The share price of Estrella Resources Limited (ASX: ESR) leapt today after the company announced a significant Ni-Cu-Fe intersection confirming the T5 EM Conductor contains significant nickel-copper sulphides at its Carr Boyd Project north of Kalgoorlie in Western Australia.
CBDD048 was the first diamond tail drilled by Rig 2 and intersected 12.9m of massive, breccia, matrix and disseminated Ni-Cu-Fe sulphides on the T5 basal contact. The core will now be cut and samples sent away for assay.
Managing Director, Chris Daws, said the intersection is significant as the company follows the T5 Conductor south from the discovery drill hole CBDD030. CBDD048 is the first of several holes planned to intersect the basal contact in this area with CBDD049 now already underway.
He added that textures within the drill intercept have given the clearest evidence yet that the flow dynamics of the pyroxenite intrusion at T5 has the capability to form massive sulphides in multiple areas along the basal contact at Estrella’s 100% owned Carr Boyd Nickel and Copper Project.
Mr Daws said the discovery of massive, semi-massive, breccia, matrix and disseminated sulphide accumulations on a basal contact position bodes well for the Carr Boyd Project as the Company accelerates the Phase 3 drilling to test the full extents of previous downhole electromagnetic (DHEM) targets and to generate new targets with careful step-out drilling.
I am extremely pleased with this significant intersection as it further validates our exploration strategy at the T5 Conductor. Make no mistake, our resolve to locate a world class orebody for our shareholders is unwavering and this intersection is yet another promising sign that we are homing in on this orebody,” Mr Daws said.
“Phase 3 drilling in particular has been highly successful, with a 100% strike rate for hitting nickel- copper sulphides.
“It is very rewarding personally to once again see first-hand the efforts of our exploration staff, drilling crews and everyone that is making this project come to life. We are still drilling 24/7 and I look forward to the next drill core to hit the racks at Carr Boyd.”
Phase 3 will also incorporate plans to extend DHEM coverage both north and south along the contact away from the discovery area. The company currently has 2 diamond drill rigs testing the extents of the T5 mineralisation.
Phase 4, currently being planned, will extend drill and DHEM coverage north along an extensive and untested basal contact and also south to assist in the company’s strategy of uncovering the relationship between the T5 mineralisation and the Carr Boyd Mine 1km to the southeast (previously mined by WMC and now owned 100% by the company).
Phase 4 will incorporate the seismic survey results currently being interpreted by Australia’s leading seismic geologist, Graeme Hird, details of which will be reported to shareholders when available.