Revolver Resources’ (ASX: RRR) Dianne Project Secures AU$1.3M Funding, Drilling Yields Positive Results

Highlights

• The Dianne Project secured a funding of AU$1.3 million from the Queensland Government.
• Two drilled targets in the Larramore Volcanic Belt yielded numerous narrow intervals of highly anomalous gold and variable copper.
• RRR is targeting first cathode production by the second half of 2025.
• The company is advancing project-level discussions concerning potential new funding for the Osprey project.

Revolver Resources Holdings Limited (ASX: RRR) has reported an eventful March quarter, with primary focus on advancing its Dianne Copper Mine Project. The Dianne Project lies in northern Queensland, nestled within the diverse Hodkinson Province known for its polymetallic deposits. The period saw encouraging drilling outcomes.

The company ended the quarter with zero debt and a cash balance of AU$ 0.768 million. Moreover, during the quarter, RRR obtained a grant of AU$1.3 million from the Queensland Government. The grant which comes under “Critical Minerals and Battery Technology Fund”, will be used to expedite essential technical and design processes for advancing the Dianne Project.

Drilling advanced at the Dianne Project with significant drill assays

In late October 2023, the company concluded a targeted exploration drill program in the Larramore Volcanic Belt, comprising eight holes covering 1,570m on the C5 and C16 targets. These targets lie in the western part of the Dianne tenure.

During the reported period, Revolver Resources  released assay findings from the diamond drilling program at its Dianne Project. Both drilled targets (C5 and C16) yielded multiple narrow intervals displaying highly anomalous gold (up to 0.7 g/t Au) and variable copper content (up to 0.05% Cu).

Follow-up field programs for the Larramore Belt is planned to be carried out in the 2024 field season and it will include drilling of additional significant targets.

The company is also undertaking critical path workstreams on the project to expedite establishment of copper mining and processing operation, aimed at supporting its promising exploration endeavours. Multiple campaigns of the environmental field assessment and detailed site layout have been concluded and debt and equity funding solutions have well advanced. The activities under progress are a column leach testwork, FEED on SX/EW process, and activities regarding detailed mine planning and scheduling.

Subject to financing, the company believes that the project remains aligned to achieve its first cathode production by the second half of 2025.

During the quarter, the company also engaged in project-level talks regarding potential new funding to expedite exploration endeavours across the Osprey Project tenement. The Osprey Project spans 765km² across six adjoining EPMs in northwest Queensland.

RRR shares were trading at AU$0.080 apiece, at the time of writing on 10 May 2024.