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Lachlan Star Ltd (ASX:LSA) continues its story of strong copper mineralisation at the Basin Creek project in New South Wales, with six diamond drill holes all intersecting high grades of the red metal with significant widths.
In one hole – BCD004 – this included 6.2 metres at 1.3% copper (Cu) from 89.8 metres; and 21.0 metres at 1.2% Cu from 138.0 metres, including 4.5 metres at 3.0% Cu from 153.0 metres.
Another, BCD005, revealed intercepts such as 9.1 metres at 2.7% Cu from 191.0 metres, including 3.5 metres at 6.6% copper from 192.2 metres.
Crucially, these results are consistent with those previously picked up at the project, with past intercepts including 79.2 metres at 0.5% Cu from 12.0 metres, including 0.8 metres at 11.8% Cu from 90.5 metres.
Exploration work has highlighted the nature of mineralisation there, which comprises a broad disseminated copper sulphide system (chalcopyrite ± bornite-chalcocite) with lenses of high-grade semi-massive chalcopyrite.
The copper mineralisation occurs over a 200-metre strike length, with a width of up to 40 metres, and a vertical depth of 100 metres. It has also been defined as improving towards the north, where it remains open along strike and at depth.
Lachlan Star has recently completed an induced polarisation (IP) geophysical survey also over the area of drilling, outlining a strong, coherent chargeable and resistive response coincident with the copper sulphide system which remains open to the north of current drillhole coverage.
This recommenced in early January and will cover the remaining northerly strike extension to the target corridor, covering the full 1.4km copper-in-soil anomaly.
LSA shares have been down after the news; at 10:56AM they were trading at 3.8 cents – a dive of more than 22.4% since the market opened.
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