Revolver Resources increases activity at Dianne copper project
Revolver Resources (ASX: RRR) has posted a December quarter of heightened activity at its Dianne copper project in Queensland.
Before the close of the quarter, the company announced a combined indicated and inferred maiden resource of 1.62 million tonnes grading 1.1% copper, incorporating the Dianne primary and supergene massive sulphide and the Green Hill supergene oxide.
The figures were based on a 0.5% copper cut-off for primary and supergene sulphide mineralisation and a 0.25% cutoff for Green Hill supergene oxide mineralisation.
The combined tonnage was reported to contain 72.1% in the inferred category and 27.9% indicated.
Studies are now underway to determine optimum scenarios for near-term production potential, noting the Dianne deposit is located on granted mining leases carried over from the previous operations which ceased in 1983.
A host of near-pit initiatives have been identified with the potential to further increase the resource tonnage.
Revolver said the growing global demand for copper provides an “ideal backdrop” to support progress on all initiatives and grow the company exponentially.
Revolver ramped-up drilling at Dianne during the quarter after exploration results indicated the presence of clear surface anomalies overlapping identified electromagnetic (EM) drill targets, all in close proximity to the existing high-grade massive sulphide Dianne deposit.
Two diamond holes over 1,141 metres targeted an EM target 200m beneath the deposit to intersect interpreted extensions of the massive sulphide horizon present at the project, giving confidence to known clustering effects with volcanogenic massive sulphide (VMS) deposits.
Importantly, the company identified the Dianne High Strain zone comprising over 20 EM drill targets conducive to VMS-hosted deposits.
In October, Revolver advised that a mid-2022 option deed for the purchase of two exploration permits from Great Southern Mining (ASX: GSN) had been executed, allowing the company to assume full ownership.
The permits cover an area of more than 400 square kilometres surrounding the Dianne project and substantially increase the amount of ground available to Revolver for ongoing exploration and identification of high-priority anomalies.
In December, Revolver announced it had entered into a 70% farm-in agreement with private explorer Colt Resources to further increase the Dianne footprint.
The new ground covers 13sq km and is expected to be integral to the ongoing regional identification of VMS mineralisation.
Geological reconnaissance and laboratory assays from surface sampling completed by Revolver during a period of due diligence revealed an extensive area of anomalous copper, gold and cobalt mineralisation.
Mapping also identified a gossan (the surface expression of weathered mineralisation) which continues over a 1.5km strike length along the trend.
At year end, Revolver had an available cash balance of $2.8 million after $1.84 million was spent on exploration for the quarter.