Blaze Faces Uncertainty After Mityana Assays Return No Significant Results
Blaze Minerals completed a 1,548m diamond drilling campaign at its Ntungamo Project in Uganda, targeting two pegmatite bodies, while assays from its Mityana Project returned no significant results. The company also secured $1.25 million in capital raising to support ongoing exploration.
- Five diamond drill holes totaling 1,548m completed at Ntungamo Project
- Samples from southern pegmatite sent for multi-element analysis; northern pegmatite samples pending export clearance
- Mityana Project assays returned no significant mineralisation
- Exploration expenditure of $213,000 for the quarter
- Successful $1.25 million capital raise with associated option issuances
Ntungamo Drilling Campaign Completion
Blaze Minerals Limited (ASX: BLZ) has wrapped up its maiden diamond drilling program at the Ntungamo Project in western Uganda, completing five holes for a combined 1,548 metres. The campaign targeted two concealed pegmatite bodies, a northern and a southern intrusion, with drillholes spaced between 228 and 387 metres in depth. This drilling marks a significant step in understanding the geometry and mineral potential of these pegmatites, which are part of the Mesoproterozoic Kibaran Belt known for hosting critical metals.
The southern pegmatite was tested by three holes (NT-DD-001 to NT-DD-003), with samples already dispatched to ALS Laboratories in Johannesburg for multi-element assay. The northern pegmatite, targeted by two holes (NT-DD-004 and NT-DD-005), awaits export certificate clearance before samples can be sent for analysis. The pegmatites intersected include quartz granitoid and coarse-grained pegmatite, with widths ranging from 47 to 85 metres intercepted downhole, though true widths remain to be confirmed.
Mityana Project Assays and Exploration Status
Meanwhile, Blaze received assay results from three diamond drill holes completed late last year at its Mityana Project, which surrounds a historic tantalite mine. Despite promising surface indications of lithium-bearing minerals such as spodumene and lepidolite, the assays returned no significant mineralisation. This outcome tempers near-term expectations for Mityana but does not preclude future exploration given the project's largely unexplored nature.
Kirkalocka Project and Corporate Developments
In Western Australia, Blaze’s Kirkalocka Project saw no field activity during the quarter, following a 2024 geochemical auger program that delineated a gold anomaly over a 3-kilometre strike length. The company remains focused on advancing its Ugandan assets while monitoring opportunities at Kirkalocka.
On the corporate front, Blaze successfully raised approximately $1.25 million through a placement of over 313 million shares at $0.004 each, with shareholders approving the issuance of options linked to the capital raising. This infusion bolsters the company’s cash position, which stood at $682,000 at quarter-end, supporting ongoing exploration and operational activities.
Financial and Operational Outlook
Exploration expenditure for the quarter was $213,000, reflecting active drilling and preparatory work. No substantive mining production or development activities occurred during the period. The company’s cash flow statements indicate prudent management of resources, with net cash used in operating activities at $223,000 and investing activities at $213,000 for the quarter.
Blaze’s management emphasizes the importance of awaiting assay results from the Ntungamo drilling to guide next steps. The company’s strategic focus remains on unlocking value from its critical minerals potential in Uganda, particularly beryllium, rubidium, lithium, and rare earth elements, while maintaining a watchful eye on its Australian gold prospects.
Bottom Line?
As Blaze awaits critical assay results from Ntungamo, the market watches closely for signs of a breakthrough in Uganda’s critical minerals sector.
Questions in the middle?
- What will the multi-element assay results from the Ntungamo southern and northern pegmatites reveal about mineralisation potential?
- How will the disappointing Mityana assay results impact Blaze’s exploration strategy in Uganda?
- What are the company’s plans for advancing the Kirkalocka gold anomalies amid limited recent activity?
