Neometals (ASX: NMT) Hits High-Grade Gold Below Ironclad Resource

Neometals has reported high-grade gold intersections from drilling beneath the current resource at its wholly owned Barrambie Gold Project in Western Australia.

The strongest result was 12 metres at 5.99 grams per tonne gold from 116 metres in hole 26ICRC004. That interval included four metres at 10.13 grams per tonne from 118 metres.

Another hole, 26ICRC003, returned 11 metres at 5.50 grams per tonne from 94 metres. It included three metres grading 15.10 grams per tonne from the same depth.

Depth Adds Geological Weight

Four reverse-circulation holes reached their planned target depths at the Ironclad deposit. Each returned significant gold mineralisation across downhole widths exceeding 10 metres.

Hole 26ICRC001 intersected 18 metres at 2.14 grams per tonne from 89 metres. This included eight metres at 3.29 grams per tonne and two metres at 4.61 grams per tonne.

Meanwhile, 26ICRC002 cut 15 metres at 1.12 grams per tonne from 69 metres. Higher-grade sections included two metres at 2.57 grams per tonne and four metres at 2.34 grams per tonne.

Neometals said Ironclad’s three deepest completed holes rank among the deposit’s strongest grade-width intersections. The results support its interpretation of a preferred higher-grade corridor plunging north beneath the existing mineral resource estimate.

That interpretation remains subject to more drilling. Neometals also estimates mineralised widths at about one-half to three-quarters of reported downhole lengths, based on current geological modelling.

Why the Results Matter

The program tested mineralisation below Ironclad’s current resource rather than isolated regional targets. Consequently, the assays provide direct information about the deposit’s potential depth continuation.

Ironclad sits within Neometals’ broader Barrambie Gold Project in the Murchison Goldfield. The company has identified a potentially funded development pathway through a mining-contractor joint venture with equal profit sharing.

However, these exploration results do not themselves update the mineral resource. Further drilling and geological interpretation are required before they can support resource estimation or classification.

September Drilling Program

Five holes covering 662 metres were drilled at Ironclad during July. The deepest, 26ICRC005, stopped at 136 metres after water ingress and did not reach its target zone.

Neometals plans to complete that hole using a diamond-drill tail in September. A separate diamond hole will test the interpreted trend about 50 metres farther down plunge.

The target is directed towards a potential gold-fluid feeder structure interpreted from a July ground-gravity survey. The company cautioned that this interpretation is preliminary and requires drilling.

September drilling remains subject to operational conditions and relevant approvals. Neometals is also targeting execution of a native title agreement in October, followed by the mining lease grant.

The company said that sequence would enable approval documents to be submitted. Grade-control drilling is planned to begin in the December quarter.