- Maiden drilling at Los Lirios confirmed broad antimony system with top intercepts reaching 4.15% Sb at depths under 10 metres.
- Favourable economics for possible bulk-tonnage open-pit operation.
- EVR is moving directly to maiden JORC Resource Estimate, targeted for Q3.
EV Resources (ASX:EVR) has landed significant results from its maiden diamond drilling program at the Lirios 1 target at Los Lirios in Oaxaca, with initial assay results from five of the fifteen completed holes confirming the presence of a laterally extensive Carbonate Replacement Deposit (CRD) system.
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These findings validate the explorer’s geological model, EVR said today, showing mineralisation starting from depths of under 10 metres.
The program was designed as a technical validation to test the scale and geometry of the system. Antimony mineralisation was intersected in four of the first five holes, establishing lateral continuity of the CRD horizon.
Notable intercepts include 3.05 metres at 2.1% Sb from 8.1 metres, two metres at 1.71% Sb from 9.35 metres, and 0.4 metres at 4.15% Sb from 6.2 metres. The data has indicated a shallow, tabular, and gently folded geometry.
“For a first pass drilling program to consistently intersect antimony mineralisation at shallow depths across multiple holes is a highly encouraging outcome,” EV Resources managing director Mike Brown said Monday.
“Importantly, intersections of around 1% Sb are considered highly significant in the current antimony pricing environment, particularly in the context of the extremely shallow depths encountered in drilling to date.”
This sets EVR up very well, Mr Brown added. “Both channel sampling and drilling results are consistently higher, which places us very well for future drilling.”
In particular, these characteristics are favourable for potential low-cost open-pit mining scenarios. Observations suggest that the mineralised material and overlying gypsum are largely “free-digging,” which could support favourable mining economics by reducing blasting requirements, he explained.
“This will have a material impact on accelerating the pathway toward a maiden JORC Mineral Resource Estimate,” EVR’s director told shareholders.
In that regard, EVR is targeting a maiden JORC Mineral Resource Estimate by the end of this calendar year’s third quarter. The explorer will also be running second-phase drilling, with that resource definition program designed to delineate the system footprint, and will focus on extending mapping and geophysical surveys to the broader Los Lirios Fault Zone, including in Carmen and Anexa.
EVR opened at 0.9¢ today. It’s up ~80% over the last year.
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