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Highlights
- RRR is advancing two district-scale copper projects in Australia.
- The maiden mineral resource at the Dianne Project is 1.62 Mt at 1.1% Cu for 18kt contained copper.
- The Dianne Project has received a grant of AU$1.3 million from the Queensland government.
- AI-assisted prospectivity model has identified 35 targets at the Project Osprey, with work underway to identify priority targets.
- RRR plans to begin the next drilling phase at the Osprey Project in the second half of 2024.
Revolver Resources Holdings Ltd (ASX: RRR), an Australian copper exploration company, is progressing its copper projects in North Queensland to capitalise on the booming copper market. Globally, copper demand is rising due to factors such as increasing construction activities, expanding communication networks, and the growth of electric vehicles and clean energy initiatives.
The company’s copper project portfolio includes two significant district-scale copper projects: the Dianne Copper Mine and the Osprey Copper Project. The current focus is on re-establishing its Dianne Copper Mine.
Significant potential of the Dianne Project
Image source: Company website
The Dianne Project, located in the polymetallic Hodgkinson Province in North Queensland, historically produced over 63.75k tonnes of copper ore at an average grade of 22.7% copper.
The project, located on granted mining leases, has a maiden mineral resource of 1.62 Mt at 1.1% Cu, containing 18kt of copper (December 2022).
The company has completed initial process design work for a proposed low capital cost, heap leach / SX-EW development of the Dianne Deposit Mineral Resource Estimate
The project has gained support from the Queensland government through a grant of AU$1.3 million under a government program.
RRR is engaging with potential equity and debt financiers to secure development funding.
The company is progressing the project with the aim of making a Final Investment Decision by the end of this year. It aims to begin production in 2025. Drilling is planned across both projects for the remainder of 2024.
IOCG mineralisation confirmed at the Project Osprey
Image source: Company PPT
The Project Osprey, hosted in a covered extension of the Mt Isa Inlier, consists of six prospective exploration permit minerals and targets iron oxide copper gold (IOCG) and Mt Isa-style deposits.
An AI-assisted prospectivity model has identified 35 targets, including 19 IOCG targets and 16 Mt Isa-style targets.
In November 2023, assays from reconnaissance drilling at the Osprey project and previous drill core provided clear evidence of proximity to a potentially large-scale copper system.
Funding discussions are advancing to accelerate field activities at the project. RRR plans to undertake the next drilling phase in the second half of 2024.
RRR shares were trading at AU$0.077 apiece at the time of writing on 7 June 2024.
