Duke hits high grade copper, silver in first ever drilling at Quarry anomaly
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Special Report: Maiden drilling at Duke Exploration’s (ASX:DEX) Quarry discovery hits “better than expected” shallow intersections like 7m at 3.85 per cent copper, 58.2 g/t silver and 0.1 g/t gold.
The mineralisation around the Bundarra ‘pluton’ (the magma chamber of an extinct volcano) is classed as a lode-style porphyry mineral system, which Duke says, “can form significant tier-one deposits”.
Mt Flora, Australia’s highest-grade copper mine in the 1800s, is an early stage target.
Like Quorn, Duke believes the recent ‘Quarry’ discovery, 500m away, could be a ‘repeat’ of Mt Flora.
First ever drilling has hit intersections like 7m at 3.85 per cent copper, 58.2 g/t silver and 0.1 g/t gold from 21m.
Duke says these veins look similar to Mt Flora and their widths and grades appear to be improving to the north.
The silver and gold assays are also better than expected.
The gold grades are of particular interest as it suggests gold is present as part of the mineral system and if the system is zoned like other porphyry systems the gold grades could improve along strike and, or down dip.
This drilling maps bedrock copper and silver mineralisation over 300m long, 130m wide and to a depth of 160m, with the veins open in all directions.
Follow up pattern resource drilling is being planned for early in 2021 as part of the ongoing resource drilling at Mt Flora.
Another total of 14 holes for 2,891m have been completed at Mt Flora with all samples submitted for assay, and these should be returned by the end of January 2021.
“We are particularly excited that we have already discovered a new copper and silver bearing vein system that seems like Mt Flora in our first exploration holes,” Duke chairman Toko Kapea says.
“We believe this will be repeated around the margin of the Bundarra Pluton as our exploration continues into the future.
“The widths and grades intersected at the Quarry anomaly also provides confidence that similar relatively high-grade copper mineralisation, for a porphyry system, will continue to be found.
“This provides us with further evidence that Bundarra could host a significant copper and silver resource for future development.”
This article was developed in collaboration with Duke Exploration, 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.