Duke soars on ASX launch as investors tune in to hi-tech copper, gold and silver hunting
Special Report: Newly listed Duke Exploration (ASX:DEX) – which uses advanced tech, data analysis, and geophysical techniques to increase the chance of a big discovery – gained 8 per cent on its first day on the ASX.
The $8m raised in Duke’s oversubscribed IPO will be used to explore for large tonnage copper, gold and silver deposits at its flagship Bundarra project in central Queensland.
This project sits on a large geological feature called the ‘Bundarra Pluton’.
The 50km-long ‘contact zone’ around this pluton is littered with historic, undrilled underground mines and associated vein style copper, silver and gold mineralisation.
It’s rich pickings.
Duke has used its tech-focussed approach to map “a porphyry mineral system of significant scale”. There are over 100 targets to explore.
Resource drilling has already kicked off at the advanced, high priority Mt Flora deposit.
Mineralisation is at surface, the company says, so progress to a maiden resource may be relatively quick.
Nine holes have also been drilled at the newly discovered Quarry anomaly with all holes intersecting visible copper.
Assays are expected in late November.
“We expect to see continuous results over the coming months and up until the Christmas break and drilling will then continue throughout 2021 at Bundara,” Duke chairman Toko Kapea says.
“Preparations for drilling are also underway at Duke’s Prairie Creek Gold project.
“The early results at Mt Flora, including the new Quarry discovery in the granodiorite, provides us with more confidence that our targeting systems and exploration tools are effective and, will allow us to progress toward our main objective in 2021 of defining and increasing the potential scope of Bundarra and delivering a maiden resource from Mt Flora, while at the same time expanding the near surface resource development potential at other prospects around the 50km margin of the Bundara.
“We are particularly excited that we have made a new discovery only 500m away from Mt Flora and have more than 49 km of strike left to explore around the perimeter of the granodorite pluton and now over 50sq km of granodorite to be added to our exploration efforts.
“We await the assays from our first holes with interest and expect encouraging results based on visual inspection of drill samples from the granodiorite discovery called Quarry.”
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.