Develop aims for resource upgrade at Sulphur Springs following ‘high grade’ infill results

Perth-based miner Develop (ASX: DVP) reports that it is set to upgrade the Mineral Resource Estimate at its Sulphur Springs copper-zinc-silver project following further ‘thick, high-grade’ intersections.

The upgrade, due in mid-2022, would likely see a conversion of Inferred Resources to the Indicated category, along with an increase of total inventory at the project.

Standout intersections from infill drilling at the down-plunge portion of the project’s Eastern Lens include:

• Hole SSD152:
  • 54m @ 3.1% CuEq (0.6% Cu, 0.2% Pb, 7.3% Zn, 14.0 g/t Ag, 0.2 g/t Au) from 288m; including
    • 14m @ 6.6% CuEq1 (0.2% Cu, 0.5% Pb, 18.4% Zn, 27.6 g/t Ag, 0.4 g/t Au) from 288m
• Hole SSD163:
  • 53m @ 1.9% CuEq (0.8% Cu, 0.2% Pb, 3.3% Zn, 10.7g/t Ag, 0.3g/t Au) from 237m; including
    • 9m @ 3.1% CuEq1 (0.2% Cu, 0.7% Pb, 8.0% Zn, 33.5g/t Ag, 0.9g/t Au) from 260m
• Hole SSD150:
  • 41m @ 1.4% CuEq (0.1% Cu, 0.4% Pb, 3.7% Zn, 46.0 g/t Ag, 0.3 g/t Au) from 375m
• Hole SSD145:
  • 37m @ 2.1% CuEq (0.1% Cu, 0.7% Pb, 5.6% Zn, 39.2 g/t Ag, 0.2 g/t Au) from 323m; including
    • 12m @ 3.4% CuEq1 (0.1% Cu, 1.2% Pb, 9.2% Zn, 64.2 g/t Ag, 0.3 g/t Au) from 330m
    • 3m @ 1.9% CuEq (0.3% Cu, 0.4% Pb, 4.5% Zn, 4.6 g/t Ag) from 369m
• Hole SSD162:
  • 31m @ 1.9% CuEq (1.1% Cu, 0.1% Pb, 2.6% Zn, 4.1 g/t Ag, 0.1 g/t Au) from 297m
• Hole SSD165:
  • 31m @ 0.9% CuEq (0.3% Cu, 0.2% Pb, 1.5% Zn, 13.3 g/t Ag, 0.1 g/t Au) from 310m
  • 4m @ 4.3% CuEq (0.1% Cu, 0.4% Pb, 11.9% Zn, 35.6 g/t Ag, 0.7 g/t Au) from 296m
• Hole SSD154:
  • 28m @ 2.2% CuEq (0.3% Cu, 0.2% Pb, 5.4% Zn, 24.8 g/t Ag, 0.2 g/t Au) from 344m

Further significant infill hits from the down-plunge portion of the Western Lens include:

• Hole SSD155:
  • 32m @ 0.9% CuEq (0.7% Cu, 0.1% Pb, 0.9% Zn, 6.9 g/t Ag) from 290m
• Hole SSD149:
  • 26m @ 1.0% CuEq (0.1% Cu, 0.1% Pb, 2.2% Zn, 48.5 g/t Ag, 0.8 g/t Au) from 301m; including
    • 10m @ 2.1% CuEq (0.1% Cu, 0.1% Pb, 5.4% Zn, 45.9 g/t Ag, 0.7 g/t Au) from 301m
  • 18m @ 1.9% CuEq (0.2% Cu, 0.4% Pb, 4.9% Zn, 12.7 g/t Ag, 0.2 g/t Au) from 326m
  • 4m @ 3.4% CuEq (3.9% Cu, 0.1% Zn, 0.9 g/t Ag) from 288m
• Hole SSD157:
  • 22m @ 1.0% CuEq (0.2% Cu, 0.1% Pb, 2.3% Zn, 17.7 g/t Ag, 0.1 g/t Au) from 254m
  • 14m @ 1.2% CuEq (1.1% Cu, 0% Pb, 0.6% Zn, 3.5 g/t Ag, 0 g/t Au) from 274m
• Hole SSD159:
  • 8m @ 1.0% CuEq (1.2% Cu, 1.3 g/t Ag) from 236m
  • 8m @ 1.1% CuEq (1.2% Cu, 0.4 g/t Ag) from 300m

In addition, exploration drilling has also returned a number of ‘outstanding’ results:

• Hole SSD174:
  • 43m @ 1.8% CuEq (0.1% Cu, 0.2% Pb, 4.7% Zn, 21.3 g/t Ag, 0.2 g/t Au) from 360m; including
    • 5m @ 5.0% CuEq1 (0.4% Cu, 0.2% Pb, 13.5% Zn, 13.5g/t Ag, 0.1g/t Au) from 395m
• Hole SSD168:
  • 40m @ 1.5% CuEq (0.0% Cu, 0.4% Pb, 4.0% Zn, 26.0 g/t Ag, 0.2 g/t Au) from 366m; including
    • 4m @ 5.8% CuEq (0.0% Cu, 1.6% Pb, 16.2% Zn, 84.4/t Ag, 0.5g/t Au) from 366m

Speaking on the update, Develop Managing Director Bill Beament said: “These results highlight the significant potential to grow and develop Sulphur Springs.

“An increase in the Indicated Resource will ultimately give us more flexibility with the underground mining schedule, enable us to grow the current 10-year mine life and move us closer to finalising project funding”

An increase in the Indicated Resource will ultimately give us more flexibility with the underground mining schedule, enable us to grow the current 10-year mine life and move us closer to finalising project funding. The results also extend the known mineralisation, which point to further increases in the Resource later this year.

We hope to be constructing the exploration decline in the June quarter. This will enable us to accelerate drilling and complete our review of the mine plan and funding options.”

The recently-completed 68-hole $10 million drilling program was designed to infill the inferred material within the project’s Resource to a nominal 30m x 30m density, with additional exploration drilling also completed across several target areas.

The company notes that the drilling has been considered ‘highly successful’, with numerous ‘high-grade’ mineralisation intersections of more than 50m, significantly thicker than anticipated, and with two of these intercepts being the thickest (true width) achieved at the project to date.

Assay results have now been received for a total of 56 holes, representing approximately 60% of the program’s total samples. A further 22 holes are currently awaiting lab analysis, with results expected by the end of March.

Moving forward, the company is also planning addition drilling targeted at depth and plunge extensions to mineralisation intersected in the current program.