Dynamic Metals (ASX: DYM) is increasingly confident that it is uncovering a significant mineralised system at its Widgiemooltha project in Western Australia, following positive drilling results from the Cognac West gold prospect. Dynamic Metals is focused on the discovery of nickel, gold, and lithium resources, and the company aims to deliver value to its shareholders through exploration. Dynamic currently holds a portfolio of projects in the Eastern Goldfields region of Western Australia.
The company has received positive gold and copper assays from two phases of drilling at Cognac, allowing for a more in-depth assessment of the project’s gold mineralisation after identifying two large surface anomalies. Highlight gold assays include 8 metres at 2.78 grams per tonne from 60m, including 4m at 5.04g/t, and best copper returns include 5m at 0.44% from 60m, including 1m at 1.06%. Managing Director Karen Wellman stated that the latest assay results, along with the identification of sulphide minerals and the emerging copper anomaly, reinforce the potential for a large, multi-phase mineral system at Cognac West.
Dynamic Metals expended significant effort during the recent June quarter on progressing Widgiemooltha, including the collection of soil samples from the Courvoisier gold prospect. The company also completed the Phase 1 reverse circulation program at Cognac West, leading to the reported Phase 2 program. To gain further understanding of the complex mineralisation at Widgiemooltha, Dynamic is reprocessing an historical airborne electromagnetic survey.
Dynamic recently received approval for its proposed drilling program at the Chalice South gold prospect and is planning a 13-hole RC drilling program at Chalice South to target gold anomalies. The company is well-funded, with a cash balance of $3.15 million at the end of the June period, and received a further $1 million in deferred consideration from a joint venture agreement with Mineral Resources (ASX: MIN) for 40% of the lithium rights at Widgiemooltha.
