Belararox (ASX:BRX) reports the third hole from its phase one reverse circulation (RC) resource drilling at the Belara mine in the Lachlan Fold Belt, New South Wales, has confirmed ‘high-grade’ zinc, copper, and gold in a previously undrilled area.
The company’s share price is today (12 July) up 30% to $0.520 on the back of the announcement of the results.
Belararox notes the massive sulphide mineralisation intersected at the BLRC013 hole is of higher grade, for all metals, than in the historic model.
BLRC013 is along strike and at the same depth from high-grade zinc, copper, lead, silver and gold mineralisation recently reported in BLRC011. Together these holes confirm ‘high-grade’ mineralisation closer to the surface (than the historical model) over a 150m strike.
Commenting on the results Belararox Managing Director Arvind Misra said: “We are delighted with the results for this hole (BLRC013) which is the best intersection drilled so far at the project.
“BLRC013 is the best intersection drilled so far at the project”
“Zinc and copper intercepts 7.0 m at 2.22% Zn, 2.54% Cu including 3.0m at 4.73% Zn, 5.85% Cu represent excellent grades.
“Importantly, assays for BLRC013 have higher grades for all metals than in the historic model and thus, deliver on our goal for phase 1 drilling to build upon historic results to determine the potential of the Belara Project to host significant zinc and copper mineralisation.
We are fast-tracking work on our maiden resource, which we hope to announce in this current quarter, and significant results like these bode well for it.”
BLRC013 was drilled to test the up-dip continuity of base metal mineralisation intersected in historic hole B009 (2.9m at 5.98% Zn, 0.03% Cu, 0.62% Pb and 36.95 g/t Ag from 299m) at around 80-100m depth where base metal mineralisation is interpreted by the historic model but not confirmed by drilling to date.
Phase one aims to deliver the density of drill assay intersections to estimate an Inferred Resource that is prepared in accordance with the JORC (2012) over the known area of mineralisation at the Belara and Native Bee mines.
The advanced mineral explorer reports the Belara and Native Bee mine areas are the first high-priority targets for resource drilling in which a phased approach is being taken with the drilling.
Drilling at Belara is intended to build upon historic results and determine the potential of the project to host significant zinc and copper mineralisation.