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Highlights:
Lord Resources enters binding earn-in agreement to acquire a majority stake in an exploration licence with high-grade copper potential.
The Ilgarari copper project in Western Australia has reported historic drilling results of up to 6.62% copper.
Multiple drill targets identified, including a significant magnetic feature and chargeability conductor, set to guide further exploration.
Lord Resources Ltd (ASX:LRD) has announced a binding earn-in agreement with Blackrock Resources Pty Ltd to acquire up to an 80% interest in the sulphide rights of an exploration licence covering the highly prospective Ilgarari copper project in Western Australia. The project, which has a history of high-grade copper mineralisation, has already shown promising results from previous drilling campaigns, with intercepts revealing grades as high as 6.62% copper.
Historic drilling at the site has delivered notable results, including 17 metres at 1.27% copper from 145 metres, with a higher-grade zone of 7 metres at 2.04% copper from 147 metres. Additionally, other drilling intercepts have returned 17.1 metres at 1.20% copper from 251 metres, with a peak of 4 metres at 3.42% copper. A standout intercept of 12 metres at 1.57% copper from 158 metres, including a high-grade 2 metres at 6.62% copper, has also been recorded.
Looking forward, the exploration team has identified several new drill targets through induced polarisation (IP) surveys and geophysical analysis. Among the targets is a broad chargeability conductor, which extends from the project’s main mineralised fault zone. Another key feature is a significant magnetic anomaly located beneath the existing mineralisation, which has yet to be drilled but shows potential for additional discoveries.
Lord Resources CEO Andrew Taylor expressed excitement about the opportunity to secure a joint venture in the region, highlighting the significant mineralisation along the Ilgarari Fault, where previous exploration has defined a 4 km long mineralised zone. With high-grade copper hits around both the “Main” and “Alac” workings, Taylor emphasised that the company is eager to undertake a comprehensive exploration program to explore further extensions of the mineralisation.
Despite initial market reactions, with Lord’s shares fluctuating in value, the company remains focused on advancing exploration activities in what it sees as a highly promising copper project located in a tier-one mining jurisdiction.
