Demetallica getting to work on publishing updated JORC resource at Jericho

Wed 21 Sep 22, 12:37pm (AEST)
An image depicting copper-coloured mineralisation within a host rock
Source: iStock

Key Points

  • Demetallica has received its final assay results from the Jericho copper-gold project, allowing JORC update to begin
  • Multiple mid-high grade copper hits in latest assays
  • New high grade zones identified in 2022 exploration campaign

Demetallica (ASX:DRM) is to publish an updated mineral resource estimate for its Jericho copper project in the coming weeks and months, now that its 2022 exploration campaign has wrapped up after 152 drill holes sunk on-site. 

Thirteen final drillhole assays are reported today, with multiple mid-high grade copper hits logged. 

The company expects its updated JORC to be published late October. 

Worth noting is that earlier this week, Demetallica received a $36m takeover offer from AIC Mines (ASX:A1M). At this current time, Demetallica is advising its shareholders to take no action until the company’s directors publish a report paving a way forward. 

Demetallica shareholders appeared positive on the move, given a sharp 43% increase in the company’s share price on Monday. 

The big question that remains is whether or not Demetallica’s executive board believes it will never be worth more than $36m. After all, the company has only been trading for 5 months, and has not yet begun to produce ore. 

AIC, with its Eloise copper mine nearby, is specifically targeting Jericho for amalgamation into its own operations, thereby letting it expand Eloise to a 10 year life of mine plan. 

But Demetallica is likely more interested in developing their own resources for a little while yet. That situation is one to watch, and one which Market Index has its eye on, too. 

So what did Demetallica find? 

Investor information provider Undervalued Equity calls high grade copper that in concentrations over 1.5% per sample. 

Compare that to the following: 


  • 05m @ 3.83% copper from 178m depth 

  • 12m @ 2.22% copper from 386m 


  • 23m @ 2.2% copper from 155m depth

  • 30m @ 1.9% copper from 430m depth 


  • 22m @ 1.79% copper from 157m depth 

  • 12m @ 2.46% copper from 517m depth 

Worth noting is that the highest grade at Jumbuck also comes in at the third most shallow depth, at 178m. 

Also to note is that the Billabong target’s 12m intersection at 2.46% copper sits at 517m depth, which is significantly deep as far as hard rock mining operations go. 

Demetallica's three month charts
Demetallica's three month charts
Disclaimer: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. Demetallica was a client at the time of publishing. All coverage contains factual information only and should not be interpreted as an opinion or financial advice.


Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

Get the latest news and insights direct to your inbox

Subscribe free