All four holes have now successfully encountered broad zones of copper sulphide mineralisation, for the most part starting from surface, supporting potential for the existence of a large copper system at Mostazal.
Logging of the Company's fourth diamond hole (MODD004) is now complete and indicates that the hole has intersected mainly porphyritic amygdaloidal and andesitic volcanic rocks, lesser volcanic breccia and aphanitic andesite to the bottom of the hole. Core logging highlighted widespread sulphide mineralisation from traces to +1% sulphides observed from the surface to the bottom of the hole. The sulphide minerals observed include chalcopyrite, bornite, primary chalcocite and lesser pyrite[1].
CEO
'It's clear from mineralisation observed in drill core that a large copper bearing system is present at depth and appears to be related to mineralisation reported near surface. We are encouraged by the potential size of the mineralised system at Mostazal, especially at depths never before tested on the project. We're looking forward to receipt of assay results, and have commenced planning the second phase of drilling.'
Next Steps
While the Company awaits assays from the first four holes, it is currently conducting a more detailed and deeper-penetrating geophysical program, together with detailed structural and geological mapping, which, when combined with the pending assay results, will refine the targeting strategy for the second round of drilling at Mostazal.
Southernrock Geophysics based in
This survey is designed to produce higher-fidelity modelling of the interpreted deep mineralised feeder system along the four-kilometre northeast trending IP chargeability zone identified in historic work. The survey will also provide a more comprehensive and deeper penetrating data set for the entire project area which will enhance the identification of both existing and new deep targets.
The Company has begun the drill permitting process for its second phase in anticipation of the resumption of drilling.
The high level of exploration activity across the industry, as well as ongoing impacts of COVID and the pressures that has placed on workforces and service providers has meant assays for the first holes are yet to be received by the Company. The Company is confident we will start to see these results in the next few weeks.
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Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
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