Results from reverse circulation drilling at White Horse, part of the Esk Trough Project in southeast Queensland, returned high grade copper intercepts within broader intersections.
Highlights from the nine hole, 654 metre drilling program include:
- 28 metres at 0.96% copper from 29 metres, including 17 metres at 1.4% copper;
- 92 metres at 0.36% copper from 29 metres, including 15 metres at 1.09% copper; and
- 30 metres at 0.53% copper from 1 metre, including 5 metres at 1.58% copper.
The drilling program was designed to test for extensions to notable near surface historical copper grades, with additional gold.
These historical highlights include 38 metres at 0.74% copper and 0.13 grams per tonne (g/t) gold from 20 metres, including 10 metres at 1.87% copper and 0.14g/t gold; 44 metres at 0.43% copper from 22 metres, including 8 metres at 1.2% copper; and 2 metres at 2.42% copper from 30 metres.
Mineralisation at White Horse remains open, while large areas of geochemical anomaly and leached cap are yet to be tested.
Peter Swiridiuk, managing director of Coppermoly, said the results of the company's first drilling program at White Horse demonstrate the presence of "significant near-surface copper mineralisation".
"The presence of copper in all holes demonstrates that supergene enrichment processes were occurring over a wide area of the mineralising system," Swiridiuk said.
"The geographic locations, tenor of mineralisation and near-surface occurrence are all factors which bode well for a potential low-cost, heap leach operation should sufficient resources be found."
Importantly, the presence of chalcocite as a secondary copper supergene enrichment blanket within White Horse suggests that this style of mineralisation could occur throughout the large porphyry copper system.
White Horse farm in
Coppermoly may then elect to earn a 51% interest in the tenements by sole funding $3 million (including the minimum expenditure) in three years to earn-in 51%, with another $3 million to earn-in 70%.
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