Demetallica (ASX:DRM) reports it has intercepted ‘impressive’ copper mineralisation following inaugural drilling at its 100% owned Jericho Copper-Gold deposit, as part of its Chimera Polymetal Project in northwest Queensland.
The results, generated via nine of 27 reverse circulation (RC) drillholes (including nine resource extension diamond holes) provide firm encouragement that the company’s objectives of improving continuity of mineralisation and extending the boundaries of the deposit are technically viable.
The ‘significant’ copper intercepts include:
- Hole JE22D011: 13m @ 2.95% Cu and 0.26g/t Au
- Hole JE22D002: 9m @ 2.48% Cu and 0.33g/t Au
- Hole JE22D010: 7m @ 2.68% Cu and 0.42g/t Au
- Hole JE22D004: 9m @ 1.81% Cu and 0.34g/t Au
- Hole JE22D005: 8m @ 1.85% Cu and 0.27g/t Au
The company also notes that copper sulphide mineralisation has been intersected in all nine holes, across both the Matilda and Jumbuck shoots, and is supported by visual inspection and portable XRF analyser measurements.
In addition, an identified cross-section associated with the upper portion of the Matilda shoot displays ‘exceptional’ continuity of the lode, containing ‘high-grade’ copper mineralisation across four holes to a depth of 200m
an identified cross-section associated with the upper portion of the Matilda shoot displays ‘exceptional’ continuity of the lode, containing ‘high-grade’ copper mineralisation across four holes
Furthermore, resource extension drilling (three holes at Jumbuck shoot and six holes at Matilda shoot) have successfully extended copper sulphide mineralisation at both shoots.
Mineralisation at Jumbuck now extends 100-150m down plunge, along 200m along strike and remains open.
The mineralisation at the Matilda shoot has been extended approximately 100m down plunge along 750m of strike and also remains open.
The Chimera Polymetal Project is located about 800km west of Townsville in northwest Queensland and covers a total land holding of 2,125km-square across 21 tenements, of which Demetallica own 100% interest.
The Jericho Deposit associated with the project currently boasts an Inferred Mineral Resource Estimate of 9.1Mt @ 1.4% Cu, 0.3g/t Au and 1.6g/t Ag with mineralisation being held across a joint strike length of 6.7km between the deposits J1 & J2 shear zones.
With Infill and Resource Extension drilling still on-going, Demetallica reports that additional assay batches are expected over the coming weeks and will be released after the approximate 7-8 week lab analysis period.
Demetallica anticipates the next update announcement may be made on or around 12 July 2022.
Images: Demetallica Ltd
