Metallica Minerals (ASX:MLM) reports assay results from two diamond drill holes indicate the potential for a mineralised porphyry system at depth at its Clermont Copper-Gold Project in central Queensland.
The company reports that assay results indicate anomalous copper, gold, and molybdenum intersection in both of the holes drilled at Clermont.
Metallica’s drilling was designed to test an intense magnetic low anomaly, which its geologists believed represented an attractive drilling target for porphyry-style copper-gold mineralisation.
Commenting on the results, Metallica Executive Chairman Theo Psaros said: “The results form these first drillholes at Clermont are encouraging and warrant further exploration activity.
“The results form these first drillholes at Clermont are encouraging and warrant further exploration activity”
Importantly, this work is being managed by a dedicated team to ensure there are no distractions from our focus on the development of the Cape Flattery Silica Sand Project.”
Metallica plans to review geochemical and petrological data of the two drillholes in conjunction with data available from historical holes on periphery of the magnetic low.
On 5 August 2021 the company announced it had signed a Memorandum of Understanding (MoU) with Diatreme Resources for a potential joint venture on the Clermont Gold-Copper Project.
The company has completed the first stage of the earn-in phase of the agreement by investing a minimum of $300,000 by 29 April 2022.
Images: Metallica Minerals Limited
