- Following its $5 million ASX listing in early July, Locksley Resources (LKY) begins diamond drilling at the Orange Plains and Carolina deposits in NSW
- Seven holes will be drilled to obtain geotechnical data and sufficient samples for metallurgical testwork as well as test for southern extensions
- Drilling is estimated to take six weeks to complete with results expected six to eight weeks after that
- Locksley has also begun a detailed ground gravity survey around the Carolina Deposit to provide information on structures and alteration
- Locksley ends the day 9.68 per cent in the green with shares trading at 17 cents
Following its $5 million ASX listing in early July, Locksley Resources (LKY) has begun diamond drilling at the Orange Plains and Carolina deposits.
Both prospects lie within the Tottenham Copper Project which is situated within the prolific Lachlan Fold Belt in New South Wales (NSW).
It consists of three exploration licence applications and three granted exploration licenses that cover an area of 470 square kilometres.
Seven holes, for roughly 1540 metres, will be drilled at Orange Plains and Carolina with four holes planned to obtain geotechnical data and sufficient samples for metallurgical testwork.
The remaining three holes will test for southern extensions to the Carolina Deposit in an area that hasn’t been subject to previous drilling.
Drilling is estimated to take six weeks to complete with results expected six to eight weeks after that.
Locksley has also begun a detailed ground gravity survey around the Carolina Deposit to provide information on structures and alteration.
Managing Director Steve Woodham is pleased to begin drilling at the Tottenham Project.
“We intend to add value to the excellent work completed by the previous owners and transform what is believed to be a very strong exploration target range of seven million tonnes at two per cent copper and one gram of gold per tonne (g/t) to 14 million tonnes at 1.2 per cent copper and 0.5g/t gold by upgrading it to a 2021 resource category,” Mr Woodham said.
“We are happy to be able to bring a copper project of this calibre to the ASX at a time when commodity prices, in particular, copper are so strong.”
Locksley has ended the day 9.68 per cent in the green with shares trading at 17 cents in an $8.68 million market cap.