Centaurus keeps climbing on fresh Jaguar results

SHARES in Centaurus Metals hit a five-year high today after the company reported further “exceptional” nickel results from the Jaguar project in Brazil.
Centaurus keeps climbing on fresh Jaguar results Centaurus keeps climbing on fresh Jaguar results Centaurus keeps climbing on fresh Jaguar results Centaurus keeps climbing on fresh Jaguar results Centaurus keeps climbing on fresh Jaguar results

Drilling at Jaguar in Brazil

Extensional and infill drilling at the Jaguar Central deposit returned 33.7m at 2.23% nickel, 0.12% copper and 0.04% cobalt from 45.6m, including 10.4m at 3.35% nickel, 0.20% copper and 0.06% cobalt, and 15.5m at 2.53% nickel, 0.23% copper and 0.04% cobalt; and 15m at 2.42% nickel, 0.13% copper and 0.05% cobalt from 69m, including 6m at 3.34% nickel, 0.21% copper and 0.06% cobalt.

Initial step-out drilling hit 22.9m at 1.43% nickel, 0.09% copper and 0.03% cobalt from 72m, including 10.6m at 2.22% nickel, 0.19% copper and 0.04% cobalt, and 11.2m at 1.35% nickel, 0.08% copper and 0.12% cobalt from 65.9m.

Jaguar North infill drilling returned 14m at 1.32% nickel, 0.16% copper and 0.04% cobalt from 140.5m, including 7m at 2.1% nickel, 0.28% copper and 0.06% cobalt, while extensional drilling of conductors hit massive sulphides 100m outside the resource.

Jaguar has a resource of 48 million tonnes at 1.08% nickel for 517,500 tonnes of contained nickel, including a high-grade component of 20.6Mt at 1.56% nickel for 321,400t.

"What continues to impress us is the consistency, quality and grade of the mineralisation - and, above all, how close to surface it is," Centaurus managing director Darren Gordon said.

Centaurus has about A$28 million cash after raising $25.5 million last week at 42c per share.

The cash will allow the company to accelerate drilling.

"With a third diamond rig to be reactivated in the next couple of weeks and all three diamond rigs to recommence double shift operations, we are looking forward to increasing the indicated component of the mineral resource via infill drilling while also testing a number of the deeper targets where DHEM conductor plates extend well below the depth of current drilling and are likely to represent semi-massive and massive sulphides," Gordon said.

Centaurus shares hit a five-year high of 57c earlier today, but last traded unchanged at 52.5c, valuing the company at $169.2 million.