Forgent gets approval for maiden Peak Hills drilling campaign

(Sharecast News) - Forgent said on Monday that it had received regulatory approval for its maiden drilling campaign at the Peak Hills gold-copper project in Western Australia. The AIM-traded technology-led energy transition company said the Department of Mines, Petroleum and Exploration had approved the programmes of work for the planned campaign, allowing it to move from project evaluation to active field exploration.

Forgent said Peak Hills offered an opportunity to create value from shallow mineralisation targets, historic gold and copper results and proximity to existing regional processing infrastructure.

The initial phase one programme will test multiple high-priority targets across the Karalundi, Junction and Curleys prospects using low-cost aircore drilling.

It would focus on validating historic exploration results, extending known mineralisation and identifying additional mineralised zones across the wider project area.

The approved permits allow for up to 750 aircore holes across the project area, giving the company flexibility for future exploration work.

Forgent said no hole was expected to be deeper than 100 metres in the initial phase, with the first campaign expected to comprise around 35 holes for about 2,300 metres of drilling at an estimated cost of about AUD 200,000.

"Peak Hills represents exactly the type of opportunity Forgent is seeking to advance: a large-scale project with encouraging historic results, low-cost exploration opportunities and existing nearby infrastructure," said chief executive James Parsons.

"The receipt of these approvals allows us to move from planning into execution, with drilling expected to commence this summer."

At 1339 BST, shares in Forgent were up 7.14% at 0.02p.

Reporting by Josh White for Sharecast.com.

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