- Austral Resources (AR1) strikes more copper as it works towards a fourth-quarter resource upgrade at the Lady Colleen prospect within its Mt Kelly operation in QLD
- Highlights from recent diamond drilling in the area include five metres at 5.74 per cent copper from 223 metres in a step-out drill hole
- The company says the results confirm the continuity and extent of high-grade mineralisation, which remains open along-strike and down-plunge to the north-west
- Austral says it has an extensive program of work planned, including further drilling, a scoping study, and the updating of the Lady Colleen resource
- Shares in the company are down 2.27 per cent to 21.5 cents at 11:07 am AEST
Austral Resources (AR1) has struck more copper as it works towards a fourth-quarter resource upgrade at the Lady Colleen prospect within its Mt Kelly operation in Queensland.
The latest results come from the company’s recently-completed reverse circulation (RC) and diamond drill program in the area.
A step-out hole hit 30 metres at 2.35 per cent copper from 201 metres, including eight metres at 3.55 per cent copper and five metres at 5.74 per cent copper.
The company said the results confirmed the continuity and extent of high-grade mineralisation at Lady Colleen, which remains open along-strike and down-plunge to the northwest.
Austral CEO Dan Jauncey said the “outstanding” results were aligned with the company’s exploration strategy at Lady Colleen.
“Results continue to confirm and define the continuity and extent of a high-grade core at Lady Colleen. Critically, the high-grade core remains open along-strike and down-plunge,” Mr Jauncey said.
“As a result of these outstanding results, the Austral board has approved a scoping study to evaluate all critical modifying factors and clearly determine the economic potential at Lady Colleen.”
Austral is now designing further drilling to evaluate the potential for continued mineralisation along-strike and down-plunge.
Along with the planned scoping study, the company said it had an extensive program of work planned, including further drilling and the updating of the Lady Colleen resource.
The scoping study will evaluate the potential of the Lady Colleen mineral resource to support an open-cut mining project at Mt Kelly.
Shares in the company were down 2.27 per cent to 21.5 cents at 11:07 am AEST.