Mandrake Resources Limited (ASX: MAN) has identified a distinct “bullseye” total magnetic intensity anomaly measuring 1.5km in diameter at its Newleyine Prospect north of Perth.
The anomaly, which corresponds with confirmed ultramafic layered intrusive units and banded iron formation (BIF) was highlighted in targeting activities undertaken by the company relating to exploration licence application (ELA) 70/5345, in the Jimperding Metamorphic Belt, 70km north east of Perth.
The Jimperding Project lies approximately 30km east of Chalice Gold Mines Limited’s Julimar Ni-Cu-PGE discovery. The 140 sq. km ELA comprising the Jimperding Project was applied for in March 2020, prior to the Julimar discovery hole announcement and prior to Chalice pegging over 2,000 sq. km of ELAs contiguous to the Jimperding Project.
Mandrake Managing Director, James Allchurch, said that in a short period Mandrake has unearthed significant historical data confirming the advanced nature of the Newleyine Prospect.
“Nickel and copper concentrations in historical drilling and rock chips, together with the highly anomalous magnetic bullseye feature, point to the potential for a mineralised system. Recently acquired ground mag data will further refine Newleyine as we continue to piece together this exciting target.”
Detailed historic background searches have unearthed the raw data pertaining to a ground magnetic survey conducted over the Newleyine Prospect in 2016.
Mandrake has engaged geophysical consultants to process the ground magnetic data. The discovery of the ground magnetic data, at no cost to the company, is a significant development as it will allow for detailed prospect-scale targeting ahead of drill planning.
Historic drilling of the Newleyine Prospect confirmed nickel grades to 1.18% and copper to 1,200 ppm within the relatively shallow lateritic zone.
Primary Newleyine grades observed from drilling carried values of 0.49% Ni and 0.02% Cu. The samples were not assayed for PGEs at that time.
As well as a high-grade component in the lateritic material, drilling at Newleyine also confirmed the presence of widespread Ni-Cu-Fe sulphide mineralisation of 0.24% Ni and 172 ppm Cu over drill widths of up to 240m. (see Mandrake ASX release 14 April 2020). Again, samples were not assayed for PGEs.