In a masterclass of timing, Octava Minerals (ASX: OCT) has locked in a local drilling contractor to launch a 3000m program next week at its Yallalong antimony project, 220km from Geraldton, WA, just as the metal price hits an all-time high of $30,000 a tonne.
The company has already identified four main targets aptly named, in the first instance Discovery, Central, Northern and No 4 prospects which appear to confirm the potential of antimony mineralisation along a massive 10km north-south structural corridor.
The exploration campaign, scheduled to begin in the next two weeks will, however, initially target the Discovery and Central zones which have already secured heritage clearance.
First up is the Discovery target, where historic drilling uncovered uber-high intercepts of 7m grading 3.77 per cent antimony from 12m including 1m running at 11.5 per cent antimony from 18m and a 3m hit grading 6.83 per cent antimony from 21m with a 1m section hitting grades of 13.6 per cent from 22m.
The next zone of interest is the Central prospect, which has never been drilled before but has shown historical signs of prospector activity - with some rock chips reported to contain up to 60 per cent antimony.
Heritage surveys for the No. 4 and North prospects - which are also completely untested - are scheduled for December, setting the stage for additional maiden drilling in early 2025.
In conjunction with the drill activity, Octava has also been busying itself with a geophysical survey to define further mineralised targets along the 10-kilometre corridor.
The geological structure appears to be related to a corridor between the Darling and Woodrarung faults. The fault zones appear to act as conduits for mineralising fluids into the sedimentary rocks which are adjacent to mafic intrusive dykes - a well-known geological setting for antimony deposits worldwide.
We will target lateral extensions of existing, known high grade antimony mineralisation and also the underlying bedrock contacts. We also look forward to completing the geophysical survey that will provide us with better geological understanding of what’s below the surface along the antimony corridor.
Octava Minerals Managing Director Bevan Wakelam
At the same time as its planned work at Yallalong, Octava will also be kicking off exploration at its Byro project southeast of Carnarvon which shows significant potential for large-scale, low-cost rare earth elements (REE) and lithium extraction.
Since previous soil sampling and RC drilling by Geological Survey WA revealed wide areas and mineralised hits across a 30km strike, Octava has applied for heritage clearance in preparation for metallurgical core drilling, set to begin in mid-November.
Flush with cash after a recent $1 million capital raise, the company will now be focused on the drilling programs at the two projects, both of which could be extended if the drill bit starts to bring up the good stuff.
Antimony is on an absolute price tear, up almost 300 per cent in the past four years and more recently exacerbated by a Chines export ban. Given its prospects, Octava would seem to be perfectly positioned to take advantage.
Is your ASX-listed company doing something interesting? Contact: office@bullsnbears.com.au