MAN drills 30km from a $3BN World Class Metals Discovery
Writen by: Jason Price | Email sent on: 31/05/2021 | 2 minute read
Metals explorer Mandrake Resources (ASX:MAN) has confirmed it will begin drilling on 14th June 2021, just two weeks from now.
MAN’s ground sits just 30km from Chalice Mining’s $3 billion dollar Julimar nickel-copper-PGE discovery.
We invested in MAN in March this year, in anticipation of MAN’s near term drilling right near the $3BN Chalice. Here is our MAN launch article when the share price was 12c.
MAN is an early stage explorer capped at $72M - just a fraction of Chalice’s $3BN.
It’s early days, but any successful drill hits in June could lead to a swift re-rate of MAN.
Just take a look at another Julimar explorer who recently started drilling in the Julimar, Caspin Resources.
Caspin delivered a 237% return in the last week alone on Julimar drilling results:
We are looking forward to MAN’s very own drilling event, which has been months in the making.
MAN has already secured government approvals and a drilling contractor.
MAN has also secured a vital land access agreement and binding purchase option in the event of a discovery - de-risking any potential future development.
MAN will drill test three EM conductors. Geophysical interpretation suggests the EM conductor plates detected could be the response of massive sulphide mineralisation.
But there is only one way to find out if this could be Julimar style PGE-nickel-copper mineralisation - and that’s by drilling.
Here is what we like about MAN and its ground:
- Chalice is worth $3BN now after making its Julimar discovery.
- Caspin Resources has surged over 230% in the last week from drilling results in the Julimar.
- MAN is 30km east of Chalice’s Julimar discovery.
- MAN pegged the ground prior to Chalice’s Julimar discovery.
- EM testing shows a magnetic bullseye feature, with distinct internal complexity in ground magnetic testing.
- Rock chip samples showing metal - up to 0.36g/tonne Pd, 0.27 g/tonne Pt, 0.65% Ni, 0.19% Cu.
- Previous drilling at MAN’s project did not assay for PGEs, however broad nickel and copper mineralisation was intersected (240m at 2,400 ppm nickel, and 300ppm copper).
- The EM anomalies have not been drilled yet...
MAN Investment Strategy:
In the lead up to drilling results, we expect the share price to increase on speculation of a positive result and we will aim to take back our initial investment as drilling draws closer.
We plan to retain a significant position into the drilling results which are hopefully positive.
At that point, we will assess our investment strategy based on drilling results.Metals explorer Mandrake Resources (ASX:MAN) has confirmed it will begin drilling on 14th June 2021, just 15 days from now. MAN’s ground sits just 30km from Chalice Mining’s $3 billion dollar Julimar nickel-copper-PGE discovery.