Duke Exploration (ASX: DEX) has confirmed that all holes drilled to date at the Mt Flora prospect within the high-priority Bundarra copper project area in central Queensland have intersected visible copper mineralisation.
A program of pattern reverse circulation drilling has seen 15 holes completed so far for a total 2,309m.
The nine holes drilled at the Quarry anomaly have all intersected visible chalcopyrite copper mineralisation in stacked zones from surface to 230m down dip.
The same mineralisation has been seen in the Bundarra granodiorite beneath mapped historic massive sulphide copper veins.
Provided the vein orientations in the granodiorite are similar to the known lodes, Duke believes there may be potential for new lodes to be found to the west of the current area of planned drilling and increasing the width.
“The regional implications of copper mineralisation in the granodiorite are encouraging and has the potential to increase the scale of what already is a very large mineralised system at Bundarra,” the company said.
A total of 2,000 samples from the completed holes at the Quarry anomaly and Mt Flora have been sent to a laboratory in Townsville and assays are expected to start returning this month.
A staged approach is being taken to drilling at Mt Flora, with phase one aiming to deliver an inferred resource over the known area of mineralisation.
The plan comprises 43 holes for 7,040m, spaced 60m down dip and along strike of known mineralisation that was mined and intersected in historical drilling.
The hole locations have been optimally spaced to test the extent of mineralisation and allow resource estimation studies at the completion of the program.
If the program is deemed a success, Duke said more drilling will extend to cover electrical geophysical anomalies to the north and south and potential down dip extensions, as well as the Quarry anomaly to the north and south.
Copper prices reached a seven-year high last week amid hopes for a post-pandemic demand boom.
The metal – which is used in everything from household wiring to electric vehicles – rose as much as 1.5% to US$7,511 per tonne (A$10,200/t).
The expected demand coincides with falling global inventories of the red metal, which experts say could leave the market short of supply into the new year.