Critical embarking on the hunt for riches at Halls Peak
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Critical Resources is poised to embark on its grand adventure centred around the hunt for giant base metal deposits at the Halls Peak project.
This follows the company receiving final approval from the New South Wales Resources Regulator for 2,500m of diamond drilling at the Gibsons prospect where near-surface, high-grade massive sulphides containing zinc, lead, copper, silver and gold have been mined.
Previous exploration had identified the massive sulphides that form the basis of the current program while historical drilling had returned results such as 37.2m at 8.7% zinc, 3% lead, 85 grams per tonne silver and 1.4% copper from hole DDH HP 026 that was drilled in 2014.
Critical Resources’ (ASX:CRR) drill program is designed to confirm near-surface mineralisation and deeper targets to a maximum depth of up to 500m.
Deeper holes in the program will be surveyed by downhole electromagnetics to identify further extensions of mineralisation at depth and plan future drilling.
“We are very excited to announce that final approval from the Resources Regulator has been received for drilling at our Gibsons prospect,” managing director Alex Biggs said.
“DRC Drilling have now commenced their mobilisation to site, which is fantastic news for the company and our shareholders.
“Our team has remained committed and focussed to ensure appropriate approvals have been awarded and this now gives us the opportunity to finally explore the potential of Gibsons and the broader Halls Peak system.”
Once drilling at Gibsons is completed, the rig is expected to relocate to the Sunnyside prospect where approval for a 1,700m drill program is expected imminently.
Halls Peak is located within the New England Fold Belt and has been sparsely explored despite having significant near-surface, small-scale mining over the past 100 years.
And while this near-surface potential is impressive, historical exploration rarely went beyond a depth of 200m.
This means that the real prize – a potential SEDEX-style deposit at depth – might have gone unnoticed.
Proving the presence of SEDEX mineralisation is massive as the best known deposits of this type are absolute giants that account for 25% of global zinc and lead production.
This article was developed in collaboration with Critical Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.