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Golden Deeps Ltd (ASX: GED) is pleased to announce the intersection of significant sulphide mineralisation in all three completed diamond drillholes at its 100% owned Havilah Project in the Lachlan Fold Belt Copper-Gold Province of central NSW (see Figure 1, below, and regional location, Figures 3 and 4).
- Thick copper and zinc sulphide mineralisation has been intersected in diamond drilling of key targets at the Company’s Havilah Project in the world-class Lachlan Fold Belt Copper-Gold Province of NSW1,2 (see Hazelbrook Prospect plan - Figure 1, cross section - Figure 2 and location plans - Figures 3 and 4).
- Diamond drillhole HVD003, which tested the extensive Hazelbrook copper soil and rockchip (>1% Cu) anomaly3, intersected patches of semi-massive copper (chalcopyrite) and zinc (sphalerite) sulphides as well as vein and disseminated sulphides across an 80m zone in the targeted Sofala Volcanics (see Image 1 showing the sulphide mineralisation; Appendix 1 for drillhole details & Appendix 2 for descriptions of mineralisation).
- The mineralised intersection in HVD003 included a 28m zone (from 85.8m) of more intense sulphide mineralisation which produced high-grade portable XRF (pXRF) readings of up to 18.5% Cu and 34.8% Zn, averaging 0.5% Cu and 0.7% Zn* (see Appendix 3 for full tables of pXRF readings and Cautionary Note below).
- Diamond hole HVD001, which tested the Hazelbrook North Cu-Zn-Au anomaly3, intersected 40m of silicified breccia/veining and disseminated sulphides (py +/-cpy, sph) from surface, and HVD002, which tested a strong Induced Polarisation (IP) anomaly1, intersected a 130m zone of altered mafic volcanics with scattered veinlets and disseminations of pyrite and rare chalcopyrite (see Figure 1, location, and Appendix 2, descriptions).
- The diamond drilling program continues with HVD004 testing the Hazelbrook anomaly 200m along strike to the northeast of HVD003, again under rockchip sample values of >1% Cu3 (see Figure 1).
Image 1: HVD003, 85.8m to 86m: semi-massive sulphide patches of copper sulphide - chalcopyrite (cpy) and zinc sulphide - sphalerite (sph) in Ordovician mafic volcanics (pXRF readings up to 18.5% Cu, 34.8% Zn* – see Appendix 3)
*Cautionary Note in relation to disclosure of visual estimates and pXRF readings described in this release and detailed in Appendix 2 and 3 respectively: The Company cautions that visual estimates of sulphide mineralisation abundance and pXRF readings should never be considered a proxy or substitute for laboratory analyses. Laboratory assays (ICP MS/OES and Fire Assay for gold) are required to determine representative grades and intervals of the elements associated with the visible mineralisation reported from geological logging and pXRF readings. Core is being sampled for submission to ALS laboratories in Orange, NSW. Laboratory analytical results are expected within 3 to 6 weeks.
Golden Deeps CEO Jon Dugdale commented: “The intersection of sulphide mineralisation in all three initial holes at Havilah, including thick zones of copper and zinc sulphide mineralisation in HVD003, 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.
“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.”
Figure 1: Havilah Project, soil and rockchip copper anomalies on magnetics image with current drilling
The third hole of the program, HVD003, tested the Hazelbrook target where an extensive northeast-southwest trending copper-zinc soil anomaly has been defined with rockchip values of over 1% Cu3 (Figure 1).
HVD003 intersected a sulphide mineralised zone from 85m to 119m which included patches and stringers (averaging 1-2%) of the copper-sulphide - chalcopyrite and the zinc-sulphide - sphalerite. These patches occur within extensively altered (Ordovician) mafic volcanic/volcanoclastic rocks with disseminated chalcopyrite-sphalerite-pyrite mineralisation which occurs from 85m to 166m (over 80m) (see Appendix 2).
The mineralisation aligns with the surface soil and rockchip copper-zinc anomaly, striking northeast, dipping to the northwest, and the drilling intersection approximating true width (see cross section, Figure 2, below).
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Loyal to Acquire the High-Grade Highway Reward Copper Gold Mine
Key Highlights
- Loyal secures binding option to acquire the Highway Reward Copper Gold Mine in Queensland, Australia - one of the world’s highest-grade copper mines, with past production totalling 3.65Mt at 5.7% Cu and 260kt at 4.5 g/t Au.
- The acquisition is the first step in Loyal’s 2025 Strategic Plan to broaden its critical minerals portfolio into copper.
- No exploration has been conducted on the granted mining leases since operations ceased in July 2005 despite a ~680% increase in copper prices and a ~1,256% increase in gold prices since the 1997 feasibility study.
- Significant increase in copper and gold prices, combined with the previous exclusion of gold in sulphides from the mine plan, highlights the enhanced remnant copper-gold potential.
- Exploration potential for new discoveries both along strike and at depth, as previous mining only reached depths of 220 metres for open pit and 390 metres for underground operations, with limited exploration beyond mined zones.
- With $4.4 million in funding, Loyal is well-positioned to revisit the high-grade Highway Reward Copper Gold Mine by deploying modern exploration techniques. With global initiatives to enhance energy grids and no USA tariffs on Australian copper, the outlook for copper is strong and unencumbered.
Loyal‘s Managing Director, Mr. Adam Ritchie, commented:
"We are thrilled to secure this incredibly rare opportunity for our current and future Loyal investors. The Highway Reward Copper Gold Mine, considered one of the highest-grade copper mines in the world, is now primed for a revisit after 20 years of dormancy.
The granted mining leases of the Highway Reward mine provide an amazing speed to market opportunity - especially when both copper and gold are near all-time highs. The short-term and long-term opportunities at Highway Reward are exciting, considering the significant growth in commodity prices since the 1997 feasibility study. Copper is driving our electric future and gold continues to play an important role in our global economy.
Whilst a lot has changed in the past 28 years, the unwavering demand for copper and gold has only intensified. This is truly an amazing opportunity to unlock and showcase the immense potential of this forgotten mine. With modern technology and innovative mining techniques, we believe the Highway Reward Copper Gold Mine will provide exceptional value and returns to our Loyal shareholders."
Figure 1 Highway Reward Copper Gold Mine: Located 37 km south of Charters Towers within the Mount Windsor Volcanic Belt. Accessible via an all-weather highway, 172 km from the Port of Townsville, Queensland, Australia.
The Highway Reward Copper Gold Mine is located only 37 km from the active mining town of Charters Towers in Queensland, Australia, within the Mount Windsor Volcanic Belt. This area is renowned for its rich history in copper and gold mining, with strong social license support for mining activities. It features large-scale mining operations such as, Newmont’s 3.2 Moz Mt Leyshon gold mine and Yuxin Holding’s 3.4 Moz Pajingo gold mine. The region is close to the polymetallic, Thalanga Processing Plant and the Mount Carlton Processing Plant, with road and rail to Glencore’s Mount Isa copper hub, Townsville copper refinery and the Port of Townsville.
With the growth in commodity prices and advancements in exploration and mining technologies, the potential for remnant copper-gold mining has significantly improved. Previous mining operations targeted copper within chalcopyrite, while gold associated with both chalcopyrite and pyrite was excluded from the mine plan. With lower copper equivalent cut-off grades (copper & gold), higher continuity of copper-gold can be drill tested to demonstrate the reasonable prospects for eventual economic extraction and mineral resource potential.
Graph 1: Highway Reward Copper Gold Mine - mining ceased in July 2005: 28 Years of Commodity Growth
Significant potential will be assessed and areas tested for copper-gold extensions to subvertical trends, that may exist below current mining levels at the Highway Reward Copper-Gold Mine. The previously mined, copper-gold rich pipes will also be assessed for drill testing along strike (Figure 2). Previous mining and surface mapping geological observations illustrate that high- grade copper-gold pipes have been identified in dacite, rhyolite, and volcaniclastic host rocks, therefore strong prospectivity exists for discovering additional pipes beyond the historically mined zones in all rock types on the property, except recent overlying sediments that conceal the basement host rocks (Figure 2). No modern advanced geophysical techniques or data processing methods have yet been applied to assess this potential.
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This article includes content from Loyal Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
