Fraser Range Metals (ASX:FRN) has identified a priority 1 airborne electromagnetic target conducive for massive nickel-copper sulphide deposits at its Plumridge project in the prolific Fraser Range area in Western Australia.
The targets were identified following a VTEM survey of the Plumridge project to explore Frase Tectonic zone high grade metamorphic rocks for anomalous EM responses.
The survey was carried out over two survey areas to provide airborne EM information over the highly prospective Fraser Range that hosts the Nova-Bollinger nickel copper deposit.
The target was identified as a priority 1 anomaly based on its discrete nature, conductive strength of the anomaly, favorable geological setting and location on a magnetic trend.
It also marked four other VTEM anomalies as priority 2 targets, while 15 anomalous responses were also identified as targets from survey of Block 1 that are hosted within mafic rocks of the Fraser Zone.
Ground geophysical surveys will be used to further validate the identified targets for more reliable drill targeting.
Three EM survey traverses have been designed to test the high priority VTEM target.
Once the magnetic moving loop EM surveys are completed, air core drilling will be carried out over the VTEM anomalies to identify the geology.
Fraser Range has, for a number of weeks, been ready to commence its capital raising program that would allow it to progress towards a relisting of its shares.
However, this has been postponed due to poor market conditions though the company will continue to monitor the situation and will commence the capital raising as soon as market conditions allow.
Shares in the company continue to be suspended from trading.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.