Critical hits potential new style of copper mineralisation at Gibsons
Critical Resources has intersected visible chalcopyrite – an important copper mineral – within the seventh diamond hole at its Gibsons prospect.
The visible chalcopyrite intervals were intersected across 7.6m from a depth of 41m downhole in Hole 11A, where drilling is still ongoing.
Importantly for Critical Resources (ASX:CRR), Hole 11A is a step-out hole and represents an unexpected and potentially new style of mineralisation in an area that had never been drilled.
Along with previous step-out Hole 09, which highlighted the potential for deeper mineralisation, Hole 11A expands the potential of the Halls Peak base metal system.
Assays from the first diamond hole in the current drill program have already confirmed that the company might well be on to something big.
Results such as a 12.45m interval grading 10.91% zinc, 5.73% lead, 1.15% copper, 331 grams per tonne (g/t) silver and 1.5g/t gold from a depth of 4.65m are certainly striking, especially once the deeper 1.24m interval is thrown into the mix.
This interval has clearly flagged the potential for deeper mineralisation with top shelf assays such as 1,750g/t silver, 22% zinc, 11.85% lead and 3.84% copper.
Once drilling is completed, core from Hole 11A will be sent to the ALS laboratory in Brisbane for assaying.
“Hole 11A is an outstanding outcome and represents what we as a company consider to be a significant development that is indicative of a potential large scale, multi-element, base metals system at Halls Peak,” managing director Alex Biggs said.
“Our drill program has been focused on confirming near surface mineralisation first, then incrementally defining mineralisation at greater depths.
“These visual results are outstanding and we are excited to see the further potential Halls Peak has to offer.”
The wholly-owned Halls Peak project is located within the New England Fold Belt about 45km southeast of Armidale, New South Wales.
This area is well known for its mineral endowment and production.
Halls Peak itself hosts massive sulphide deposits that were discovered in 1896 with near-surface mining extracting high-grade zinc, lead, copper and silver.
More recent third-party exploration returned high-grade intercepts to a depth of about 150m at the Gibsons prospect while some near surface historical mining has also occurred around the Sunnyside prospect.
As such, the project is considered to have potential to contain world class deposits similar to those already being mined in north Australia.
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.