Archer Exploration Limited (ASX: AXE) is into the development of mineral resources using its unique combination of exploration and innovation. It creates advance materials that can enable reliable energy, human health, and quantum technology for the development of society. The company explores the natural resources of Australia.
Today, 25 January 2019 the company released an update about the reverse circulation drilling program at the Hood prospect, which is part of Archer’s Blue Hills Copper-gold Project. It is located approximately 240 km away from Adelaide. The wider drilling program aims to test large areas of coincident copper-gold mineralization targets. The company conducts rotary air blast and electromagnetic surveys at Blue Hills for the wider drilling program.
The reverse circulation drilling of the soil anomalies and ground EM conductors at the prospect has intersected multiple alteration phases with veins. These veins consist quartz-carbonate-hematite and sulphide mineralization observed in rock chips.
It is clear from the initial findings that the target intrusive has the capacity for hosting copper-gold mineralisation; however, these are subject to testing with the follow-on drilling. Magnetite, pyrite, and chalcopyrite are expected at the depths in the EM model. This is very encouraging for the subsequent down-hole EM surveying and targeting of the larger system.
This first drill program at Hood will provide a very important vector send to the target zone to be tested with further drill holes. Hood assay results are expected in the next 2 to 3 weeks. Drilling at Katniss and Hawkeye will be completed over the next 2 to 3 weeks with assay results expected during the middle of February 2019.
The Executive Chairman of the company, Greg English, said that the company had an excellent beginning to its maiden exploration program at Hood, which is part of the more massive Blue Hills Project. The results from the initial drilling at Hood confirmed that it has a potential to be a very large copper-gold system.
The spatial alteration and zonation pattern of large intrusive copper-gold systems is well understood, and what we have seen at Hood so far is consistent with this style of mineralization in terms of the wider potential. The company has a larger North Burra project which covers an area more than 3,000km, and Hood is only a fraction of the overall project area.
Now let us quickly have a look at the Archer Exploration Limited’s stock performance and the return it has posted over the last few months. The stock is currently trading at a price of $0.075 and increased by almost 2.74% approximately during the day’s trade, with a market capitalization of $13.97 million. The stock opened at $0.075 with its day high at the same price and a day’s low price of $0.073. The stock has yielded a negative YTD return of 1.35% and posted returns of -30.48%, -2.67% and 2.82% over the last six months, three months and one-month period respectively. It has a 52-week high price of $0.160 and a 52-week low of $0.063, with an average volume of 132,101 approximately.
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