Golden Deeps Shares Jump on Copper-Zinc Drill Results at Havilah Project

On Tuesday (September 3), Golden Deeps (ASX:GED) announced the intersection of "significant" sulphide mineralisation in three initial diamond drill holes completed at its Havilah project in New South Wales.

In a press release, the company highlights a 28 metre zone in hole HVD003 that produced high-grade portable XRF readings of up to 18.5 percent copper and 34.8 percent zinc, averaging 0.5 percent copper and 0.7 percent zinc.

The news sent Golden Deeps' share price up nearly 220 percent from its AU$0.028 close on Monday (September 2), catapulting the company as high as AU$0.089 on Tuesday (September 3).

"The intersection of sulphide mineralisation in all three initial holes at Havilah ... indicates we’re on top of a large porphyry-sulphide system with similar characteristics to other major copper-gold discoveries in the Lachlan Fold Belt such as Cadia-Ridgeway and the recent Boda-Kaiser discovery," said Jon Dugdale, CEO of Golden Deeps.

According to the company, all three holes drilled at Havilah resulted in notable findings. HVD001 encountered 40 metres of silicified breccia and veining with disseminated sulphides from surface. Meanwhile, HVD002 intersected a 130 metre zone of altered mafic volcanics with scattered veinlets and disseminations of pyrite and rare chalcopyrite.

HVD001 was testing the Hazelbrook North anomaly, while HVD002 was testing an induced polarisation anomaly.

Golden Deeps gained full ownership of Havilah in 2020 following its acquisition of Extract Minerals. The project is located in the Lachlan Fold Belt in New South Wales, together with the company's Tuckers Hill gold project.

Drilling at Havilah has prioritised copper and gold targets since May. Drilling of a fourth hole at the site is ongoing, with HVD004 testing the Hazelbrook anomaly, which is 200 metres along strike to the northeast of HVD003.

“Laboratory analytical results (ALS Laboratories, Orange, NSW), including gold assays (gold is not detectable with pXRF) will be reported when available and compiled,” the company explains in its release.

“We look forward to completing the remainder of our diamond drilling program and receiving the laboratory results from the holes completed, which will be released as soon as they come to hand and are compiled.”

Don’t forget to follow us @INN_Australia for real-time news updates!

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.