Join our daily newsletter At The Bell to receive exclusive market insights
- Develop Global (DVP) hits intersections of “exceptionally” thick, high-grade copper and zinc mineralisation at its Woodlawn project in NSW
- Global’s B lens was the thickest, returning 2.1 per cent copper over 75 metres, 3.1 per cent zinc, and 8.9 grams of silver at true thickness estimates of 62 metres
- While only 15 per cent of assays have been received, DVP reported that its underground development is rapidly de-risking production restart
- The company plans to follow up the results as more suitable drill locations arise
- DVP shares were up 7.06 per cent, trading at $3.49 at 10:30 am AEST
Develop Global (DVP) has hit intersections of “exceptionally” thick, high-grade copper and zinc mineralisation during a maiden program at its Woodlawn copper-zinc-silver project in NSW.
The exploration and resource drilling program included 70 holes for 35,000 metres, with 65 per cent of the program completed by drilling contractor, Australian Underground Drilling.
DVP designed the program to convert its inferred resources to an indicated resource, plus extend the mineralisation at depth and along strike.
All drill holes intersected mineralisation outside the company’s underground inferred resource of 7.3 million tonnes at 5.7 per cent zinc, 1.8 per cent copper, two per cent lead, 44.9 grams per tonne (g/t) silver and 0.6 g/t gold.
The thickest assay returned included high grades of copper and zinc mineralisation within the B lens, at 75 metres of 2.1 per cent copper, 3.1 per cent zinc, and 8.9 grams of silver at an estimated true thickness of 62 metres.
“This intersection within the B Lens is astonishing and shows that the Woodlawn geological system is developing into something special,” DVT Managing Director Bill Beament said.
“You normally only see thickness like this within a porphyry system, but at a fraction of this grade.”
Meanwhile, within the same lens, 3.6 per cent of copper was found over eight metres, and 13.9 per cent zinc with 17.6 grams of silver.
Multiple polymetallic intersections inside a newly identified section of the G Lens were also assayed, and copper-rich intersections continued to expand Global’s high-grade J Lens.
“The thickest ever intersection, combined with the discovery of a new, high-grade copper section of J lens confirms Develop’s strategy that aggressive drilling will lead to substantial increases in the project resources.”
Global has received only 15 per cent of its results, but reported that its underground development rapidly de-risks a production restart after achieving a record 327 metres in April.
Global has planned to follow up the results as more suitable drill locations arise.
DVP shares climbed 7.06 per cent, trading at $3.49 at 10:30 am AEST.
