17 June 2024 – Price Sensitive Announcment
HIGHLIGHTS
- All fourteen recently discovered historic workings confirmed to contain copper
mineralisation with grab samples returning as high as 36.9% Cu - Workings situated over a strike length of 600m with no history of modern exploration
- 1.3km long copper-in-soil anomaly surrounding the workings defined via pXRF
- Anomalous area is 3km southeast along strike of historic Victoria Copper Mine1
- Follow up exploration activities to further define mineralised copper trend planned
M3 Mining Limited (ASX:M3M) (M3 Mining or the Company) is pleased to announce results from the
Victoria Bore Project (Victoria Bore or the Project) located 120km south of Onslow, Western Australia.
M3 Mining is exploring for large sedimentary-hosted copper deposits in sedimentary basins of
Proterozoic age.
Historic Copper Workings
As previously announced2, fourteen historic shallow copper workings have been found at Victoria Bore
(see Figure 2). They are located approximately 3km to the southeast of the historic Victoria Copper
Mine. The workings all contain remnant copper oxide mineralisation which have now been confirmed
via laboratory analysis (see Table 1).
Highlights: 36.9% Cu from Working 8,
20.8% Cu from Working 9 and 20.5% Cu
from Working 1
The workings extend over 600m, each working varies in scale. There has been no recorded previous production in comparison to the historic Victoria Copper Mine. No evidence of drilling was sighted in
the vicinity and M3 Mining believes that the workings have not been evaluated through modern exploration methods.
The newly discovered area is located along strike of the historic Victoria Copper Mine and is interpreted
to be situated on the same limb of Wyloo group metasediments. The geology consists of meta-sedimentary schists, black shale, dolerite and quartz veining and it is interpreted that the copper
occurrences are located along the same structural/lithological trend as the historic Victoria Copper
Mine. In addition, the Victoria Copper Mine occurs on the eastern border of the Wyloo group
metasediments, identical to all fourteen historic workings (see Figure 5).
A large portion of the 7km trend is yet to be tested by modern exploration methods, only 1.7km has
been drill tested (Victoria Bore 20213 & 20224 drilling) leaving much of the area effectively unexplored.
Approximately 3.5km of the unexplored structure is situated beneath transported cover which could be
masking further copper occurrences as the cover limits the effectiveness of surface sampling.
Initial works will be focussed on detailed geological mapping of the mineralised occurrences to provide
a precise exploration framework under a mineral systems approach. Subsequently, remote sensing
techniques (such as EM surveys) will be employed to provide the company with robust drill targets.
EXECUTIVE DIRECTOR SIMON ELEY SAID:
“M3 Mining is excited to announce that rock chip samples from the recently discovered historic workings
have confirmed the presence of copper mineralisation, with three samples exceeding 20% Cu and eight
exceeding 5% Cu. The occurrences are located 3km southeast of the historic Victoria Copper Mine.
The confirmation of copper mineralisation at the historic workings is highly significant and bolsters the
possibility of a future economic discovery at Victoria Bore. Company and consultant geologists are
currently focusing on methods to determine the scale and nature of the copper mineralisation across
the 600m extent and how this fits in relation to the wider 7km regional geological trend. As the
importance of copper continues to grow, M3 Mining is well-positioned to capitalize on this vital
commodity, supported by its recent successes and extensive land holdings in the district.
Full ASX Announcement: 2924-02817687-6A1211687 (markitdigital.com)