- Estrella Resources (ESR) is trading in the green after releasing the latest round of results from a third-phase drilling program at its Carr Boyd project
- The company says it has drilled 10 reverse circulation (RC) holes in the T5 Discovery Zone, with most holes hitting nickel sulphides
- Estrella also took on some diamond drilling alongside some downhole electromagnetic (DHEM) work in the area
- The company is now planning a phase-four program, with the first part of a major 7500- metre RC plan already underway
- Shares in Estrella Resources are up 2.44 per cent and trading at 4.2 cents each at 11:38 am AEST
Estrella Resources (ESR) is trading in the green after releasing the latest results from a third-phase drilling program at its Carr Boyd project.
The nickel explorer told investors this morning it drilled 10 reverse circulation (RC) holes above an area dubbed the T5 Discovery Zone to close off mineralisation struck by previous drilling.
Most of the holes from this RC program hit sulphides on or just above the basal contact in this zone, according to Estrella.
One hole, however, struck four metres of semi-massive sulphides with visual pentlandite and chalcopyrite.
Estrella said it believed this was the very upper edge of the T5 mineralisation.
Meanwhile, Estrella also took on some diamond drilling in the area, with one of the deep diamond holes targeting a high-priority anomaly identified by a seismic survey.
The company said the type of anomaly targetted from the diamond hole was potentially generated by massive sulphides.
Nevertheless, Estrella said the diamond hole made basal contact without hitting an obvious seismic anomaly, though the T5 pyroxenite at depth on the contact was “mineralised with rip-up clasts containing nickel-sulphides”.
The company performed downhole electromagnetics (DHEM) on this hole which it said generated off-hole anomalies relating to the known Carr Boyd mine.
Estrella Managing Director Chris Daws said the phase-three drilling program, which has now been completed, was “highly successful”.
“This program was instrumental not only in intersecting further nickel sulphides but also in providing the company valuable knowledge about the controls on the mineralised zone,” Mr Daws said.
He said the company was planning a fourth-phase program at Carr Boyd, with a portion of the planned 7500 metres of RC drilling already underway.
“Phase Four is set to commence shortly with the objective of conducting step-out drilling to improve Estrella’s understanding of the project’s potential scale as well as identify additional areas of interest which may contain further Carr Boyd style opportunities,” Mr Daws said.
This part of the RC program is designed to extend the T5 Discovery Zone to the south, while more RC drilling is being planned to target the northern extent of the T4 basal pyroxenite.
Shares in Estrella Resources were up 2.44 per cent and trading at 4.2 cents each at 11:38 am AEST. The company has a $52.5 million market cap.