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Austral Resources (ASX: AR1) says maiden drilling at its Canyon Prospect has confirmed a significant copper oxide system less than four kilometres from the company’s Mt Kelly processing infrastructure in northwest Queensland.
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The first batch of assay results has outlined mineralisation over a strike length exceeding 1.2 kilometres, with drilling confirming the presence of a large blind copper system concealed beneath transported cover.
The strongest result returned 24 metres at 1.03% copper from 74 metres, including a higher-grade interval of 14 metres at 1.60% copper from 83 metres.
Austral said the discovery sits within trucking distance of its Mt Kelly heap leach and solvent extraction-electrowinning processing facility, potentially providing a future source of feed without the need for major infrastructure investment.
The company said copper oxide mineralisation, including malachite, azurite and chrysocolla, has now been intersected across multiple areas of the prospect, including Canyon South, Canyon Central, and Canyon North.
At Canyon South, drilling delivered the highest-grade results, while Canyon Central confirmed copper mineralisation continuing beneath surface outcrops.
Geological observations indicate the mineralisation may be consistent with a sediment-hosted copper style system, a deposit type known for supporting extensive mineralised districts.
Mineralisation remains open in all directions. Further drilling will focus on defining the overall size, identifying higher-grade zones and testing potential links between the northern, central and southern portions.
AR1 has dropped -7.14% today, down to 7.8cps.
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