Coppermoly (ASX: COY) has completed reverse circulation drilling at the Esk Trough Project in Queensland that indicated the induced polarisation anomaly at the Sefton prospect could form part of a larger mineralising system.
The single drill hole at Sefton intersected 2.85 grams per tonne (g/t) silver and 562 parts per million zinc over 2 metres from a depth of 87 metres. Elevated levels of iron sulphide explain the presence of the IP anomaly.
Four holes drilled at the Kakapo prospect intersected results including 2 metres at 0.12% copper and 1.02g/t gold from a depth of 53 metres and 16 metres at 0.32% copper and 0.4g/t gold from 105 metres.
"These results conclude the drilling program at the Esk Trough project with the aim of testing for economic mineral potential in the area," Coppermoly managing director Peter Swiridiuk said.
"The board will now consider these results and market conditions over the coming months to determine if we will elect to earn 51% equity in these projects."
White Horse prospect
Drilling carried out last month over the White Horse prospect at Esk Trough had identified mineralisation from surface to 121 metres downhole including a peak intersection of 17 metres at 1.4% copper.
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.
Swiridiuk said the White Horse results had demonstrated that further drilling is warranted.
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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