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- DevEx Resources (DEV) receives assay results from the first two diamond drill holes from its ongoing exploration program at the Sovereign Nickel-Copper-PGE Project
- These results have confirmed several zones of low-grade disseminated nickel and copper sulphide mineralisation
- Additionally, a third stratigraphic diamond hole has been completed, located around 3.5 kilometres to the north of the initial drilling
- With the delayed harvesting season complete, ground electromagnetic (EM) can now pick up pace in early January
- On the market this morning, DEV was down 12.2 per cent and is trading at 43 cents per share
DevEx Resources (DEV) has received further results from its ongoing exploration programs at the Sovereign Nickel-Copper-PGE Project in Western Australia’s Julimar Province.
DevEx is exploring the Sovereign Project as part of a 50/50 joint venture on Australian Silica Quartz Group’s (ASQ) E70/3405, which is located along strike from the Chalice Gold Mines Ltd (CHN) Julimar nickel-copper-PGE finding in Western Australia.
DEV has reported assay results from the first two diamond holes that were completed in November.
These results have confirmed several zones of low-grade disseminated nickel and copper sulphide mineralisation within the gabbronorite-norite and pyroxenite rocks.
Additionally, a third stratigraphic diamond hole has been completed, located around 3.5 kilometres to the north of the initial drilling.
Managing Director Brendan Bradley is pleased with the program results so far.
“The observations and early conclusions from our first three stratigraphic diamond holes at Sovereign have provided a strong framework for our ongoing exploration program,” he said.
“Importantly, we have confirmed an extensive sequence of highly prospective ultramafic-mafic rocks over a considerable strike length with geological, geochemical and petrological characteristics which indicate the potential for a large nickel-copper-PGE system.
“The presence of low-grade nickel-copper mineralisation in the initial assays is consistent with our expectations based on geological logging of the core. The next step is to find accumulations of massive sulphides, and ground EM is the right exploration tool to do this.”
With the delayed harvesting season complete, ground electromagnetic (EM) can now pick up pace in early January, with Hole 2 a focus on the program.
The ground EM survey is expected to take several months to complete.
“With the completion of the cropping season, our ongoing ground EM program will pick up pace early in the New Year, and we are looking forward to seeing what it can deliver,” Mr Bradley said.
On the market this morning, DEV was down 13.3 per cent and is trading at 42.5 cents per share at 11:17 am AEDT.
