THE BOURSE WHISPERER: Breakaway Resources is about to embark on a new phase of exploration activities at its 100 per cent-owned Eloise exploration project in North Queensland.
The new raft of exploration activity will concentrate on the Sandy Creek copper-gold discovery and new target areas immediately along strike from the operating Eloise copper mine.
The program will comprise approximately 2,000 metres of Reverse Circulation drilling and a review of historic exploration data to define additional drill targets.
Eloise Exploration project location plan. Source: Company announcement
The upcoming drilling is designed to test a strong down-hole EM conductor the company considers represents a potential high-grade plunging shoot or core within the Sandy Creek Main Zone of mineralisation.
The conductor extends down-plunge from existing drill hole intercepts.
The upcoming drilling will also test the size and potential of the newly-discovered Western Zone, located approximately 100m west of the Main Zone.
Breakaway said the Western Zone could potentially be a second significant zone of potentially open-pitable near-surface mineralisation at Sandy Creek.
The company has completed a preliminary scoping review of the prospect, which it said suggests confirmation of a high-grade core within the mineralisation has the potential to significantly enhance the economics of any future mine development.
Breakaway is hopeful the delineation of additional mineralisation at the Western Zone will also enhance the economics of a future mining operation.
“Sandy Creek represents the most immediate opportunity for the company, and the next round of drilling is designed to demonstrate the prospect’s economic potential,” Breakaway Resources managing director David
Hutton said in the company’s announcement to the Australian Securities Exchange.
“Importantly, we will also test some very exciting targets which represent potential strike extensions of the structures and rock types that host the mineralisation at the Eloise Copper Mine.
“Drilling will commence in late April, and we feel confident that this should generate a period of significant activity and news flow for Breakaway shareholders.”