GreenTech Metals (ASX:GRE) has identified a “large” conductor plate modelled from a downhole electromagnetic (DHEM) survey conducted on a drillhole at the Shelby target, as part of the Whundo Copper–Zinc Project in Western Australia.
The first DHEM survey results, from drillhole 24GTRC005 testing the Shelby target, highlighted a more than 400m by 50-100m conductor plate.
GreenTech, which has a market capitalisation of $8.72 million, says it is not known at this stage whether this is a separate conductor plate to the previously uncovered mineralised horizon intersected in drillholes 22GTRC034 and SHDD016, or a potentially new deeper mineralised horizon.
Executive director Tom Reddicliffe says this is exactly the scale of anomaly that the company is targeting at Whundo, which has potential to increase the copper resources.
“Although our drillhole fell short of this target, the drillhole has proved perfect for using DHEM to search the deeper reaches of Shelby,” Reddicliffe says.
“Importantly, the conductive response was 15,000 siemens which is significantly greater than previous responses of known mineralisation intersected by drilling at Shelby.
“As the target represents the down dip extension to a previously drilled mineralised zone, we are keen to get a follow-up drill program underway to test this target at depth.”
The conductor plate identified in drillhole 22GTRC034 has a 5,000 to 10,000 siemens conductive response, compared to the greater 15,000 siemens conductor uncovered by the DHEM survey for drillhole 24GTRC005.
At Shelby drilling has shown potential for thickness and high-grade, and could potentially add to the combined Whundo resource.
GreenTech says as the current hole deviated from the targeted conductor plate, no significant mineralisation was found. However, routine sampling of the drill spoils was completed and dispatched for analysis.
The company adds two prior attempts were made to drill the Shelby target via drillholes 24GTRC002 and 003, yet were unsuccessful due to extreme deviation of the holes.
Once all results have been received and interpreted, GreenTech will begin planning a follow-up drilling program. All relevant programs of works and heritage clearances are in place to undertake any future drilling programs.
The Shelby target, uncovered in 2006 by Fox Resources, is a deep conductive and weakly magnetic target which lies 500m northeast of the Whundo Mine.
According to the Department of Industry, Science and Resources’ (DISR) latest issue of its Resources and Energy Quarterly: June 2024, copper prices have continued to trend higher in recent months, averaging about US$9,700 a tonne in the June quarter — up 14% since the start of 2024.
The price surge reflects strong growth in global demand, which DISR expects to largely persist over H2 2024. LME copper prices are forecast to average about US$9,500 a tonne in 2024 (up from US$8,700 in 2023), rising to US$9,970 in 2026.
Global copper consumption is forecast to grow by about 2.1% this year. China and the US will account for the bulk of this growth, driven by rising manufacturing activity and large investment in energy infrastructure.
Australian copper export earnings are forecast to reach around $15.8 billion in 2024-25. Higher production growth and export volumes, combined with continued strength in prices will see export earnings reach $17 billion in 2025–26.
GreenTech Metals is an explorer and developer focused on discovering, developing, and acquiring Australian and overseas projects containing minerals and metals used in the battery storage and EV sectors.
Write to Aaliyah Rogan at Mining.com.au
Images: GreenTech Metals
