Day: 31 January 2019

Arrow Minerals appoints new chairman
Final assays from drilling at Strickland's T6 Prospect are pending

Arrow Minerals Ltd (ASX:AMD) has elevated director Dr Frazer Tabeart to the position of non-executive chairman.

Dr Tabeart has a been a director of the company since 2014 and has extensive experience in international exploration and mining projects.

The appointment follows a busy December quarter of exploration at the 100% owned Strickland Gold Project and 49% owned Plumridge Nickel Project in Western Australia.

Arrow remains in a strong financial position with cash, receivables and investments in listed companies totalling $3.4 million at the end of the December quarter.

READ: Arrow Minerals confirms nickel-copper potential of the Plumridge Nickel Project

During the December quarter, a 4,000-metre drilling program was completed at the T6 Prospect within the Strickland Project and high-priority targets were identified at the Plumridge Project.

While the majority of Strickland’s T6 drill results have been received, a portion remains pending from the T2d prospect.

At Plumridge, three high-priority electromagnetic (EM) targets are planned to be drilled in the June quarter of this year with partner Independence Group NL (ASX:IGO).

Arrow Minerals confirms nickel-copper potential of the Plumridge Nickel Project
Fraser Range Complex is highly prospective for nickel-copper sulphides

Arrow Minerals Ltd (ASX:AMD) is making significant progress on exploration activities at the Plumridge Nickel Project along with its joint venture partner Independence Group NL (ASX:IGO) (51% interest).

Plumridge consists of eight exploration licences covering 2,500 square kilometres in the northern Fraser Range Province, about 200 kilometres north of IGO’s Nova nickel-copper-cobalt operation and 120 kilometres south of the Tropicana gold operation.

Plumridge location map

Arrow and IGO entered into the Plumridge JV in January 2018, and over the past 12 months IGO has undertaken significant exploration activities at the project, including:

• Aircore drilling over 70% of the project on a 3 kilometres x 800 metres grid;
• SPECTREM airborne electromagnetic (EM) survey over 20% of the project area; and
• Ground moving loop electromagnetic (MLEM) over 15 target areas.

IGO can increase its interest in the Plumridge Nickel Project to 90% by sole-funding $5 million of exploration expenditure by January 2022.

Aircore drilling program

During 2018, IGO completed 768 aircore drill holes for 34,596 metres, covering about 70% of the project area.

Drilling to date has confirmed that the project is highly prospective for nickel-copper sulphides, with the identification of mafic/ultramafic intrusions with cumulate textures.

Aircore drill sample with magmatic sulphides pyrrhotite, chalcopyrite and pentlandite

IGO plans to drill a further 231 holes, commencing in March 2019, to provide coverage of the entire Fraser Complex within the joint venture area.

Electromagnetic surveys

IGO has identified three EM targets for high-priority RC (reverse circulation) drill testing in 2Q 2019. The three targets are Mosaic, Narwhal and Perle.

EM targets over regional magnetics – Mosaic, Narwhal and Perle

In mid-2018, IGO commenced an airborne EM survey using SPECTREM (fixed wing time domain EM) to identify basement conductors and map cover thickness.

About 20% of the project area has been flown, with the SPECTREM survey to resume in March 2019. Significant conductors will then be followed up with ground EM surveys.

READ: Arrow Minerals survey reveals priority drill targets at T1 and T2

Arrow managing director Steven Michael said: “The Fraser Range Complex remains highly prospective for nickel-copper sulphides, as highlighted by the Silver Knight discovery announced by the Creasy Group in mid-2018.

“IGO is in a unique position to apply knowledge gained from studying the Nova deposit and exploring over 15,000 square kilometres of exploration licences in the area, to the Plumridge Nickel Project.

“In its first year at Plumridge, IGO has completed a considerable amount of exploration, resulting in the identification of clusters of mafic/ultramafic intrusions with cumulate textures and, in at least two cases, magmatic sulphides.

“Also, IGO has been able to capitalise on previous exploration work, including the HeliTEM survey completed in 2017, to identify several high-priority EM targets, which will be ready for drilling in 2Q 2019.”