Gold

Demetallica well into 14,000m drill program at QLD Chimera Project

Mon 30 May 22, 10:27am (AEST)
Gold Copper 4 Exploration
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Key Points

  • Having listed just last Thursday, Demetallica is already partway through a 45 hole RC campaign at the company’s flagship Jericho deposit
  • Existing inferred resource only embraces some 2km within its drill established 3.7km strike
  • Company is seeking to update Jericho’s JORC resource from inferred to indicated with other background projects on-track

Newly listed ASX copper-gold-silver explorer Demetallica (ASX:DRM) has wasted no time since settling into its new digs on the Aussie bourse with two drill rigs currently active on site - a 14,000m RC and diamond drill program across 55 holes at the company’s flagship acreage 65km south-east of Cloncurry, QLD, targeting defined silver-copper-gold deposits.

So far, the company has completed 11 holes as part of the RC campaign. 

The works are underway at the company’s Jericho deposit, part of the larger Chimera Polymetal Project, a target which comprises two main lodes: J1 and J2, along 3.7km of strike. 

Minotaur Exploration first defined a significant copper-gold resource at the Jericho deposit in 2020, which remains open along strike and down-plunge.

The existing Mineral Resource Estimate (MRE) covers some 2.2km of the 3.7km strike length; Demetallica is intending to update the market with an upgraded JORC MRE from Inferred to Indicated in Q4 of the 2022 calendar year.

The existing inferred resource estimate details an Inferred MRE of 9.1 million tonnes at 1.4% copper; 0.3 grams of gold per tonne and 1.6g/t of silver.

The RC drilling program is infilling portions of the high-grade 'Matilda' and 'Jumbuck' shoots at shallow depth within the J1 lode. All RC holes completed so far show visible presence of strong copper sulphide mineralisation. 

A diamond rig is concurrently drilling to extend mineralisation down-plunge of Matilda and Jumbuck shoots within J1 lode. Weighted average copper grades at the drilled base of the Matilda, Jumbuck and Billabong shoots are at 2.12%, 2.85% and 2.38% respectively.

A third drill rig is active in South Australia at the Peake and Denison project and the company also prepares to drill its Pyramid (gold) and Windsor (VMS) projects in Queensland. 

(Source: Demetallica) The company's work schedule for 2022
(Source: Demetallica) The company's work schedule for 2022

 

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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