On 21 January 2019, Australian-based resources company, Todd River Resources Limited (ASX: TRT) announced that it is preparing to start a major new exploration program early February at its wholly owned Mt Hardy Copper-Zinc Project in the Northern Territory. As per the announcement, the exploration program will include extensive drilling and geophysics. Further, the program will build on the Company’s successful 2018 program which resulted in the discovery of a significant zone of high-grade base metal mineralization at the EM1 prospect. Following the release of this announcement, the share price of the company declined by 2.817 percent as on 21 December 2018 (AEST 3:19 PM).
In February 2019, the company will resume its drilling which will be focused on expanding the EM1 mineralization both along strike and at depth. In December 2018, the company completed the Down-hole TEM (DHTEM) and Moving Loop TEM (MLTEM) geophysical programs, and it is currently assessing the data of those programs.
According to the company’s Managing Director Todd River, the ongoing drilling and geophysics programs are designed both to continue to expand the mineralization at EM1 and also to begin testing the high-priority targets which are generating close to EM1 and, in particular, in the area under cover between EM1 and Brown.
Since September 2018, the company has drilled a total of 12 holes at EM1 prospect. The holes are drilled using a drill rig capable of both RC (Reverse Circulation) and diamond drilling techniques. Shallower holes were RC drilled, while deeper (>250m) holes had RC pre-collars drilled and diamond tails completed.
All holes intersected mineralization, with hole MHDD0043 recording the best intersection (35.54m @ 14.7% Zinc, 2.92% lead, and 0.91% Copper.
As per the analytical results from all drill-holes, Hole MHDD0042 is the deepest hole to date at EM1 which is intersecting mineralization at over 600m below the surface, and 180m below/down-dip of the nearest hole (MHDD0043). Hole MHDD0042 has returned a significant width of brecciated mineralization with a length weighted average of 24.54m @ 0.68% Copper, 0.29% Lead and 4.86% Zinc from 619m down-hole.
The drilling which is going to start in February 2019 will better assess the potential at EM1 prospect, and the drill holes from the drilling will focus on outlining the size/extent of high-grade zinc and copper zones, particularly in the shallower (0- 300m) sections.
In the Mid December 2018, the company completed an initial MLEM survey which was focused on a 4 square kilometer area centered on EM1 prospect. The company is currently interpreting the data which was generated in this survey.
Meanwhile, in the last six months, the share price of the company decreased by 17.71 percent as on 18 January 2019. TRT’s shares traded at $0.069 with a market capitalization of circa $10.75 Mn as on 21 January 2019 (AEST 3:19 PM).
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