Copper explorer Revolver Resources (ASX:RRR) has secured a 70% earn-in interest in the Gossan Ridge joint venture (JV) west of its Dianne Copper Project in Queensland through in-ground exploration expenditure.
The $25.68 million market capitalisation company says Gossan Ridge covers key sub-blocks of an exploration permit for minerals (EPM 27411) held by Colt Resources and lies on a ‘significant’ part of the highly prospective Larramore Volcanics Belt.
Revolver reports that ‘extensive’ field mapping, soil sampling, and Heli electromagnetic (EM) activities were undertaken in this area, followed by limited diamond drilling of selected targets.
Recent drilling at both the C5 and C16 targets saw all 8 drillholes intersect ‘significant’ zones of hydrothermal alteration, providing ‘strong’ potential evidence of ‘significant’ gold, plus associated copper and cobalt, content in these zones and an intrusive related gold system (IRGS).
Assays from drilling as expected in October this year, with follow-up drilling for the area currently being planned.
Addressing the earn-in completion, Revolver Resources Managing Director Pat Williams says: “Upon completion of its earn-in to the Gossan Ridge JV, Revolver now controls the most prospective locations along both the Dianne high strain corridor and the Larramore volcanic trend within its broader Dianne Project regional tenure.
“Upon completion of its earn-in to the Gossan Ridge JV, Revolver now controls the most prospective locations along both the Dianne high strain corridor and the Larramore volcanic trend within its broader Dianne Project regional tenure“
As noted in our release of last week, we are quietly excited about the preliminary outcomes from our recent Larramore drilling. The now demonstrated shallow, and seemingly extensive, presence of IRGS mineralisation in the Larramore is an undeniably promising development for our exploration efforts at the greater Dianne Project.
We are currently formulating follow-up drilling plans to further test this potential, with the pending assay results being a key input to the finalisation of this next drill program.”
Revolver Resources is focused on the development of natural resources for the world’s accelerating electrification and copper exploration in proven Australian jurisdictions.
The company’s Dianne project covers 6 mining leases, 3 exploration permits and a 70:30 JV over a further exploration permit in the proven polymetallic Hodkinson Province in north Queensland.
Revolver Resources had $1.195 million cash and cash equivalents at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Revolver Resources
