Duke Exploration (ASX: DEX) is confident a new round of assays from reverse circulation drilling at its high-priority Mt Flora prospect within the Bundarra copper project area in central Queensland will build on the yet-to-be-released maiden resource estimate.
The new results include 110 intersections of copper, silver and gold mineralisation above a 0.2% cut off and signal the completion of the first phase of drilling at the prospect.
The campaign comprised 42 holes for a total 7,807m compared to a budget of 43 holes for 7,040m.
A total of 11,000 samples were sent to the laboratory for assaying, with best results being 13m at 1.27% copper, 18.4 grams per tonne silver and 0.02g/t gold from 54m; 3m at 1.07% copper, 22.7g/t silver and 0.03g/t gold from 51m; 2m at 2.05% copper, 23.3g/t silver and 0.09g/t gold from 14m; and 39m at 0.82% copper, 9.2g/t silver and 0.05g/t gold from 25m.
Results from the western extension holes and holes testing the VTEM (versatile time domain electromagnetic) anomaly north of Mt Flora are expected next month.
Predictable and consistent
Duke said the mineralisation at Mt Flora continues to be predictable and consistent in width, copper grade and orientation between drill holes both down dip and now along strike, which increases the confidence level in the planned resource and mining studies.
The second phase of resource drilling comprising a planned 68 holes for 11,967m has commenced to extend and infill the first phase. This will include testing the northern extension of the newly-discovered Quarry lode.
Planning for an interim resource estimate based on the first phase of drilling is now underway, with a maiden resource expected to be announced around the same time.
Better than expected
Duke chairman Toko Kapea said the new results were better than expected.
“The Quarry mineralisation has become more continuous to the north of the granodiorite contact and it is now clear this new discovery will contribute significantly to the growing resource potential at Mt Flora,” he said.
“Based on these new results and mineralisation being seen in the second phase of drilling, we are confident that we will exceed the upper range of our exploration target.”
Originally disclosed in Duke’s prospectus prior to its ASX listing, that target sits at around 12 million tonnes grading between 0.5% and 0.7% copper for up to 84,000t copper; 15g/t silver for up to 5.7 million ounces; and up to 0.1g/t gold for up to 38,000oz.
“We now see Mt Flora as a standalone mining opportunity without needing the additional resource potential being found by our regional exploration around [the nearby] Quorn and Absolons discoveries,” Mr Kapea said.