- Drilling has begins at Resolution Minerals (RML) and Oz Minerals (OZL) Wollogorang joint venture project in the Northern Territory
- Despite delays in completing the heritage survey, all drill sites have now been approved for the 6500-metre reverse circulation drilling program
- Funded by OZL, the drillholes will test geophysical anomalies in favourable stratigraphic and structural positions for hosting mineralisation
- This round of work is due to run for the next six weeks with assay results expected by January
- Shares in Resolution Minerals end the day in the grey to close at 1.1 cents while Oz Minerals ends the day 1.18 per cent in the red to close at $25.11
Drilling has begun at Resolution Minerals (RML) and Oz Minerals (OZL) Wollogorang joint venture project in the Northern Territory.
The project lies in the McArthur Basin which is said to be a highly copper-fertile area where Teck, BHP (BHP), Rio Tinto (RIO), NT Minerals (NTM) and South 32 (S32) also operate.
Despite delays in completing the heritage survey, all drill sites have now been approved for the 6500-metre reverse circulation drilling program to begin.
The drillholes have been designed to test significant geophysical anomalies in favourable
stratigraphic and structural positions for hosting mineralisation.
Oz Minerals is funding the drilling program as part of the first year commitment of the earn-in joint venture agreement.
Resolution’s Managing Director Steve Groves said the parties are “extremely excited” to be testing the targets generated by the RML team.
“[The project] has the potential to host large-scale, sediment-hosted mineralisation where copper-bearing fluids have interacted with suitable reductive host rocks which are abundant on the property,” he said.
“The number and quality of drill targets at Wollogorang is quite astounding.”
This round of work will run for the next six weeks with assay results expected by January.
The parties are hoping to get as much of the drilling completed ahead of the impending wet season, however, if targets remain, further drilling will be considered for next year.
Shares in Resolution Minerals ended the day in the grey to close at 1.1 cents while Oz Minerals ended the day 1.18 per cent in the red to close at $25.11.