- Native Mineral Resources' (NMR) first drill hole completed at the Queensland-based Leane's copper prospect has intersected porphyry veins at a 90-metre depth
- The prospect is part of the Palmerville Project and an ongoing drilling program is being conducted to test the potential for skarn-style copper mineralisation
- So far, five out of 15 planned holes have been drilled and all of them have intersected near-surface, skarn-style breccia with elevated copper
- Assays from the first three holes are expected in mid-December
- Company shares are up 16.3 per cent and are trading at 25 cents
Native Mineral Resources (NMR) has received positive results from phase one drilling at the Leane's Copper Prospect in north Queensland.
The Leane's Copper Prospect is part of the Palmerville Project which is located 200 kilometres west-northwest of Cairns.
The prospect was discovered by Lodestone Exploration who undertook drilling in 2010. This drilling intersected the breccia zone however there hasn't been any further exploration since then.
The ongoing reverse circulation (RC) and diamond drilling program began earlier this month. So far, five holes out of the planned 15 have been drilled and every hole has intersected near-surface, skarn-style breccia with elevated copper.
Pleasingly, the first hole has intersected porphyry veins at a depth of 90 metres and will be extended to provide geological information to test for the presence of a larger intrusive system below the skarn-breccia zone.
"Following these encouraging early results from shallow drilling, our field crew is now ready to commence a diamond drillhole to test mineralisation at depth as the current drillhole has intersected porphyry veins suggesting the presence of a larger intrusive system below the skarn-breccia zone," Managing Director Blake Cannavo said.
Assays from the first three holes are expected in mid-December.
Native Mineral Resources is planning to begin exploration in other parts of the Palmerville Project, as well as at its Eastern Goldfields Project, early next year.
Company shares are up 16.3 per cent and are trading at 25 cents at 1:15 pm AEDT.