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Highlights
- Diamond reconnaissance program over the Osprey Project returned highly anomalous copper mineralisation within the intersected vein systems.
- Drill program focusing on the Larramore Volcanics Belt at the Dianne Project intersected zones of hydrothermal alteration across all eight drill holes.
- During the latest quarter, the company raised AU$3 million through a placement at AU$0.2 apiece.
- RRR is in discussions to secure funding for advancing exploration across these projects.
Revolver Resources Holdings Limited (ASX: RRR) reported encouraging assay results from diamond reconnaissance and drilling at the Osprey and Dianne projects during the latest quarter, ended 31 December 2023, respectively.
The company also successfully completed a placement of AU$3 million at AU$0.20 apiece to three existing shareholders.
At the quarter end, the company held AU$1.29 million in cash with zero debt.
Positive copper assays from drilling at Osprey Project
In June 2023, the company started further drilling at the Osprey project. The initial reconnaissance drilling campaign, comprising four drill holes for nearly 1,903m, was concluded in August 2023.
The results from two exploration initiatives over the project were released in November 2023. Diamond drilling assays and further assaying of previous drill core reported a vein-scale endowment in range of 0.15% – 3.7% copper. The results point towards the presence of a potential large-scale copper system in close proximity.
Data source: company update
Four drill holes intersected highly anomalous copper mineralisation in the intersected vein systems. Within mineralised veins that are visible, geochemical sampling reported Cu values of up to 0.32% and Zn values of up to 0.17%.
The assay results additionally support the regional-scale mobilisation of mineralised fluids and closely align with the results obtained from recently created AI-assisted prospectivity model.
In the Osprey area, the model has provided a more precise definition of 16 Mt-Isa style targets and 19 IOCG targets.
To boost exploration activities across the project, the company is progressing with project-level commercial discussions regarding potential new funding. The company informed that the next work phase is expected to start in the first half of the calendar year 2024.
Significant Au-Cu signature at Dianne Project
In late October 2023, the company finalised an exploration drill campaign in the Larramore Belt, which included eight shallow diamond holes for around 1,570m drilling. After the quarter end, the assays were released.
All drillholes reported substantial zones of hydrothermal alteration. The targets drilled, C16 and C5, returned several narrow intervals of highly anomalous gold of up to 0.7 g/t Au and variable copper of up to 0.05% Cu.
The gravity gradiometry survey refines intrusive targets in the Larramore. The company plans to conduct follow-up field programs at the Larramore Belt, which would include drilling of additional key targets.
The company is in talks with potential investors on ringfenced project-level development funding for the mining JV over the MRE of Dianne deposit.
RRR share price was AU$0.069 apiece on 15 February 2024, with market cap of AU$20.76 million.