Materials

Demetallica to upgrade Jericho resource late in 2022

Fri 22 Jul 22, 1:24pm (AEST)
A technician holds a piece of ore with copper mineralisation present
Source: File photo

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Key Points

  • Demetallica has released the first quarterly report since its ASX listing on the 26th of May
  • The company is to boost its Jericho mineral resource in fourth quarter of 2022; Windsor assay results due in same timeframe
  • Despite rough seas, Demetallica has weathered its maiden voyage onto the bourse in fairly robust fashion

Demetallica (ASX:DRM) is proving itself as a robust junior explorer after less than three months on the market, with today’s quarterly revealing a management team getting on with the job. 

Likely of foremost interest to investors, Demetallica expects to upgrade its mineral resource estimate attached to the QLD ‘Chimera’ polymetal project by the end of the year.

Chimera encapsulates the Jericho prospect, which has consistently returned strong copper grades in initial drilling. 

What’s so good about Jericho?

Earlier this month, Demetallica unveiled its maiden assays at Jericho.

Those results came only weeks after the company first commenced trading on the ASX. By the time its ticker was live, activity was already underway on-site. 

The company has noted its current mineral resource estimate is only based on a 2.2km strike length, whereas targets across both J1 and J2 lodes comprise a total of 3.7km.

Currently, two drill rigs are active on-site targeting two lodes that comprise Jericho.

What else is on the cards? 

Demetallica’s assets are located across Queensland and South Australia. 

Broken down: 

South Australia contains 

  • The Peake and Denison JV project (polymetal)

  • The Lake Purdilla project (gypsum)

Queensland contains 

  • The Chimera project (polymetal) 

  • The Windsor project (polymetal)

  • The Cannington project (polymetal) 

  • The Pyramid project (pure gold play) 

Demetallica’s schedule of activities through 2022 are as follows:

Expected delivery

Works on-site

Q3 2022

Further Jericho assay results

Q3 2022

Geodata review for Cannington

Q3 2022

Exploration drilling at Pyramid

Q3 2022

Initial results at Peake Denison JV

Q4 2022

Chimera resource upgrade

Q4 2022

Windsor assay results

Q4 2022

Geophysics program at Cannington

Demetallica's three month charts compared to the materials index
Demetallica's three month charts compared to the materials index
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.

 

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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