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Altair Minerals (ASX:ALR) has unveiled the assay results from its last round of drilling at its Wee MacGregor project.
Spot surface sampling revealed grades of 32% copper and 5.5g/t gold in a “wide continuous channel sample” of 44m at 1.2% copper.
A total of 14 rock chip samples and 21 channel samples were rounded up in the campaign with 18 of those coming back higher than 1% copper – with five of those samples higher than 15% copper. Nine samples returned grades higher than 1/gt gold.
In Altair’s eyes, the data backs up its geotechs’ beliefs there could be a significant extension of mineralisation underground not yet on the company’s radar.
“Significant levels of gold encountered demonstrates previously unknown along strike potential for gold mineralisation alongside current copper mineralisation footprint,” Altair wrote on Tuesday.
Should that be the case, shareholders would likely be watching, given the gold rally and copper’s somewhat-subdued-YTD but still-higher-than-pre-COVID pricing.
As for its Canadian projects, Altair wrote on Tuesday that it has received lithium rock chip assays and that it “continues to evaluate numerous complimentary opportunities in the resources sector globally.”
Additionally, its Horse Well asset in South Australia is currently the subject of a geophysical data review, including re-processing. Altair pointed to prior poor interpretation of data.
“Wee MacGregor has a rich history of high-grade copper production, and these samples unlock new potential for strike extensions and gold mineralisation which is highly encouraging,” Altair CEO Faheem Ahmed.
“The channel samples were also incredibly positive, highlighted by an impressive 43.7m @ 1.2% copper section which shows a thick protrusion of mineralisation at surface together with rock-chip grab samples up to 32% copper demonstrating the tremendous grades present at Wee MacGregor.”
ALR last traded at 0.4cps.
