Highlights

• Revolver Resources is undertaking the initial 2,000m diamond drill program at Osprey Project.
• DDH1 Drilling Rig 15 has been mobilised to the project site.
• The campaign is likely to be completed in July.
• Recently, results of a detailed analysis of historic drill core showed narrow high-grade copper intercepts of up to >3% Cu. 
• Also, large regional MT geophysics survey has detected ‘hot spot’ conductive zone directly beneath Osprey tenements.

ASX-listed explorer and developer of natural resources, Revolver Resources Holdings Limited (ASX: RRR) today announced that DDH1 Drilling Rig 15 has been mobilised to its Project Osprey site.

The company is conducting the next drill campaign aiming ~2,000m at the project. The program is likely to conclude next month.

The program will be focusing on high-priority conductive targets that have being worked-up from recent Helicopter-mounted electromagnetic (Heli-EM) surveying. These targets have also been integrated with RRR’s geological and geochemical modelling work.

Details of previous exploration across Osprey

A detailed logging and sampling campaign has been ongoing across major parts of the 4,389m of diamond drill core obtained from separate drill programs even before the company’s ASX listing in 2021. This covered re-assay of more than 500 drill core samples (supplemented with over 1,500 pXRF analyses) and 750 alteration mineral spectral measurements.

Different lines of evidence have been obtained from the detailed logging work to support and identify a source of copper, the leaching and transport of those metals and the presence of apt overlying stratigraphy to return reactive host rocks for metal deposition.

Also, multiple narrow (<1m) high-grade copper intersections, some running >3% copper, within host rock environments also clearly supporting both iron oxide copper gold (IOCG) and Mt Isa style base metal mineralisation have been identified.

A discrete isolated conductive zone immediately beneath the Osprey tenement package was revealed in a recently released Geosciences Australia regional MT geophysical survey across the Mt Isa region, which further reinforces this project-level detail.

Project tenure, main regional belts and priority prospects
Image source: company update

Resistivity modelling of this survey imaged several crustal/mantle-scale highly conductive zones in the Mt Isa belt, highlighting the possible huge footprint of regional-scale mineral systems at

depth.

The conductive zones validate potential pathways for deep seated metalliferous fluids and magmas linked to shallow deposit formation. These zones or ‘hot spots’ are a prime focus for iron oxide-copper gold (IOCG) systems and other copper/gold related mineralisation.

According to the company, the Osprey Project tenure is above one of the discrete isolated “hot spot” conductive zones, which is close to a large regional crustal-scale structure (Rufus Fault) and indicates that the tenement is based in a highly fertile region for the hosting of world-class mineral deposits, particularly IOCG styles of mineralisation.

RRR shares were trading at AU$0.120 midday on 13 June 2023, with market capitalisation of AU$27.55 million.