High-Tech Metals begins 3,000-metre gold drilling program
Key points
- High-Tech Metals commenced a 3,000-metre reverse circulation drilling programme across its Mt Fisher and Wagtail sites.
- The company holds $8.9 million in cash, with its shares trading down at $0.23 following the market update.
- The campaign aims to grow gold inventory before moving drill rigs to the larger Damsel deposit.
High-Tech Metals (ASX:HTM) has commenced a 3,000-metre reverse circulation drilling programme in Western Australia to expand its gold resources.
The campaign follows an updated estimate that expanded the Mt Fisher mineral resource by 47% to 51,000 gold ounces.
“Phase 2 drilling is the natural next step after the 47% increase in the Mt Fisher Mineral Resource. The updated geological model has given us a clear set of targets, and this programme is designed to both grow the resource and lift its confidence level, said High-Tech Metals CEO James Merrilees.
The company stated that drilling covers 2,500m at Mt Fisher and 500m at Wagtail, supported by $8.9 million.
Following the announcement, the High-Tech Metals share price was down to $0.23.
The explorer currently holds an established mineral resource of 202,000 ounces of gold across its 1,150-square-kilometre project area.
High-Tech Metals also recently executed a binding ore purchase agreement with Forrestania Resources to evaluate commercial processing options.
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