Moonlight Resources (ASX:ML8) reports broad, shallow copper mineralisation from its maiden reverse circulation drilling program at the Peak Downs Copper prospect in central Queensland.
The company completed 56 holes for 2,988m across the historically significant copper system, with multiple intersections starting from surface and several ‘high-grade’ internal intervals.
Managing Director Greg Starr says the results provide modern confirmation of copper mineralisation across a system previously defined largely by historical drilling and old mining records.
“The program returned broad zones of shallow copper mineralisation together with locally higher-grade intervals, including 22m at 1.26% copper from surface, 14m at 1.50% copper from 52m, and 6m at 2.64% copper from 52m,” Starr notes.
Notable results include 22m @ 1.26% copper (Cu) from surface in PDRC242, including 8m @ 2.41% Cu from 2m, and 14m @ 1.5% Cu from 52m in PDRC252, including 4m @ 3.57% Cu from 54m.
Other intersections include 6m @ 2.64% Cu from 52m in PDRC219, including 2m @ 6.26% Cu from 54m, and 12m @ 1.42% Cu from surface in PDRC270, including 2m @ 3.03% Cu from 4m.
Elevated cobalt (Co) values were identified within several copper-mineralised intervals, including 14m @ 1.5% Cu and 511 parts per million (ppm) Co from 52m in PDRC252, including 4m @ 3.57% Cu and 1,074ppm Co.
The Peak Downs copper system was discovered in the early 1860s and historically mined between 1862 and 1877, producing approximately 100,000 tonnes of ore at an average grade of approximately 17% copper.
Moonlight Resources considers the prospect underexplored relative to its historical significance, with the mineralised system extending over approximately 2.5km of strike.
Of 65 planned holes, the company completed 56, with 18 terminated early after intersecting historical underground mining voids.
The next phase includes targeted diamond drilling, initial metallurgical testwork, and refinement of the geological model ahead of a potential mineral resource estimate evaluation.
Write to JC Villarba at Mining.com.au
Images: Moonlight Resources
