Todd River Resources (ASX: TRT) has extended the known mineralisation at depth within its Mt Hardy copper-zinc project in the Northern Territory after a diamond drill hole returned high-grade zinc of 15.9% and other base metals.
The diamond drill hole intersected 13.45m of mineralisation grading 15.9% zinc, 5.75% lead, 0.90% copper and 89 grams per tonne silver from 358.55m down hole.
“The exceptional intercept in this key step-out hole is a major breakthrough for the emerging discovery at Mt Hardy,” Todd River chief executive officer Will Dix said.
“We have now extended the mineralisation to more than 200m of continuous dip extent, mainly below the discovery hole of 25m at 2.4% copper and 4% zinc, and we are now confirming exceptionally high-grades and tenor of mineralisation persist to significant depths,” Mr Dix added.
Two other diamond drill holes also pulled up multiple zones of base metal mineralisation, with assays pending.
However, portable XRF readings indicated 8m grading 0.7% copper, 1.8% lead, 9.7% zinc for combined base metals of 12.2% in one hole, while the other registered 8m at 1.9% copper, 1.6% lead and 8.7% zinc for a combined base metal content of 12.2%.
The portable XRF also recorded smaller intervals in both holes, with combined base metals content ranging from 2.5% to 8%.
Once Todd River has the assays from these holes to-hand, it will conduct a full review of the geochemical data from all drill holes to gain a better understanding of the mineralised system and define new targets.
Todd River then plans to restart drilling at the project once it has secured approvals for the expanded targets.
“Together with the strong zones of mineralisation encountered in the additional holes and the highly encouraging indications from down-hole geophysics, we believe we are onto a new high-grade base metal system, which warrants a major exploration push by the company,” Mr Dix said.
“While we away outstanding assays, we are completing a full reinterpretation of the geophysics which, together with a new geochemical interpretation, will lay the foundations for our next phase of expanded drilling,” he added.
Today’s news drove Todd River to become one of the ASX’s biggest gainers, with the stock surging more than 20% to reach A$0.10 by late afternoon.