Golden Deeps’ (ASX:GED) share price more than tripled on news it has intersected an 80m mineralised zone showing up to 18.5% copper and 34.8% zinc at its Havilah Project.
Shares climbed as high as $0.09 on Tuesday (3 September), a 221% spike from the previous day’s close. By just before midday AEST, over 86.7 million shares had changed hands and were still up 207% at $0.086.
The junior explorer, which has a market capitalisation of $3.4 million, says the intersected zone comprises semi-massive copper and zinc sulphides.
One drill hole (HVD003) testing the Hazelbrook anomaly, which returned soil and rock chip samples of over 1% copper, intersected patches of semi-massive copper (chalcopyrite) and zinc (sphalerite) sulphides as well as vein and disseminated sulphides across an 80m zone.
This intersection included a 28m zone, starting from 85.8m below surface, of more intense sulphide mineralisation that produced high-grade portable XRF readings of up to 18.5% copper and 34.8% zinc, averaging 0.5% copper and 0.7% zinc.
Up to 1.38% tungsten and 798 parts per million (ppm) cobalt values were also recorded in this zone, according to Golden Deeps.
Another hole (HVD001) testing the Hazelbrook North copper-zinc-gold anomaly intersected 40m of silicified breccia/veining and disseminated sulphides from surface.
The remaining hole (HVD002) tested a strong induced polarisation anomaly and intersected a 130m zone of altered mafic volcanics with scattered veinlets and disseminations of pyrite and rare chalcopyrite.
A fourth hole is currently being drilled to test the Hazelbrook anomaly 200m along strike to the northeast of HVD003.
CEO Jon Dugdale says the intersection of sulphide mineralisation in all three initial holes at Havilah, including thick zones of copper and zinc sulphide mineralisation in HVD003, indicates Golden Deeps is on top of a large porphyry-sulphide system.
He adds that it has similar characteristics to other major copper-gold discoveries in the Lachlan Fold Belt such as Newmont’s (ASX:NEM) Cadia-Ridgeway and Alkane Resources’ (ASX:ALK) recent Boda-Kaiser discovery.
“We look forward to completing the remainder of our diamond drilling program and receiving the laboratory results from the holes completed, which will be released as soon as they come to hand and are compiled,” he says.
Write to Angela East at Mining.com.au
Images: Golden Deeps
