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Demetallica reveals strong first assay results at Jericho copper-gold project

Mon 04 Jul 22, 11:43am (AEST)
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Key Points

  • Demetallica has found high copper grades in 9 RC drillholes sunk at the Jericho copper-gold project
  • Shares are up 5% in the first hour of trade
  • Early-stage RC drill run still has a way to go with total 45 drillhole target

Demetallica (ASX:DRM) shares are up 5% in morning trade with initial RC drilling results at the Jericho copper-gold project proving the existence of high-grade copper. 

Nine drill holes have been completed with the RC program still not yet complete, meaning Demetallica investors may still have good news to come. 

The ongoing program is designed to update the company’s geological data for the project acreage, and prove mineralisation extends further than thought. 

Jericho is part of Demetallica’s larger Chimera Polymetal Project. 

A look at rockchips collected from some RC assets at Jericho with visible sulphide mineralisation
A look at rockchips collected from some RC assets at Jericho with visible sulphide mineralisation

Not just the RC rig 

Currently, Demetallica has two rigs active on-site. Today’s results come from the RC drill rig. 

A diamond drill rig, meanwhile, is drilling exploration extension targets nearby the known boundaries of the existing resource. 

Two lodes form two key areas for operation at Jericho, called J1 and J2. Both together form a 3.7km strike. 

The existing mineral resource estimate only covers some 2.2km of that, so watch this space. 

Copper sulphides in multiple locations

Copper sulphide was returned in all nine drillholes across both the ‘Jumbuck’ and ‘Matilda’ shoots targeted. 

Both shoots are part of the underlying J1 lode, where Demetallica has focused more of its energy in these early stages. 

Recent ASX entrant 

Demetallica joined the ASX in May this year after raising $15m in its IPO.

Investor interest in the company is clear, given the company’s listing was oversubscribed even as markets experienced the first waves of inflation shocks. 

A look at cores retrieved from the diamond drill rig on-site at Jericho. The handsome cores show clearly visible sulphide mineralisation
A look at cores retrieved from the diamond drill rig on-site at Jericho. The handsome cores show clearly visible sulphide mineralisation
Demetallica was a Market Index client at the time of publishing. All coverage contains factual information only and should not be interpreted as opinion of financial advice.

 

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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. Email Jon at [email protected].

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