Revolver Resources enters farm-in deal over VMS ground in Dianne copper district
Revolver Resources completed surface sampling during due diligence of the new ground, which returned up to 0.19% copper, 7.29g/t gold and 174ppm cobalt.
Revolver Resources (ASX: RRR) has entered into a farm-in deal with private company Colt Resources over acreage integral to the ongoing identification of volcanogenic massive sulphide (VMS) mineralisation in Queensland’s Dianne copper district.
The binding commercial agreement will allow Revolver to earn up to 70% of the highly-prospective ground which lies on top of the Larramore volcanic trend in return for $60,000 of in-ground exploration expenditure.
The ground comprises a discrete four sub-block area over 13 square kilometres, within a larger 99 sub-block exploration permit owned by Colt.
It contains the recognised Gossan Ridge and Debrah VMS prospects.
Surface sampling
Geological reconnaissance and laboratory assays from surface sampling completed by Revolver during a period of due diligence revealed an extensive area of anomalous mineralisation with grades of up to 0.19% copper, 7.29 grams per tonne gold and up to 174 parts per million cobalt.
Mapping work also identified a gossan (the surface expression of weathered mineralisation) which continues over a strike length of at least 1.5km along trend.
Development pathways
Revolver managing director Pat Williams said the new ground would see the Dianne project “transform along dual development pathways”.
“We already control the most prospective locations along the Dianne high-strain corridor and the Larramore volcanic trend within our regional copper portfolio this transaction secures for us a considerable strike length for VMS mineralisation,” he said.
“The acquired tenement sits within a key area of the trend and has the potential to add extraordinary value to Revolver,” he said.
Mr Williams said the company’s knowledge of the vastly underexplored region is gradually being converted into “decisive and commercially-accretive outcomes”.
“The knowledge we have developed over the last 12 months has been crucial to identifying the real shape and size of this opportunity in the district surrounding the Dianne mine,” he said.
“Preliminary assay results and geological mapping have given us a very clear and compelling understanding of the potential that lies beneath, from the distinct comparisons we have at Dianne.”