Askari Metals (ASX:AS2) on Tuesday christened its WA-based and largely underexplored Horry Project with maiden assay results, publishing its discovery of high grade copper and gold.
Reverse Circulation (RC) drilling, which effectively collects rock chips from underground, kicked off in September last year.
The Horry Project is notable in that fieldwork conducted in August 2022 saw the exploration team come back with no less than 31 gold nuggets found on-site.
Today, Askari has confirmed at least one gold intersection above high grade thresholds, as well as high-grade copper.
“Drilling a project for the first time is always exciting and filled with expectations, but when the objective is achieved, and the results validate models and interpretations, the effort is well rewarded,” Askari’s exploration chief Johan Lambrechts said.
Investor information provider Undervalued Equity classifies high grade gold as that in concentrations over five grams of gold per tonne of ore (5g/t). Many Australian projects boasting gold grades closer to 4g/t are also typically considered high-grade.
Copper, meanwhile, is classified as high grade in concentrations over 1.5%.
Compare that to the following results, for copper:
04m @ 1.8% copper from 24m depth, including:
02m @ 3.6% copper from 26m
03m @ 1.0% copper from 18m depth, including:
01m @ 2.8% copper from 19m depth
And for gold:
02m @ 5.5g/t gold from 10m depth
02m @ 1.3g/t gold from 12m depth
Two key target prospects at Horry are now on the exploration team’s radar.
“The campaign resulted in the identification of new and additional sub-parallel lodes at both the Horry Horse and Mt Dockrell prospects and opens the opportunity for further drilling campaigns testing these units,” Lambrechts said.
The company will now move ahead to a full review of all data collected in the recent drilling campaign.
Of likely interest to Askari’s exploration team will be that high-grade gold was found at relatively shallow depths of 10m, reflecting a relatively near-surface deposit of eyebrow-raising mineral grades.
Should the company be able to demonstrate in future drilling that high-grade mineral system is replicated at multiple drillholes nearby, the company stands to be able to upgrade its Mineral Resource Estimate (MRE).
In turn, that would ultimately open new and bigger doors for financing and loan options at Horry.
Further drilling is slated for later in the year. Askari also continues to plug ahead at its recently acquired lithium acreage in Africa.
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