Thundelarra (ASX:THX) has hit the jackpot from latest drilling at Red Bore intersecting massive copper grades including 15.6 metres at 15.2% copper and a 7 metre intercept at 28.4% copper.
Shares in Thundelarra will open much higher this morning.
However, that was not the highest grade with a 1.0 metre at 31.3% copper, 2.6 g/t gold, 34.2 g/t silver intercept from 36 metres recorded.
Such were the high grades of copper from two diamond drill holes at its 90%-owned Red Bore prospect (M52/597) in Western Australia's Doolgunna region that the grades can be considered Direct Shipping Ore or DSO style copper.
These holes were designed to help define the geometry and to increase the known extent of the brecciated magmatic feeder pipes previously discovered in the first stage drill program of six holes at Red Bore prospect.
Drill results in more detail:
- Massive chalcopyrite was intersected at shallow depth: only 28m below surface
- DSO-Grade copper over 7m (true width as yet undetermined)
- 15.6 metres at 15.2% copper, 17.7 grams per tonne silver from 24.4m in hole TRBDD09, including 7.05 metres at 28.4% copper, 1.3 g/t gold, 32.2 g/t silver from 29.9 metres.
- Highest intercept: 1.0 metre at 31.3% copper, 2.6 g/t gold, 34.2 g/t silver from 36 metres
- Results increase the extent of this newly discovered magmatic feeder pipe
- High grade mineralisation continuing beyond existing resource envelope
- One definite and a possible second feeder pipe identified
- Approval now received from DMP for follow-up Program of Work
The deep hole TRBDD07 in the north-west corner of the tenement was completed at 769 metres down hole, which represents a vertical depth of approximately 720 metres below surface.
The total advance for this first stage drilling program, now completed, was 1,209 metres in 9 diamond drill holes.
Direct Shipping Ore grade
Given the results, Thundelarra reported the massive chalcopyrite mineralisation in the core of this pipe is of sufficiently high grade to meet DSO (Direct Shipping Ore) grade criteria.
These two releases each referred to copper grades of 25.6% copper as constituting DSO grade under the respective contracts.
Follow up work
Clearly, the Red Bore gossan area is the principal focus.
New drilling programs will begin at Red Bore as soon as is practicable. The current target is for preparatory work to be complete by approximately mid-August, with actual drilling to get underway shortly thereafter.
The grade and composition would satisfy notional criteria for the negotiation of DSO contracts if such a contract were negotiated given the 28.4% copper grades defined from drilling. That the results are significant are to underplay them.
We opined that the share price would open between 50-100% higher on these results. In the event, the share price rose past that level which speaks for itself.
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