ASX-listed copper exploration company Revolver Resources (ASX:RRR) has secured a $250,000 grant to assist in undertaking a helicopter gravity gradiometer survey over ‘high priority’ volcanic massive sulphide (VMS) targets at the Dianne Copper Project in North Queensland.
The company reports the funding received as part of Round 7 of the Queensland Government Collaborative Exploration Initiative (CEI) will be directed to surveying the 4 ‘highly prospective’ sub-blocks of EPM 27411, which is currently being explored in a joint venture (JV) arrangement between Revolver and Canadian company, Colt Resources.
The planned survey area includes the recently announced discovery of a new VMS system at the C3 target area in February, which was the first heli-EM generated target in this zone to be drill tested.
Commenting on the grant, Revolver Resources Managing Director, Pat Williams, says: “The CEI is an exceptional program which provides direct cash assistance to high-potential discovery opportunities across Queensland.
The timing of this CEI round has aligned neatly with the rapidly growing body of evidence we are building that shows a substantial new VMS field in the Dianne region.
“We look forward to completing this gravity survey rapidly and incorporating the targeting results into our accelerated drilling activities in this exciting new region”
We look forward to completing this gravity survey rapidly and incorporating the targeting results into our accelerated drilling activities in this exciting new region.”
Revolver also reports a high-resolution helicopter electromagnetic (EM) and magnetic data survey was completed in the second half of 2022 over 37km-square of prospective ground within EPM 27291, and EPM 27411, located in the western part of Dianne.
Analysis of this EM survey data identified several discrete, prominent late-time conductive anomalies. To date, the company reports 16 ‘high-priority’ bedrock anomaly targets have been interpreted to be consistent with an accumulation of sulphides and provide compelling shallow VHMS-style targets.
Earlier this year, Revolver reported hole 23LMDD001 was drilled to a depth of 289m into the C3 target, which was the first of the 16 ‘high-priority’ heli-EM targets to be drill tested.
As announced on 13 February 2023, 4 ‘strongly’ mineralised intervals of hydrothermal and vein breccias, and stockwork zones associated with mafic volcanic and chert horizons were present in the hole, 2 of which were interpreted to demonstrate strong VMS stockwork affinities. The company says assay results from this hole remain pending and are expected to be returned in the next 2 weeks.
Revolver reports the helicopter gravity gradiometer survey being funded by the CEI grant is set to survey the 4 ‘highly prospective’ sub-blocks of EPM 27411, which is in the western area of the Dianne project and incorporates the Larramore Volcanic Belt. This survey is expected to begin in May and will take 2 weeks to complete.
Following the gravity survey, the company says the new data will be incorporated into its exploration modelling which will enable further refinement of target anomaly rankings. Drilling of the ‘high priority’ targets in this area is expected to restart in May.
Revolver Resources is an Australian public company focused on the development of natural resources for the world’s accelerating electrification. The company’s near-term focus is copper exploration across its Dianne and Osprey projects in Western Australia.
Images: Revolver Resources Holdings Ltd
