Lots of excitement in the survey result detail which will hopefully lead to our best drill results yet.....heres hoping!
"Final Gravity and MLTEM processed data and images have recently been received by Buxton from the surveys commenced 4 weeks ago (see ASX announcement 15th May 2018). Importantly, these data show a significant gravity high located centrally within the core of the Merlin Prospect in addition to new and known EM anomalies. These two data sets show a strong correlation between EM plates known to be associated with magmatic nickel-copper sulphides and high- density rocks (Figure 2). The largest and strongest gravity high is believed to sit below the detection limit of surface EM, gravity inversion modelling is in progress to define the depth and morphology of this central gravity high.
Two drilling campaigns have been completed at Merlin by Buxton and every hole has returned magmatic nickel sulphides. Grades range from 0.1% Ni to 8.1% Ni within ore textures including disseminated, net-textured/matrix, massive sulphide and brecciated massive sulphides over an area of approximately 2km2. The newly discovered central gravity high, with most EM plates plunging towards this feature, supports the geological model that the central core is the main source/conduit (feeder) for mineralised magma."
"The location of the central gravity high also aligns perfectly with the schematic geological model released to the market 4 weeks ago (ASX:BUX, 15th May 2018) and suggests that the core of the Merlin magmatic system is still present and has not been faulted off (Figure 4).
Significant potential exists at Merlin for down dip/plunge extension to known EM conductors. Many of the known EM plates have only been tested with a single drill hole. All conductive targets have been proven to be related to Ni-Cu sulphide and are essentially open at depth due to the masking nature of conductive responses. Therefore, EM targets such as A, B, H, I & J still have massive potential for down dip/plunge extensions.
BUX Price at posting:
15.0¢ Sentiment: Buy Disclosure: Held
