Archer Exploration Limited (ASX: AXE) announced on 4th March 2019, that the company has received final drilling results from its 100% owned Blue Hills copper-gold project. The company recently completed a shallow Reverse Circulation (RC) drilling at the Katniss and Hawkeye copper-gold prospect of the blue hills project, which is located approx. 240Km north of Adelaide, South Australia.
Recently, the company has filled a provisional patent for Graphene Ink compositions and also fulfilled the Sugarloaf land sales contract conditions.
The company undertook the drilling for targeting coincident copper-gold in soils anomaly and electromagnetic signature proximal to a modelled intrusion. Assay results from both the location indicate that the region is more gold-rich than Hood.
Apart from copper, gold and molybdenum mineralisation, the assay results also indicated the presence of bismuth, tellurium, and arsenic.
The RC drilling was targeting shallow mineralisation and the higher-grade copper-gold soils anomalies, with none of the modelled or proposed intrusion being drill tested. The mineralisation from the intrusions is usually found closer to the surface as compared to the intrusions itself.
The assay results indicated that some fractionation across the district implies a different intrusive source to the mineralisation at Hood, over an area of approx.8km square. The company believes that the widespread fractionation is most likely the reason that both the location is marking a higher gold value than at Hood. As per the company, several intrusions have been modelled in the area, and they will be the target of future explorations.
The drill hole at Katniss was marked as (KTRC19-01) and was designed to intersect the copper-gold in soils anomaly at the right angles.
The assay resulted from 16 to 26m marked weak gold mineralisation with elevated levels of copper, molybdenum, and bismuth and the assay results from 26 to 46m marked a decrease in copper and gold mineralisation with an increase in sodium level.
The sodium value increased as the drill went into the depth, with low copper value observed at 46 to 117m at the end of the hole.
The drill hole at Hawkeye was marked as HYRC19-01 and was designed to intersect the copper-gold in soils anomaly and an underlying magnetic feature at right angles.
The assay resulted from 0 to 67m marked a very low-grade copper and gold mineralisation over the interval with no visible alteration observed in the rock chips at HYRC19-01.
At 67 to 80m, the drilling marked a copper grade, albeit low increase in the interval along with molybdenum were reported and over the interval from 80 to 111m there was no copper and gold mineralisation marked.
However, the drill hole HYRC19-02 marked weak copper mineralisation from the interval of 32 to 38m with increasing silicification over the interval. The company reported a higher gold value at Katniss and Hawkeye at 4m @ 0.16g/t from 8m intersected at HYRC 19-01.
During the time of writing this report, the shares of the company are trading at A$0.075 (as of 4th March 2019, 03:55 PM) on ASX, flat as compared to its previous close. During the day session, so the far the share marked a day’s high of A$0.075 and a Day’s low of A$0.073.
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