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Lord Resources Ltd (ASX:LRD) is set to a acquire the majority interest in an exploration licence hosting the high-grade Ilgarari copper workings in Western Australia, where historic deep drilling has revealed grades of up to 3.42% and 6.62%.
The company has entered a binding earn-in agreement with Blackrock Resources Pty Ltd which could see it earn up to 80% interest in the sulphide rights within the exploration licence.
Drilling results from the project have picked up intercepts such as 17 metres at 1.27% Cu from 145 metres, including 7 metres at 2.04% Cu from 147 metres in one hole; and 17.1m @ 1.20% Cu from 251 metres, including 4 metres at 3.42% Cu in another.
A top intercept of 12 metres at 1.57% Cu from 158 metres, including 2 metres at 6.62% Cu from 158 metres has also been recorded.
Looking immediately ahead to exploration, multiple drill targets have been identified through IP survey and geophysical review, among these a broad chargeability conductor which splays off the territory’s main mineralised fault zone.
More excitingly, a yet undrilled but regionally significant magnetic feature has been modelled right underneath the known mineralisation.
Lord CEO Andrew Taylor said he was enticed by the region’s mineralisation and previous exploration in the licence area.
“This acquisition represents a unique opportunity to secure a joint venture in a highly prospective copper project in a tier one jurisdiction,” he said.
“Prior exploration has defined mineralisation over 4 km along the Ilgarari Fault and with numerous high-grade hits around both the “Main” and “Alac” workings.
“The Lord team looks forward to undertaking a systematic exploration program for the extensions and source of this mineralisation in conjunction with Blackrock Resources.”
Lord shares moved up and then down following the news: at 15:00 AEDT, they were tradung at 3 cents – a fall of 3.23% since the market opened.
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