IM November 2023 – Drilling metrics bounce back

Drilling metrics experienced a boost in October, with distinct drillholes at a nine-month high of 5,278 and drilled projects rising by 32 to 290 projects. A year-to-date comparison shows total reported drilled projects and drillholes 22% and 21% lower, respectively, year over year. The total early-stage projects ^jumped 17% to 112 projects, with late-stage rising 16% to 133, while minesite projects fell 4% to 45.

Drilled projects reached a five-month high in October, bolstered by increases in multiple electrification metals. Copper projects increased 33% to 36 projects reporting; lead-zinc increased 69% to 22 projects, including eight more zinc projects; specialty metals were up 35% to 54, with most of the growth coming from lithium projects; and nickel projects rose 24% to 21. Gold project drilling also increased slightly in October, rising 3% to 144 projects. Minor base metals projects remained constant at six projects, silver projects decreased to seven and no drilling was reported for platinum group metals.

Australia led with the most reported drilling, up 46% to 102 projects. Canada remained second, climbing 8.7% to 75 projects. The US held steady in third place with 33 projects reporting, and Mexico stayed in fourth with 10 projects.

October's top result came from Australian Securities Exchange-listed Peregrine Gold Ltd.'s early-stage Newman gold project in Western Australia. Peregrine Gold announced results from its recent diamond drilling campaign at Newman, which focused on four prospects and drilled 979 meters in 97 holes. The highlight came from an intersect of 0.3 meters grading 23,734.09 grams of gold per metric ton, as analyzed by screen fire assay.

Also from Western Australia, ASX-listed Ora Gold Ltd.'s Garden Gully late-stage gold project had October's second-best result. The company reported a 1.0-meter intersect grading 3,434.54 g/t Au at the Crown Prince deposit within Garden Gully. These drilling results outline high-grade gold mineralization at shallow depths with new mineralized zones delineated; further drilling is planned.

Toronto Stock Exchange-listed Endeavour Mining PLC reported the most drillholes, with 450 holes drilled at its Cote d'Ivoire East late-stage gold project in Côte d'Ivoire. The project, also known as Tanda-Iguela, has been Endeavor's key exploration focus since its discovery in late 2020. An updated mineral resource estimate is due to be published once the 180,000-meter drill program for 2023 is completed.

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