- Base metals explorer Critical Resources (CRR) has struck visible chalcopyrite in a diamond drilling program at its Halls Peak project in New South Wales
- The company says its seventh diamond hole of a 14-hole program shows visible chalcopyrite intervals across 7.6 metres from between 41 metres and 48.6 metres deep
- Lab analyses are still required to determine the grade and widths of the mineralisation, but Managing Director Alex Briggs says today’s result “outstanding”
- He says the companys drilling stratey is to confirm near-surface mineralisation first, then incrementally define mineralisation at greater depths
- Shares in Critical Resources are up 10.47 per cent this afternoon to trade at 9.5 cents each at 1:04 pm AEDT
Base metals explorer Critical Resources (CRR) has struck visible chalcopyrite in a diamond drilling program at its Halls Peak project in New South Wales.
The mineralisation comes from the seventh diamond hole to be drilled at the Gibsons prospect in the wider project area. According to Critical Resources, the drill core from the hole showed visible chalcopyrite intervals across 7.6 metres from between 41 metres to 48.6 metres deep.
Chalcopyrite is a copper-iron sulphide and is the principal ore of copper.
While Critical Resources said lab analyses were still required to determine the grade and widths of the visible mineralisation, Managing Director Alex Briggs said the visible mineralisation was an “outstanding” outcome for the company and the Halls Peak project.
“Our drill program has been focused on confirming near-surface mineralisation first, then incrementally defining mineralisation at greater depths,” Mr Briggs said.
“These visual results are outstanding and we are excited to see the further potential Halls Peak has to offer.”
The Halls Peak project lies roughly 45 kilometres southeast of Armidale in New South Wales’ New England Fold Belt.
Critical Resources said massive sulphide deposits were discovered in the area late in the 1800s, with near-surface mining extracting zinc, lead, copper, and silver.
More recently, exploration work in the area has struck high-grade mineralisation to a depth of roughly 150 metres in the area.
All up, Critical Resources is planning to drill 14 holes for a total of 2500 metres in the project area as part of its current drilling program.
Shares in Critical Resources were up 11.6 per cent this afternoon to trade at 9.6 cents each at 1:54 pm AEDT. The company has a $118.6 million market cap.