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- Locksley Resources (LKY) starts reverse circulation drilling at two deposits within the Tottenham Copper Project in NSW
- The 28-hole drilling program over the Chris Watson and Orange Plains deposits has been designed to infill and expand upon historic drilling
- LKY hopes to produce a resource satisfying the JORC 2012 code and samples of the mineralised material will be kept for metallurgical test-work
- This work follows diamond drilling, which despite a delayed start, was completed on time and to budget, with assays expected in six weeks
- Shares end the day 15.6 per cent higher to close at 18.5 cents
Locksley Resources (LKY) has begun reverse circulation drilling at two deposits within the Tottenham Copper Project in NSW.
The project is made up of three granted exploration licences and three additional exploration applications covering an area of 470 square kilometres in the Cobar-Girilambone district which is considered prospective for gold and copper.
LKY has completed diamond drilling at the Orange Plains and Carolina deposits which consisted of seven holes with visual sulphide mineralisation observed.
Processing and logging of the core is ongoing with first assay results expected in six weeks.
Despite a delayed start due to COVID-19 restrictions, Locksley said the diamond drilling was completed on time and within budget.
Now, the company has begun a 28-hole reverse circulation drilling program over the Chris Watson and Orange Plains deposits to infill and expand upon historic drilling.
With the results, LKY plans to produce a resource satisfying the criteria of the JORC 2012 code and samples of the mineralised material will be kept on hand for metallurgical test-work.
Further, the company has received results from four historic drill holes that were re-logged and sampled.
LKY said the first hole, A1, returned low-grade intercepts that it believes may define the northern margin of the Carolina Deposit.
Reportedly holes A2 and A3 failed to reach the prospective horizon while Hole B produced weakly elevated results.
The company plans to further log and sample a remaining 15 historic holes once COVID-19 restrictions ease.
Results from reconnaissance rock samples have also been received with most of the samples providing only back ground values, however the company noted molybdenum grades are elevated which could suggest its possible use as a future pathfinder element.
Shares have ended the day 15.6 per cent higher to close at 18.5 cents
