Copper-focused mining company 29Metals (ASX:29M) has identified a new mineralised trend east of the Mammoth deposit at the Capricorn Copper mine in Queensland.
The company reports this trend was discovered by a drilling program completed in the March quarter of 2023, which extended the known mineralisation at the Esperanza South and Mammoth deposits.
Key drilling results recorded at Mammoth includes hole UDMAM22_110 with 228m @ 1.2% Cu, 3g/t Ag, and 50 parts per million (ppm) Co from 427m, including 36m @ 3.9% Cu, 6g/t Ag, and 188ppm Co from 427m.
29Metals reports mineralisation intersected in this drilling program is within 310m of current development at Mammoth, and includes evidence of a new mineralised trend previously unidentified. Future campaigns at Mammoth will expand the scope of the drilling in this area, aiming to identify ‘higher’ grade areas which may support a new mining front.
At Esperanza South, surface drilling intersected mineralisation down plunge of the existing Mineral Resource Estimate (MRE). New results recorded here include SDES22_003_W3A with 70m @ 2.8% Cu, 26g/t Ag, and 1,083ppm Co from 821m; SDES22_003_W2 with 48.1m @ 2.7% Cu, 23g/t Ag, and 1,221ppm Co from 878.9m; and SDESS22_003A_W1 with 23m @ 3% Cu, 10g/t Ag, and 779ppm Co from 737m.
“These tremendous results continue to demonstrate the growth potential at the Capricorn Copper orebodies”
Commenting on the results, 29Metals Chief Executive Officer (CEO) and Managing Director, Peter Albert says: “These tremendous results continue to demonstrate the growth potential at the Capricorn Copper orebodies, building upon the highly successful drilling the highly successful drilling at Capricorn Copper in 2022 which supported a significant increase in estimated Mineral Resource and Ore Reserves tonnes for ESS (Esperanza) of 3.5 million tonnes or 23% and 3.9 million tonnes or 58% respectively in our end-of-year estimates.
These results further demonstrate the medium and longer term potential we see at Capricorn Copper, and highlight the importance of our ongoing recovery work to safely return Capricorn Copper to operations following the impacts of the extreme weather event in March 2023.”
The company says all drilling in the program at Esperanza South intersected mineralisation, with resource extension drilling at depth intersecting broad copper, silver, and cobalt mineralisation outside the current MRE, while resource conversion drilling to the north is considered likely to extend mineralisation at depth while improving overall resource confidence.
29Metals is a copper-focused mining company that currently holds the Golden Grove Mine in Western Australia as well as the Capricorn Copper Mine in Queensland.
Images: 29Metals Ltd
