Demetallica (ASX:DRM) reports results for the final 13 holes of its maiden 56-hole RC-DD drill campaign has returned ‘exceptional continuity of high-grade’ copper mineralisation at several shoots within Jericho in Queensland.
All 13 holes intersected ‘strong grades’ and widths at the interpreted lode position, reinforcing faith in the geological model and, in particular, providing another first-class data set to incorporate in the yet-to-be determined Mineral Resource Estimate (MRE), aiming to achieve the stated exploration target objective of 13-15Mt of copper mineralisation.
The full data set informs the new JORC resource re-estimate, due for publication towards the end of October
The company reports that the full data set informs the new JORC resource re-estimate, due for publication towards the end of October.
Jericho forms part of the larger Chimera polymetals project, which is situated in Cloncurry.
Mineralisation remains open with considerable potential for further growth options through drilling. The high tenor and breadth of copper-gold mineralisation encountered continues to be ‘highly encouraging’, Demetallica notes.
Standout copper intercepts include:
Jumbuck Shoot (J1 Lode)
- 5m @ 3.83% Cu & 0.58g/t Au from 178m
- 12.5m @ 2.22% Cu & 0.55g/t Au from 386m
Matilda Shoot (J1 Lode)
- 23m @ 2.21% Cu & 0.41g/t Au from 155m
- 30m @ 1.08% Cu & 0.16g/t Au from 430m
Billabong Shoot (J2 Lode)
- 22m @ 1.79% Cu & 0.24g/t Au from 157m
- 12.4m @ 2.46% Cu & 0.20g/t Au from 517m
Meanwhile, the company on 19 September advised shareholders to take no action regarding a takeover offer it has received from suitor AIC Mines (ASX:A1M).
AIC Mines’ unsolicited proposal offers AIC Mines’ shares in exchange for Demetallica shares.
Demetallica has appointed ICA Partners as its corporate advisor and Steinepreis Paganin as its legal advisor regarding the takeover tilt.
Write to Adam Orlando at Mining.com.au
Images: Demetallica Minerals Limited
