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Highlights
- RRR has signed a Memorandum of Understanding (MoU) with the China Copper Industry Investment Alliance (CCIIA) for the Dianne Copper Mine.
- The company plans to begin production at the Dianne Copper Mine with initial construction in late 2024 and cathode production by 2H 2025.
- At the Osprey Project, RRR identified several high-priority combined structural-stratigraphic targets with potential of Mt-Isa-style epigenetic copper mineralisation.
- Ground-based geophysical targeting and AI overlay program are currently in the planning phase to identify drill targets at Osprey.
Revolver Resources Holdings Limited (ASX:RRR) made notable advancements across its projects during the quarter ended 30 September 2024. The company focused on restarting the Dianne Copper Mine and conducting extensive exploration at the Osprey Project in northwest Queensland.
RRR's cash balance was AU$396k as of the end of the reported quarter.
Dianne Copper Mine Project Advances with New MoU
Revolver has signed a Memorandum of Understanding (MoU) with the China Copper Industry Investment Alliance (CCIIA) for offtake and funding related to copper cathode production from the Dianne Copper Mine. The MoU allows both parties to assess the technical and commercial aspects of copper cathode delivery and aims to execute final sale agreements for copper cathode.
The CCIIA was established to address the growing demand for copper by sourcing it directly. Currently, the alliance is actively engaged in large-scale infrastructure projects associated with the Belt and Road Initiative.
Revolver and the CCIIA have formed a specialised Cathode Supply Team focused on finalising binding terms for offtake supply and project development financing.
Progress on Dianne Mine Restart
Over the last year, the company has focused on advancing critical workstreams necessary for resuming operations at the Dianne Copper Mine. Progress is being made toward early construction activities, expected to commence in 2HCY24. The first copper cathode production is anticipated by late 2025.
Key workstreams completed or in progress -
Data source: Company update
The Queensland Government’s AU$1.3 million grant from its Critical Minerals and Battery Technology Fund supports these activities.
Exploration Efforts at Osprey Project
At the Osprey project, the company aims to efficiently screen the tenure for new Mt Isa-style targets, along with potential Iron Sulphide Copper Gold (ISCG) systems. A structural and stratigraphic analysis has identified 14 high-priority zones for potential Mt-Isa Style epigenetic copper mineralisation.
Additionally, a comprehensive litho-structural interpretation has highlighted significant geological featuresburied under cover.
Plans are underway to employ AI-driven modelling to refine the targeting criteria and update the Mineral Prospectivity Index (MPI) for further exploration. Additionally, the company is developing a ground-based geophysical work program for 4Q 2024 to analyse multiple high-priority targets generated through the AI modelling and geological interpretations. This will assist in defining direct drill targets in the highly prospective geology area.
Exploration in the Larramore Volcanics Belt will continue, with plans for further drilling into high-priority targets. Concurrently, a detailed ground-based geophysical program is set to begin in 4Q2024 at Osprey, focusing on defining specific drill sites.
RRR shares last traded at AU$0.041 apiece on 04 November 2024.
