Analytical results of 387 infill soil samples have now been received, with the new results closely match area of interpreted magnetic intrusive body.
Dr Jingbin Wang, chairman of Enterprise Metals, commented: "We are aware that in the early 1970's Newmont identified, through soil sampling and later drilling, sulphides including pyrrhotite, pyrite, chalcopyrite and pentlandite within ultramafic and norite-peridotite intrusions further to the west at Gnama South, Talbot and Southern Hills.
"However, Enterprise's work in this part of the Fraser Range is ground breaking in that there has been no previous recorded exploration. There are similarities between Enterprise's soil sampling results and the early soil sampling results by Sirius Resources NL at their Nova prospect".
Enterprise Metals' Fraser Range Project covers an extensive 594 square kilometre land holding, and is considered prospective for gold and copper/nickel/PGE mineralisation.
The soil sampling program
The program has defined a coherent area of Ni-Cu-Co anomalism, with individual maximum values of up to 252ppm Ni, 46ppm Cu and 32ppm Co. The program also returned 14 samples in excess of 100ppm Ni.
The nickel anomaly is composed of two lobes, with the larger lobe being 1,400m x 400m, and the smaller lobe to the south west being 400m x 400m, (as displayed in the picture).
The co-incident Ni-Cu-Co soil anomalism is also broadly co-incident with a "magnetic low" visible on Enterprise's detailed aeromagnetic data. This "magnetic low" is in fact a strongly magnetic body, interpreted by Enterprise to be an ultramafic intrusive with reversed polarity. (ie. remanence).
Another plus for Enterprise Metals is that there are several other smaller and more subtle Ni-Cu-Co soil anomalies to the west of Plato that require further follow up.
Although only early days for Enterprise Metals, early results draw comparisons to the Nova discovery - which is located only 30 kilometres away.
The impact of Nova on Sirius was dramatic, with the discovery turning the stock into a 40 bagger within a matter of months.
Tantalisingly, Enterprise's ground has also no previous exploration. The size of the land holding, with the company's Fraser Range Project covering almost 600 kilometres - is fast becoming Australia's hottest exploration post code.
Enterprise Metals is following up these results quickly, with an electrical geophysical crew being sourced for follow-up ground survey.
If future results for Enterprise Metals draw more advanced exploration comparisons to Nova, then Proactive Investors expects to see a significant re-rating in the stock - with the company definitely in the right place at the right time from the current $0.155.
With a market cap. of $32 million and over $8 million in cash (September 2012), Enterprise Metals has an enterprise value of just $24 million, which is slight considering the vast Fraser Range exposure.
This undervaluation is amplified when you then consider the company's Doolgunna Project where visible gold was discovered, and is strategically located in another highly prospective region - being south of Sandfire Resources' (ASX: SFR) DeGrussa copper gold mine.