Octava Minerals (ASX:OCT) announcement overview

Octava Minerals Limited (ASX:OCT) is pleased to announce its focus on the high-grade antimony targets at the Yallalong project. The historic drilling at the Discovery Antimony Prospect in 2015/16 returned high-grade antimony intersections, and the company aims to outline a resource through planned drilling. Antimony, a critical mineral with dual-use applications, has seen a substantial price increase, driving Octava's renewed interest in exploring the potential of antimony at Yallalong.

Executive commentary

Following the completion of a base metal reconnaissance drill program in early 2024, the team has been re-examining project data to determine next steps for Yallalong. It was noted that historic drilling for antimony had been carried out at the project and with ingot prices increasing from ~$8000/tonne to now over US$24,500/tonne, there is definitely unfinished business for antimony at Yallalong. The Discovery Target has recorded some of the highest antimony grade drill intercepts in Australia and is open in several directions. Prior drilling undertaken was targeting the shallower oxide zone, and we are very keen to do some deeper holes to test for possible larger bodies. There is also a number of undrilled antimony targets, where high-grade surface sulphide samples have been recorded.

Summary of Octava Minerals (ASX:OCT) announcement

Octava Minerals (ASX:OCT) is focusing on the high-grade antimony targets at the Yallalong project, aiming to outline a resource through planned drilling. The company's Managing Director, Bevan Wakelam, highlighted the significance of the historic drilling results and the substantial increase in antimony prices, driving the renewed interest in exploring the potential of antimony at Yallalong. Antimony, being on the critical minerals list of several countries, holds dual-use applications in both commercial and military sectors. With China's recent export controls on antimony-related products leading to a substantial price increase, Octava's exploration at Yallalong aligns with the global demand for this critical mineral. The company is continuing a thorough review of all prior data on the project and has submitted POW's with a view to commencing exploration on high-grade antimony targets in the coming quarter.