Copper producer Austral Resources Australia (ASX:AR1) has received positive assay results from the diamond (DDH) reverse circulation (RC) drilling program, part of the in-progress scoping study into the Flying Horse Deposit.
“These drill results combined with known high-grade mineralisation only 100m from the surface bodes well for the future development of the resource and confirms the substantial exploration potential on Austral’s leases for both copper oxide and sulphide mineralisation,” Managing Director and CEO Dan Jauncey said.
The Flying Horse – Mt Clarke – Mt Kelly Pits are located 1.6km from Austral’s LAO copper oxide processing facilities and approximately 120km along a sealed road from the major mining town of Mount Isa, Queensland.
The Flying Horse Pit is one of three mines developed on a package of mining leases during the early 2000’s. Large-scale production of copper oxide ores commenced in 2005 yielding more than 55,000t of copper during the life of mine.
Proximity of the mining leases and remnant resources to AR’s existing infrastructure makes it an attractive exploration targets for both copper oxide and copper sulphide mineralisation. Remnant copper sulphide mineralisation beneath the Flying Horse and Mt Clarke Pits represent a total sulphide resource containing 99 870 t of copper, which together with the nearby Lady Colleen Deposit, represents a combined inventory of 151,194t of contained Cu (as sulphide) within the Mt Kelly Extended Mining Leases.
The 2023 drilling results will be incorporated into resource models and ongoing scoping studies, as well as metallurgical investigation of transitional materials which comprises part of the Flying Horse resource.
The ongoing exploration of the Flying Horse Lady Colleen is the first step in expanding and assessing the potential to begin commercialisation of Austral’s 223 075 tonnes of contained copper as sulphides to augment the company’s remaining 26 969 tonne contained copper from the operational Anthill copper oxide mine.
