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Clean TeQ share price jumps 8% on drilling news

Mineral Exploration Drilling Machine Mining

The Clean TeQ Holdings Limited (ASX: CLQ) share price jumped 8.33% to close at 20 cents today. This follows a company announcement that it will start platinum zone drilling in the coming weeks.

What did Clean TeQ announce?

Clean TeQ reported that a new high-grade platinum zone had been outlined. It’s part of an existing 1 million ounce platinum resource at the company’s Sunrise project in NSW. The company said significant historic downhole intersections had yet to be tested with drilling to start in the coming weeks.

Significant downhole intersections from earlier drilling campaigns near the surface include 12 metres at 8 grams per tonne platinum, .55% nickel .08% cobalt and 23 parts per million scandium, along with 13 metres at 7.1 grams per tonne platinum and 6 metres at 15.1 grams per tonne platinum, .95% nickel, .16% cobalt and 170 parts per million scandium.

The company said despite extensive drilling in previous decades, not many holes had been drilled beneath the sunrise laterite. However, significant historic intersections at a greater depth have included 4 metres at 7.4 grams per tonne platinum,  .13% nickel and .01% cobalt along with 1 metre at 6.5 grams per tonne platinum, .15% nickel and .01% cobalt and 1 metre at 4.2 grams per tonne platinum, .15% nickel and .01% cobalt.

Clean TeQ said that given the high grades of platinum near the surface and historic intercepts beneath the laterite, work had started on testing the structural geology of the zone and to establish a platinum resource. The company said the platinum resource would either integrate with the development of the Sunrise nickel-cobalt-scandium mine or be developed as a stand-alone operation.

Clean TeQ co-chair Robert Friedland said: 

As I’ve said for years, despite being an incredibly valuable base metals resource, Sunrise is one of the best walk-up precious metal drill targets on the planet. It is astounding what little work has been done to test geological interpretations under the blanket of this laterite, despite very encouraging results from historic drilling.

About the Clean TeQ share price

Clean TeQ is a minerals development company that also holds patented technology which can be used for water purification and resource extraction. It has been listed on the ASX since 2007.

In August, Clean TeQ announced it had completed construction of a water processing plant for mine waste water at the Fosterville gold mine in Victoria.

Also in August, Clean TeQ provided an update on the electric car market it plans to supply with metals, saying growth in that market had continued. It also said it would release a project execution plan for its Sunrise project at the end of September 2020.

The Clean TeQ share price is up 100% from its 52-week low of 10 cents. However, it is down 10% since the beginning of the year. The Clean TeQ share price is down 42.86% since this time last year

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