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Locksley Resources Ltd (ASX:LKY) believes it has identified a third mineralised zone at the Tottenham copper project in New South Wales, based on the results of a downhole electromagnetic (DHEM) survey.
Survey work on drill holes TORC024 and TORC029 has uncovered off-hole conductors outside of the current 7.13 million-ounce Orange Plains-Mount Royal mineral resource, with this boosting the concept of a new mineralised ribbon at the project.
Six holes were subject to the DHEM across the Orange Plains, Lacey’s Tank, and Jimmy Woodser prospects. The only strong responses came from Orange Plains; significant off-hole responses were noted at both TORC024 and TORC029.
Locksley has interpreted the response to come from the same, large, strike extensive zone – although the holes are too far apart to be modelled with a single plate.
The company is also considering the project’s underlying geology, being hosted within the Girilambone sediments, with mineralisation associated with silica magnetite alteration, producing mineralisation likely to produce high responses in magnetic surveys.
Managing director Steve Woodham said this form of survey had the potential to uncover something significant at Tottenham.
“The DHEM survey has identified strong off-hole conductors to the south-east of the existing Orange Plains resource, potentially representing a previously unknown third mineralised horizon, which provides the opportunity to significantly increase the size of the resource,” Mr Woodham said.
“These results give the Company additional confidence that this highly prospective area represents a strong drill target which will be planned and budgeted as soon as practicable.
“The purpose of the DHEM program is to use sub-surface geophysical techniques on previously drilled reverse-circulation (RC) drill holes to determine whether off-hole DHEM conductors are present.”
Tottenham’s resource for Mount Royal – Orange Plains is 7.13 million tonnes at 0.73%
copper and 0.22 grams per tonne of gold.
At 15:05 AEDT,
Locksley today traded at 1.8cps – a rise of 5.88% since the market opened.
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