Montezuma Mining Company (ASX: MZM) has received an exploration update from Auvex Resources Limited highlighting the intersection of high grade manganese in a first pass reconnaissance drill program at Auvex’s 100% owned Horseshoe tenement located in the Gascoyne region of Western Australia.
Montezuma holds 7,500,000 FPO Shares in Auvex which is an unlisted company.
The program has successfully demonstrated the continuity of high grade manganese and iron outcrop over a respective 4km strike and limited drilling has intersected significant widths of high grade manganese under cover.
The best drill result was 15m at 32.15% Mn including 7.0m at 47% Mn. There was over 4km of manganese outcrop with rock chip assays up to 54% Mn and over 4km of haematite iron outcrop with rock chip assays up to 67% Fe.
Follow up work has commenced. Two phases of exploration work have been carried out to date, including the completion of a rock chip sampling program along out-cropping manganese lodes as well as a first pass RC drill program of 38 holes for 1254m.
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