GreenTech Metals (ASX: GRE) is breathing new life into its Whundo Copper-Zinc Project, delivering encouraging results from its recent drilling campaign. On September 19, 2024, the company released its latest drill results, revealing high-grade copper intercepts that suggest significant resource expansion potential. These results reaffirm Whundo’s position as a key asset in the Pilbara region’s mining landscape, particularly as GreenTech sharpens its focus on resource growth and development.
Located just 40km south of Karratha and close to the Radio Hill processing facility, the Whundo Project is a high-grade brownfield copper-zinc asset situated within granted mining licences. The project includes six known Volcanogenic Massive Sulphide (VMS) style deposits stretched across a 1.5 km strike, with an existing resource of 6.2 million tonnes (Mt) between the Whundo East, Whundo West, and Ayshia deposits.
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With significant upside potential, the ongoing exploration effort is targeting deeper extensions of these deposits, along with three underexplored prospects at Austin, Yannery, and Shelby.
Latest Drilling Results Point to Expansion
The latest round of reverse circulation (RC) drilling covered 1,710 metres across five drill holes, focusing on key copper-zinc mineralised shoots at Austin and Ayshia. The results did not disappoint, with thick intercepts of high-grade copper mineralisation indicating that the potential for resource growth extends well below the known deposits.
At Austin, standout results included 16 metres (m) at 1.2% copper (Cu), 0.12% zinc (Zn), and 0.035 grams per tonne (g/t) of gold (Au) from a depth of 230m. This included a higher-grade section of 8m at 1.5% Cu and 0.21% Zn, demonstrating both continuity and grade at depth. Similarly, Ayshia delivered impressive numbers with a 10m intercept at 1.2% Cu and 1.2% Zn from 260m, including a robust 3m section grading 3.1% Cu and 2.6% Zn.
Down-hole electromagnetic (DHEM) surveys confirmed the continuation of these mineralised zones at both Austin and Ayshia, which remain open at depth, providing further confidence in the resource expansion potential.
Shelby: An Emerging High-Grade Target
Shelby, another of Whundo’s prospects, is also turning heads. While previous drilling deviated from its target, recent DHEM surveys have unveiled a large conductive plate—spanning over 400m—which indicates the presence of high-grade mineralisation yet to be tapped. Shelby’s proximity to the Whundo mine and the positive survey results suggest this could be a major contributor to future resource growth.
Executive Director Tom Reddicliffe expressed his enthusiasm for the latest results, stating, “We’re thrilled with the stage one drill results, which show real potential to significantly grow Whundo’s current 6.2Mt copper-zinc resource by targeting down-dip extensions to our known shoots.” He also highlighted the project’s strategic advantage, given its location on a granted mining lease and the availability of processing options through nearby facilities like the Radio Hill plant.
The Copper Market: A Bullish Backdrop
GreenTech’s latest results come at an opportune time, with the global copper market showing continued strength. Prices for the red metal have been hovering around decade highs, driven by strong demand from the renewable energy and electric vehicle (EV) sectors. Copper is a critical component in EV batteries, wind turbines, and solar panels, and as the world accelerates its transition to clean energy, demand for copper is expected to remain robust.
Goldman Sachs has dubbed copper the “new oil” due to its central role in electrification, forecasting a long-term supply deficit unless significant new projects come online. In the short term, ongoing supply disruptions in major producing regions like Chile and Peru have only intensified concerns about a looming shortage. This supply-demand imbalance has already pushed copper prices towards USD $9,000 per tonne, and many analysts predict prices could soar further as global decarbonisation efforts ramp up.
For explorers like GreenTech, this environment offers a promising outlook. Reddicliffe highlighted the strategic importance of copper, stating that the strong market conditions reinforce the company’s commitment to advancing Whundo as quickly as possible to capitalise on these favourable dynamics.
Close to Key Infrastructure
Whundo’s proximity to existing infrastructure is one of its key advantages. The project sits just 10km from the Radio Hill processing facility, an operational site previously used by Artemis Resources and a possible option for GreenTech Metals. This existing infrastructure reduces the capital intensity typically associated with greenfield projects, enabling GreenTech to quickly advance towards production should resource expansion continue as expected.
Additionally, the project benefits from being within granted mining licences, providing a clear pathway to fast-track development. This, combined with high-level mining studies that are already underway, places GreenTech in a strong position to capitalise on further exploration success.
Next Steps: Growing the Resource Base
The Whundo Copper-Zinc Project is now entering its next phase of exploration, with plans for follow-up drilling already in the works. The focus will remain on expanding the known mineralisation at Austin, Ayshia, and Shelby, while also investigating potential extensions at the lesser-explored Yannery prospect.
GreenTech’s strategy is clear: to unlock the full potential of Whundo by building on the current resource base. With copper prices remaining strong amid growing demand for battery metals and clean energy technologies, the timing for such a development couldn’t be better.
Reddicliffe summed it up, noting that the company is eager to get back out on the ground and continue expanding the high-grade zones that could underpin a standalone copper project.
The Road Ahead
GreenTech Metals is positioning itself as a serious player in the copper space, with Whundo’s potential shaping up as a key asset. The combination of high-grade intercepts, proximity to processing infrastructure, and exploration upside makes this project one to watch. As the next phase of drilling unfolds, investors will be keenly awaiting further results to see if Whundo can indeed deliver the resource growth that GreenTech is confidently targeting.
For now, the stage is set for GreenTech to push deeper into its high-grade zones and unlock the full value of Whundo’s rich copper-zinc deposits.
