Greentech says deep copper-zinc intersections increase potential for resource expansion at Whundo
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Greentech Metals says RC results received to date further highlight the exceptional copper and zinc grades at the Whundo copper-zinc project, where mining activity took place as recently as 2006.
Best results include:
Greentech Metals (ASX:GRE) says the drilling confirms that the high-grade copper and zinc mineralisation at the project persists down plunge and beyond the current resource envelope.
Today’s exceptional results have been well received by the market, with an over 145% increase in share price within the first few hours of trading, furthermore showing the rare nature of these grades.
Notably, Volcanic Massive Sulphide (VMS) deposits often occur in clusters and there are three VMS prospects known within 1500m of the Whundo mine.
The company is confident that the deeper intersections of copper-zinc mineralisation increase the potential for resource expansion at the project.
“Results from the initial laboratory assays received to date confirm the high-grade tenor of copper and zinc mineralisation at Whundo which is at the core of a much broader copper and zinc mineralised system,” executive director Thomas Reddicliffe said.
“Drilling has demonstrated that the mineralisation at Whundo remains open at depth and with grades persisting.
“This and the identification of two additional mineralised horizons provides further impetus for the company to build upon the known resource.”
The company says the gold grades of up to 3.34g/t accompany the higher-grade copper zones along with cobalt, and – based on further metallurgical test work – it is likely that both the gold and the cobalt will enhance the economics of the project.
“Pleasingly, the Whundo mineralisation carries notable gold grades, which as a credit, further enhances the potential economics of the project,” Reddicliffe says.
Assay results for three holes drilled at Whundo, and seven holes drilled at the nearby Ayshia deposit expected in the coming weeks.
“Once the balance of our assay results has been received, we will incorporate this new information into the existing JORC 2012 Indicated Resource at Whundo, which currently sits at 2.7Mt at 1.14% copper and 1.14% zinc, and which forms part of the larger Whundo/Ayshia Indicated and Inferred Mineral Resource of 3.6 Mt at 1.2% copper and 1.4% zinc,” Reddicliffe said.
This article was developed in collaboration with Greentech Metals, 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.