The share price of Malagasy Minerals has fallen by more than 40 per cent today after the company announced poor assay results from drilling at its Ianapera project in southern Madagascar.
The share price of Malagasy Minerals has fallen by more than 40 per cent today after the company announced poor assay results from drilling at its Ianapera project in southern Madagascar.
At the close of trade Malagasy shares were trading at 11.5 cents, down 8 cents or 41.03 per cent.
In a statement to the Australian Securities Exchange, Malagasy said drilling results from one hole had uncovered 0.11 per cent nickel, 0.07 per cent copper.
"While the rest of the (disseminated) sulphide zone (137m to 157m) carried lower grades of nickel and copper in the range of 50 parts per million to 225ppm nickel and 0.04 per cent copper ... being pyrrhotite rich," the statement said.
See company statement below:
International minerals company Malagasy Minerals Ltd (ASX Code: MGY) advises that it has received initial assay results from previously reported magmatic massive sulphide drill intercepts at its 100%-owned Ianapera (Ampanihy) Project in southern Madagascar.
Results from drill hole IPC0001 confirm the magmatic provenance of the massive and disseminated sulphide zones, however the first two (2) metres (135m to136m) are representative of massive sulfides, with 0.11% nickel and 0.07% copper (0.04% cobalt and 15ppb palladium), whilst the rest of the (disseminated) sulphide zone (137m to 157m) carried lower grades of nickel and copper in the range of 50ppm to 235ppm nickel and 0.04% copper (50ppm to 238ppm cobalt; maximum 10ppb palladium and 5ppb platinum), being pyrrhotite - rich (no observed pentlandite).
The disseminated sulphide-bearing rocks surrounding the IPC0001 massive sulphides are highly metamorphosed mafic and ultramafic igneous rocks (i.e. norite, gabbronorite, orthopyroxenite and minor anorthosite), that are interpreted as likely originating from a large layered igneous intrusion that has subsequently been subjected to a high degree of deformation. The metamorphic mineral assemblage indicates granulite facies metamorphism.
The second hole (IPC0006) is nearing completion, with subsequent holes designed to test gossans and conductors at AMC-15, AMC-48 and AMC-47 (eastern zone) respectively. All holes and targets are plotted on Figure 1 attached.
A total of 15 holes for 1,840 metres are planned as part of the Phase 1 programme to test the gossan system. Of these, eight (8) holes (i.e. IPC0001 to IPC0008 on Figure 1 below) are considered high priority targets. Malagasy currently undertakes its exploration drilling programmes using its own drilling rig - resulting in significant cost savings for first-pass drilling exploration.
The Company will provide additional information on an ongoing basis as it continues to develop this exciting new discovery.
