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Be the first with the news that moves the market- R3D Resources (R3D) hits massive sulphides in the first drill hole at its Queen Grade project in North Queensland
- The initial diamond drilling intersected 12 metres of sphalerite dominant massive and semi-massive sulphides down-dip of previous drilling
- R3D says this indicates the mineralisation is widening and continuous at depth, with the mineralised zone open down dip
- The next drill hole will test a further 65 metres down from the current intersection, hitting the mineralisation 230 metres below surface
- R3D shares are up 16 per cent and trading at 14.5 cents at 11:21 am AEST
R3D Resources (R3D) has hit massive sulphides in the first drill hole at its Queen Grade project in North Queensland.
The company has kicked off diamond drilling at the project, which is part of the company’s flagship Tartana copper and zinc project.
The first drill hole in the campaign intersected 12 metres of sphalerite dominant massive and semi-massive sulphides, down-dip of previous drilling at 160.7 metres.
Additionally, the intersection is around 30 metres below historical drilling.
R3D CEO and Managing Director Dr Stephen Bartrop highlighted the importance of this initial result and said it indicates the mineralisation is widening and continuous at depth, with the mineralised zone open down dip.
“This intersection is very encouraging … it also suggests scope for the zinc mineralisation to pinch and swell as evident in nearby King Vol mineralisation where drilling … also demonstrated that mineralisation continues to more than 900 metres depth,” he said.
The next drill hole will test a further 65 metres down from the current intersection, aiming to hit the mineralisation 230 metres below surface.
R3D said if the next drill hole replicates the initial mineralisation, both intersections would materially contribute to a maiden JORC 2012 resource, which is currently being estimated.
Samples from the first drill hole pre-collar have been sent for assaying of gold and silver, which the company said may be associated with quartz-carbonate veining in black graphitic slates and siltstones which contain pyrite and arsenopyrite sulphides locally up to five per cent.
Company shares were up 16 per cent and trading at 14.5 cents at 11:21 am AEST.
