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Revolver Resources (ASX: RRR) at ‘ground-breaking juncture’ for progress at Osprey

November 08, 2023 02:15 PM AEDT | By Manisha
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Highlights

  • Revolver Resources has received results of two exploration initiatives completed recently at Osprey Project in the Mt Isa region.
  • At Osprey, the current drilling has provided strong evidence of large-scale copper-bearing fluids circulating in the basal volcanic sequences.
  • The company is advancing project-level commercial talks to get funding for ongoing field activities at the Osprey Project.

Revolver Resources Holdings Limited (ASX: RRR) has announced results of two exploration initiatives completed recently at its 100%-owned Osprey Project in the Mt Isa region.

Assays from reconnaissance diamond drilling, combined with reassaying of previous drill core, has returned vein-scale endowment ranging from 0.1% to 3.7% copper. This demonstrates proximity to a potential large-scale copper system.

As per the company, the results strongly correlate with RRR’s new tenement-wide AI-assisted prospectivity model for Osprey, which detected numerous high-potential Mt-Isa style and IOCG targets for drilling.

Data source: company update

 

In-depth details

The company received assays from a targeted exploration drill program (4-hole, 1,903m) conducted at the Osprey Copper Project in late August.

Thick sequences of tholeiitic metabasalts of the Eastern Creek Volcanics beneath a Mesozoic cover of between 45m and 65m, have been intersected from four drill holes 23GRDH01, 23GRDH02, 23GRDH03, and 23GRDH04.

The basalts’ geochemistry seems to be similar to that of the Pickwick Metabasalt Member of the Eastern Creek Volcanics.


Data source: company update

Anomalous copper values (up to 0.32% Cu) and zinc values (up to 0.17% Zn) have been obtained from visibly mineralised veins geochemical sampling. These results are in line with historical sampling of the veins in isolation that reflect significant copper grades (up to 3.71% over 0.35m vein), indicating significant copper mobilisation within the vein system.

Future course of action

With encouraging results from the drilling programs conducted in 2023, the company is pushing forth project-level commercial talks for raising funds to scale up exploration work at the Osprey Project. RRR intends to begin the next work phases in the early calendar year 2024.

Shares up over 8%

RRR shares traded at AU$0.125 on 08 November 2023, up 8.6% from the last close, with a market cap of AU$29.85 million.


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