A private syndicate believes its drilling results indicate their project is one of the most exciting but overlooked prospects in the Mount Isa region.
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Mt Devine, 65km north west of Mount Isa, represents a blind primary copper sulphide ore-body expressing itself within metres of the surface, according to Don Hoult and Ron Croft, two members of the syndicate.
“No exploration company can boast of a drilled intersection of primary sulphide up to 70 metres wide grading 1.5% chalcopyrite with an associated gold credit in my years of exploration around Isa,” Hoult said.
The syndicate announced the results of its RC drilling program in 2016, but to date they’ve been unable to attract a serious partner and three years in the doldrums for the copper price has not helped.
“Several major companies did approach attracted by the high-grade results but declined involvement due to the small size of the lease,” Mr Hoult said.
“A chief geologist of one of the companies commented during a site inspection ‘I don’t think you’ve got an Ernest Henry here, but you could well have. We would have become involved if you had more ground’.”
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Based on the few holes drilled, that company estimated the resource at between 350,000 – 500,000 tonnes at 1%+ copper.
Mr Hoult said they had been approached by a number of smaller companies, but none actually made a ground visit.
“Their comments included –‘you’ve closed the ore-body off in both directions’ or ‘you don’t have enough ground,” he said.
“Classic arm-chair geology – How you can close an ore-body off in 100 metres of a 700 metre strike is beyond me.”;
Mr Hoult said the lease is only 43ha but could comfortably enclose a major discovery.
“A primary sulphide high-grade copper deposit only four metres from the surface with a width of 50-70 metres is a first class target in any geological terms,” he said.
Further step-out holes resulted in 48 metres at 1.23% copper and another of 21 metres at 2.1% with a section of 11% - both within metres of the surface.
“It positively screams the making of a low-cost open pit – the dream of any junior exploration company,” Mr Hoult said.
“The name of the game today is tonnage and percent of copper – the larger the tonnage potentially lowers the grade for economic development.”
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