Evidence for ‘significant’ gold at Revolver Resources’ Dianne project in northern Queensland

Revolver Resources (ASX: RRR) reports that all eight diamond drill holes at its Dianne project intersected zones of hydrothermal alteration indicative of an intrusive related gold system (IRGS).

IRGS’ are a relatively recently defined class of economically important gold deposits that define a certain type of metallogenic province.

In this case, the company believes there is potential for significant gold accompanied by copper and cobalt.

The project sits within the Larramore Volcanics Belt, located in the Palmer River region.

Potential strike over ‘several km’

The C5 and C16 targets, which were the subject of the drilling program, are more than 1km apart with geochemistry supporting the potential for strike continuation over several kilometres, the company says.

The eight-hole drill program totalled 1,570 metres.

Shear zone intercepts begin at shallow depths, from as little as 70 metres down hole.

The Dianne project is located 260km from Cairns and is covered by six active mining leases and one exploration permit.

Revolver has previously noted that the compact and high-grade nature of the known mineralisation at Dianne offers the potential for the project becoming one of the world’s lowest cost copper operations.

The historic mine, worked as both an open pit and underground operation, was in production between 1979 and 1983, during which time 63,758 tonnes of ore was treated at an average copper grade of 22.7%. The deposit had been discovered in 1958.

‘Undeniably promising’ development

Managing director Pat Williams said the company is “quietly excited’ about the initial results of the drilling program.

Assay results are expected to be released in October.

“With the now demonstrated shallow, and seemingly extensive, presence of such IRGS mineralisation in the Larramore this is an undeniably promising development for our exploration efforts,” said Mr Williams.

Follow-up drilling is now being planned.

A helicopter-borne gravity gradiometer survey across the Larramore block has now been completed over four zones in the western side of the Dianne project.