Coppermoly (ASX:COY) has begun a reverse circulation (RC) drilling program across its Foxtails and Shuffleton prospects in northwest Queensland.
At Foxtails, 3 RC holes are planned to target a high induced polarisation (IP) chargeability anomaly that juxtaposes airborne Geotem anomaly within the Mount Norma Quartzite Formation of the Soldiers Cap Group.
Once the data from these drillholes have been collated and verified, a detailed review of all drillhole and assay information, in conjunction with modelling, will be completed.
Coppermoly says this will support the company’s understanding of the nature and extent of the ‘higher’ chargeability and ‘high’ conductivity zone.
Meanwhile, at Shuffleton 4 RC holes are planned to test 2 separate targets. The first 2 holes are designed to be about 400m deep and are testing the downdip extensions of the surface copper mineralisation at the Mt Kalkadoon Mine.
The other 2 holes are designed to be 200m deep and will test the ‘high’ IP chargeability about 1km east of Mt Kalkadoon.
The company says drilling is expected to be completed in 4 to 6 weeks, with assays to be reported shortly thereafter.
Coppermoly is a copper-gold explorer and resources developer focused on advancing its portfolio of projects in the South West Pacific nation of Papua New Guinea.
As of 30 September 2023, the company had $1.727 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Coppermoly
