Discovery calculates maiden Resources estimate for Ophion

THE BOURSE WHISPERER: Discovery Metals (ASX:DML) has calculated a maiden Mineral Resources estimate at the Ophion deposit.

The Ophion deposit is located approximately 35 kilometres from the company’s 100 per cent-owned Boseto copper project.

“Ophion is an interesting deposit where copper-silver mineralisation is often present in multiple layers,” Discovery Metals managing director Brad Sampson said in the company’s announcement to the Australian Securities Exchange.

“Situated at the edge of the Boseto Zone, Ophion has the potential to contribute to either an expanded, longer life Boseto copper project, or to form part of a new standalone project in the Kalahari Copperbelt.”

The Ophion Inferred Mineral Resources for copper-silver mineralisation below the base of oxidation were calculated at 14 million tonnes at 1 per cent copper and 12.0 grams per tonne silver (Mineral Resources are reported above a cut-off grade of 0.6 per cent copper).

Discovery Metals completed staged exploration drilling at the Ophion prospect between September 2009 and March 2012.

Drilling comprised 63 drill holes, of which 32 drill holes (26 reverse circulation (RC) and 6 diamond core (DD)) were located in the area modelled for the Mineral Resource estimation.

 

Ophion Resource drilling and results. Source: Company announcement

 

Discovery has interpreted the mineralised zone at Ophion in 14 sections spaced approximately 400 metres apart, along a 5.5 kilometre strike length.

The company said copper-silver mineralisation is generally dipping at 80 degrees to the north-west, and has been intersected at depths between 30m and 200m, and occurs within up to seven discrete mineralised layers of approximately 2m to 6m in thickness, with up to three at a time sub-parallel to each other.

The sulphide copper mineralisation at Ophion is primarily chalcocite with lesser amounts of bornite and minor chalcopyrite.

The copper-silver mineralisation remains open at depth and the presence of multiple layers of copper-silver mineralisation may create opportunities for mining of lower strip ratios than currently planned at the nearby Zeta deposit.

Discovery said further drilling is required to enable to gain a better understanding of the nature of the copper-silver mineralisation in the oxidised zone which has not been included in this Mineral Resources estimate.

At the nearby Zeta and Plutus deposits the oxide and transitional zones contain economic copper-silver mineralisation and the company considers the same potential for this exists at Ophion.

The company is continuing to assess the full potential of the Ophion prospect with the copper-silver mineralised zone showing potential for open pit mining.