victoria Bore and Edjudina.
The company also has exploration works underway with rock chip samples from Victoria Bore pending. M3M has as requested the lab expedite the process.
In addition, interpretation of a recently completed sub-audio magnetics (SAM) survey is currently in progress at Edjudina, and at Victoria Bore a program of work has been approved with drilling scheduled to commence early Q4 CY2021.
The successful application and granting of additional tenements at Victoria Bore and Edjudina aligns with M3 Mining’s strategy to build a package of highly prospective copper and gold exploration tenements in regions surrounded by majors,” Mr Eley said.
“We look forward to progressing these projects through a rigorous low-cost exploration programme over the coming months and updating shareholders accordingly.”
M3 Mining has also applied for an additional six tenements proximal to Victoria Bore, located in the southwestern corner of the Pilbara region of Western Australia.
At the company’s Edjudina Gold Project situated due east of Kalgoorlie on the Yilgani Fault Structure, M3 Mining was successful in a ballot for 9 sub-blocks of Exploration Licence 31/1265.
The sub-blocks lie west of Northern Star Resources’ Carosue Dam Operation and are considered to be highly prospective for gold. In addition, tenement application E31/1258 has now been granted. E 31/1258 contains the Jump Up target with historical drilling of 2m @ 5.69g/t Au including 1m @ 9.8g/t Au from 37m to EOH in JURB093 and 8m @ 1.29g/t Au from 6m Au in JURB188.