- Duke Exploration (DEX) announces a maiden inferred mineral resource estimate (MRE) for the Mt Flora prospect in Queensland
- The mineral resource estimate reads 16 million tonnes at 0.5 per cent copper and 6.9 parts per million silver and is reported in JORC 2012 guidelines
- Further drilling is now being planned to extend the resource to the north and achieve indicated classification
- Duke is also planning drilling to test the resource potential of the copper mineralisation at the Quorn and Absolon prospects
- Shares in Duke are down 11.1 per cent on the market and are trading at 32 cents at 10:37 am AEST
Duke Exploration (DEX) has announced a maiden inferred mineral resource estimate (MRE) for the Mt Flora prospect in Queensland.
Mt Flora is part of the Bundarra Project which lies roughly 130 kilometres southwest of Mackay and 50 kilometres east of Moranbah in the Central Queensland coal fields.
The mineral resource estimate reads 16 million tonnes at 0.5 per cent copper and 6.9 parts per million (ppm) silver and is reported in JORC 2012 guidelines.
The estimate was based off results from 87 reverse circulation (RC) holes, for 15,834 metres, and three diamond holes, for 550 metres.
It remains open at least 300 metres to the north and additional drilling is being planned to extend it and achieve indicated classification.
Duke is also planning drilling to test the resource potential of the copper mineralisation at the Quorn and Absolon prospects.
“This is a very solid start for the company who only listed seven months ago, and we are on track to meet our business objectives at listing,” Managing Director Philip Condon said.
“Importantly, recent drilling of conductive and portable x-ray fluorescent soil anomalies to the north of the maiden resource area, which intersected visible copper mineralisation from the near surface to a depth of 80 metres suggest that the resource at Mt Flora should continue to grow as assays are returned from the continuing resource and exploration drilling.”
Shares in Duke were down 11.1 per cent on the market and trading at 32 cents at 10:37 am AEST.