Copper newcomer Recharge ambles out of the gate on debut
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Recharge Metals (ASX:REC) is the newest explorer to start trading on the bourse following a $5m initial public offering priced at 20c per share to fund work on its suite of recently acquired copper-focused projects.
The stock was down ~5% to 19c per share near close of business Monday.
With $5.5m in the bank, REC plans to kick off exploration immediately on the ‘Brandy Hill South’ copper-gold project within WA’s Murchison region.
Brandy Hill South is 25km south of Silver Lake Resources’ (ASX:SLR) Deflector Deposit – a shallow narrow vein, high-grade gold and copper underground mine.
While the project is poorly covered by drilling, the presence of copper is proven by a previous hole intersecting a thick 75m zone grading 0.55% copper including 23m at 1.29% copper, 3.4 grams per tonne gold and 300 parts per million tungsten.
Additionally, the highly anomalous tungsten along with several other pathfinder elements for shear hosted gold indicates a potential to find Deflector-style quartz vein hosted copper-gold-platinum/palladium dominant mineralisation.
The company plans to shortly start a 17-hole reverse circulation drill program totalling 3,000m to test extensions of previously intersected copper mineralisation.
Downhole electromagnetic survey, metallurgical test work and geophysics survey will also be carried out at completion of drilling program.
Recharge also has the ‘Bohemia’ lead-zinc-copper project and the ‘Hyden’ copper-nickel-cobalt project.
Hyden comprises the Hyden and Tampia East sub-projects that cover 380sqkm and 85sqkm respectively.
Hyden is 5km south of the town of Hyden and includes previous drilling that returned results such as 12m at 1,327ppm copper, 263ppm nickel and 1,076ppm zinc from 12m and 24m at 757ppm nickel and 299ppm copper from 21m.
It covers a prominent 15km long magnetic anomaly that is interpreted to reflect the development of ultramafic lithologies that could potentially host nickel mineralisation and is considered to be analogous to the Forrestania Nickel Belt about 70km to the east.
Surface sampling has produced elevated nickel, copper and chromium results over the northern extension of the aeromagnetic high at the Dragon Rocks prospect, which remains open towards the north.
Tampia East covers a north striking aeromagnetic anomaly which appears to be related to a banded iron formation/ultramafic sequence that may be prospective for copper-nickel-cobalt mineralisation.
First pass work will include geochemical sampling and geophysical surveying.
Bohemia Downs consists of 181 blocks covering 540sqkm in Western Australia’s West Kimberley region about 100km east-southeast of Fitzroy’s Crossing.
Historical exploration had returned results such as 17m at 1.44% lead+zinc including 4m at 3.43% lead+zinc, 6m at 3.09% lead+zinc and 2m at 3.05% lead+zinc and 11g/t silver.