Revolver Resources expands high-grade copper potential at Dianne with tenement acquisitions
Revolver Resources has secured an option to purchase two exploration licences adjacent to Dianne from Great Southern Mining.
Revolver Resources (ASX: RRR) has inked a deal to acquire two tenements adjacent to its flagship Dianne high-grade copper project in north Queensland’s Hodgkinson Province.
The company signed an option deed to purchase the two exploration licences from Great Southern Mining (ASX: GSN).
As part of this, Revolver will pay a $100,000 option fee that will enable to it to explore the tenements, which cover 360 square kilometres, for 12 months.
If Revolver elects to purchase the tenements, it will pay Great Southern Mining a further $150,000 in cash and issue $750,000-worth of shares.
Copper explorer
Revolver’s near-term focus is on copper, which is essential to the world’s electrification as it transitions to net zero.
Along with today’s announced deal to acquire two tenements, Revolver owns the Dianne and Osprey projects, which are both located in north Queensland.
Dianne comprises six mining leases and an exploration permit in the Hodkinson Province, which is prospective for a variety of minerals including copper, gold, cobalt and zinc.
At Osprey, Revolver is targeting Mount Isa-style copper and iron-oxide-copper-gold deposits across its six exploration permits in the North-West Minerals Province.
Dianne copper project
Dianne hosts what Revolver describes as one of the highest-grade copper mines in the world.
Between 1979 and 1983, around 63,758 tonnes of ore was shipped from the mine with an average grade of 22.7%.
The deposit has not undergone modern exploration and it has not been drilled below 165m.
Revolver recently completed an initial 17 hole 2,994m diamond drilling program at Dianne, which returned high-grade copper, zinc, silver, gold and cobalt.
The company noted exploration had “exceeded” its expectation, with up to 19.8% copper uncovered and wide mineralised zones.
A further three high-grade gold zones were identified with up to 12.2 grams per tonne gold.
Revolver believes the project has “significant large-scale upside potential”. Existing mineralisation remains open and induced polarisation surveys have pinpointed numerous high-priority targets.
“Our drill intersections have provided a much stronger picture of the length, depth and breadth of our mineralisation across two key exploration targets identified in earlier historical works,” Revolver managing director Pat Williams explained.
“Given the growing area of mineralisation commencing at surface, and the adjoining nature of both mineralised ore bodies, the potential for a bulk mining scenario is becoming a serious opportunity.”
“We are seeing a unique situation unfold here with multiple scenarios taking shape for the future of this project.”
Mr Williams added ongoing exploration at Dianne remained a priority for the company.