Loyal Metals (ASX:LLM) has verified 122,000m of historical drilling results that the company says confirms “significant remnant potential” at the past-producing Highway Reward Copper-Gold Mine in Queensland.
Managing Director Adam Ritchie says confirming the integrity of this legacy dataset provides a robust foundation to assess remnant copper‑gold resource potential and define near‑term drill targets.
Highway Reward operated between 1997 and 2005, producing 3.65 million tonnes @ 5.7% copper and 260,000 tonnes @ 4.5 grams per tonne gold.
However, the previous owners only targeted the high-grade copper zones and did not consider the gold.
Loyal Metals says this leaves substantial remnant copper-gold potential adjacent to open pit and underground workings.
Past copper intercepts include 33m @ 5%, 30m @ 5.1%, and 38m @ 3.9%, while past gold intercepts returned 2m @ 105.4g/t, 10m @ 17.7g/t and 65m @ 1.5g/t.
At the time the mine was operational, copper traded at around $1.14 per pound, and gold hovered just below $400 per ounce.
The mine has not been assessed in 28 years, but since then copper and gold prices have risen substantially. Copper is selling for over US$4.60 ($6.97) per pound, while gold continues its record run to trade at over US$3,740 an ounce.
Highway Reward is a volcanic-hosted massive sulphide system that remains open at depth and along trend, with limited drilling below 390m.
Loyal Metals says this indicates significant exploration upside for new high-grade copper-gold lenses.
The company is advancing 3D modelling and utilising VRIFY’s interactive 3D model to highlight and prioritise remnant mineral resource evaluation.
“Investors can now explore the project’s true potential through our interactive 3D VRIFY model, which clearly illustrates system scale, remnant resource potential, and open areas for new discoveries,” Ritchie says.
“With commodity prices materially higher than at the time of the 1997 Feasibility Study, and high‑resolution geophysics and AI‑assisted targeting underway, we are planning to commence drilling in the coming months.”
Loyal Metals has $5.8 million in funding to commence drilling.
The Highway Reward Mine is located just 37km from Charters Towers, within Queensland’s mineral-rich Mount Windsor Volcanic Belt.
Nearby operations include Newmont’s (NYSE:NEM) 3.2Moz Mt Leyshon Gold Mine and Yuxin Holding’s 3.4Moz Pajingo Gold Mine.
The project sits on granted mining leases, close to two processing plants, Glencore’s (LSE:GLEN) Townsville copper refinery, road and rail infrastructure, and the Port of Townsville.
Write to Angela East at Mining.com.au
Images: Loyal Metals
