Results from the first completed line of resource drilling at Mount Flora in Central Queensland have more than doubled the understood zone of copper, silver and gold mineralisation.
They follow on from the positive widths and grades of copper and silver mineralisation at the Quarry anomaly announced on December 22.
“We are very happy with the results from the first line of resource drilling at Mount Flora, which have not only confirmed our initial interpretations based on the historic data but have more than doubled the mineralised area both down dip and to the west,” chairman Toko Kapea said.
“We are particularly excited that the newly discovered Quarry mineralisation returned the highest grades of copper, silver and gold intersected in our drilling to date and we believe this new discovery will contribute to the growing resource potential at Mount Flora.”
The first phase of resource RC drilling at Mount Flora restarted after the Christmas period.
Duke said a total of 34 holes had been completed since the start of the program for a total of 6271m, from a budget of 43 holes for 7040m.
Among the better intersections was 6m at 1.39 per cent copper, 29.4 g/t silver and 0.03 g/t gold.
The geometry of the massive sulphide copper and silver veins and their spatial relationship to the granodiorite are now better understood and the mineralised area has more than doubled.
The latest company update placed the mineralised area at Mount Flora at 500m wide, taking in the Quarry mineralisation and western mineralised veins, compared to the original interpretation of a 100m-wide zone of copper, silver and gold mineralisation.
Company confident of meeting exploration target
Mr Kapea said the next phase of resource drilling would start immediately after this program was completed, with a focus on the Quarry mineralisation.
“We are also confident that based on results to date we will meet our exploration target for Mount Flora as reported in our recent prospectus,” he said.
This was 5,500,000-12,000,000 tonnes at 0.5-0.7 per cent copper for 27,000-84,000 tonnes of copper, 5-15g/t silver for 884,000-5,780,000 ounces of silver and 0.1- 0.1g/t gold for 17,000-38,000 ounces of gold.
“The amount of silver and gold associated with the copper mineralisation at Mt Flora also gives us exposure to these valuable metals, which if similar results are confirmed in the next phase of drilling, should add significant value for shareholders,” Mr Kapea said.
“Mining and processing studies will start as soon as the scale of the copper, silver and gold resource is defined at Mount Flora.”