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Highlights
- Revolver's Dianne project aims for itsfirst cathode production in 2025.
- The company has secured a government grant of AU$ 1.3 million for the Dianne Copper Mine project.
- The company is planning drilling programs for the Larramore Volcanic Belt to identify new targets.
- Discussions are progressing well on new funding opportunities to expedite exploration across the Osprey tenement.
Revolver Resources Holdings Limited (ASX:RRR) recently released its June quarter report, highlighting exploration activities and development strategies for its Dianne and Osprey projects. For Dianne, the focus is on rapidly developinga high-margin copper mining and processing operation to complement promising exploration ventures. The immediate emphasis is on copper exploration within established Australian jurisdictions.
Dianne Copper Mine on Track for First Cathode Production in 2025
Revolver’s Dianne Project in northern Queensland centres on the high-potential Dianne copper deposit, renowned for its historical significance as one of Australia’s highest-grade copper mines.
Critical path workstreams are advancing well at the Dianne project, including the finalisation of the detailed site layout supported by LiDAR and bathymetry surveys, and ongoing column leach test work alongside the Front-End Engineering Design (FEED) for the solvent extraction/electrowinning (SX/EW) process facility.
Detailed mine planning and scheduling activities are advancing, supported by completed environmental field assessment programs. The company is also engaging with traditional owners and planning broader workforce participation. Financing efforts are well-progressed, with a focus on asset and joint venture (JV) levels.
The project remains on track to achieve its first cathode production in the second half of 2025, contingent on securing the necessary financing and final investment decisions (FID).
Revolver has received significant support for the Dianne Copper Mine Project's feasibility activities, including a AU$ 1.3 million grant from the Queensland Government’s Critical Minerals and Battery Technology Fund.
Larramore Exploration Programs Set for 2024
In parallel with the Dianne Project, Revolver is planning follow-up exploration programs for the Larramore Volcanic Belt in the 2024 field season. These programs are expected to include drilling additional key targets to further delineate the potential of this promising region.
A ground geology program is scheduled for Q3/Q4 2024, followed by diamond drilling starting in 2025.
Funding Discussions Advance for Osprey
Revolver’s Osprey Project covers 765km² across six contiguous EPMs in northwest Queensland, about 220km north of Mount Isa. The strategy is to rapidly and cost-effectively assess the area for new targets, including Mt Isa-style and potential Iron Sulphide Copper Gold (ISCG) systems. Discussions regarding new funding opportunities to expedite exploration across the Osprey tenement are progressing well.
At the end of the quarter, the company had a cash balance of AU$420k.
RRR shares traded at AU$0.050 on 6 August 2024.
