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Archer Exploration Limited (ASX:AXE) is into the exploration and development of mineral resources. The company creates advanced materials through its innovative techniques, that will allow reliable energy, human health and quantum technologies for the society's betterment. It has a mission to positively contribute to global markets enabling the Fourth Industrial Revolution.
On 7 February 2019, the company provided an update on the reverse circulation (RC) drilling program at the Hood prospect. This is part of Archerâs Blue Hills Copper-gold Project. It is located nearly 240 km away in the north side of Adelaide in South Australia.
As per the companyâs announcement, the maiden reverse circulation drill program at Hood has delivered good results with copper intersected from surface, in the first drilled hole at Hood, reporting 24 meters @ 0.10% copper.
The assay results coupled with geological observations from HDRC19-01 and HDRC19-02 holes which are completed at Hood, with all the information to date, suggests that there is a large intrusive related copper-gold mineralising occurrence.
HDRC 19-02 hole was drilled 51 metres to the south-west of hole HDRC 19-01. The copper mineralisation in hole HDRC 19-02 did not commence from the surface, which may indicate that the target zone of copper-gold mineralisation is likely located closer to the northern hole HDRC 19-01 than where HDRC19-02 was drilled. The broad low-grade interval encountered in HDRC19-01 is considered very encouraging by Archer in that context.
Coupled with the copper presence, albitite and molybdenum mineralisation zones were also intersected in holes HDRC19-01 and HDRC19-02 and while combining with geological observations of the surrounding host rock sequence also provides strong support for an intrusive style mineralising event. This initial reconnaissance reverse circulation drilling at Hood has supplied with information which will allow the company to better target the higher-grade areas with future exploration. Moreover, further assay results are expected over the coming weeks from Hood, Hawkeye and Katniss.
The Executive Chairman of the company, Greg English Archer, said that the company had received good results from the first drill holes at the Hood, and it is a belief of the company that the results from HDRC19- 01 could represent the edge of a much larger system. Also, the presence of molybdenum, albitite and alteration in both holes HDRC19-01 and HDRC 19-02 supports the conceptual model of the company which states that an intrusive style mineralising event is driving the copper-gold mineralisation at Hood.
Now let us quickly have a glance at Archer Exploration Limitedâs stock performance and the return it has posted over the last few months. The stock last traded at a price of $0.075 and increased by almost 4.167% during the dayâs trade, with a market capitalisation of circa $13.78 million. The stock has generated a negative YTD return of 2.70% and posted negative returns of 17.24%, 1.37% and 2.70% 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 trading volume of 146,944 approximately.
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