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White Cliff Minerals (ASX:WCN) has been down -17.5% in intra-day trade after investors dumped the stock in response to its first step-out holes results from its summer RC campaign at the Danvers Copper Project in Canada.
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Compared to the Australian explorer’s May discovery, a visual inspection has this week revealed a 250% increase to 400 metres of the already stretched mineralised footprint; initial assays are due in September.
“An excellent start to the step-out RC drilling at Danvers, where sulphide mineralisation has been observed in all holes,” the company’s managing director, Troy Whittaker, said. “This is a strike increase of more than 250%, with a target to double this again to more than 800m during this campaign.”
Among the standout hits was DAN25012, a 100m step-out to the southwest, which delivered 59 metres of visible sulphides from 56m depth, including over 10 metres of visually estimated 5% bornite and 3% chalcocite.
While DAN25009, which lies 200 metres further northeast, returned lower sulphide concentrations, the consistency of mineralisation observed to date points to a larger system in play, the explorer has suggested.
“Testing of these strike extensions alongside the newly identified surface mineralisation and regional targets within the Danvers Lease is a key focus,” Mr Whittaker highlighted.
Over at Hulk, White Cliff’s other copper target, drilling has resumed after early contractor issues. A new diamond rig is now turning there too, with assays from both Hulk and Danvers expected in the coming weeks.
Results from a Drone MT survey over Danvers are also due back later this month.
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“We look forward to reporting early results from Hulk and the Drone MT survey at Danvers shortly,” Whittaker added.
WCN has been selling flat at 60cps in arvo trade.
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