Pegasus pegs copper discovery

THE DRILL SERGEANT: Pegasus Metals has claimed a copper discovery at its McLarty Range copper project located in the West Kimberley region of Western Australia some 250 kilometres north-east of Broome and 110 kilometres north of Derby.

 

Source: Company announcement.

 

Pegasus said recent drilling at the McLarty project had returned native copper in one hole, for which it is awaiting to be assayed.

The drilling also hit an intersection of 7 metres at 1.02 per cent copper.

The three diamond drill holes completed at Bowerbird totalled 652.63m.
Each of the three holes that comprised the drilling returned a number of intersections grading more than 0.2 per cent copper.

Pegasus said the holes were drilled to test the down dip potential of the Bowerbird copper target.

“The results received so far indicate the existence of Proterozoic Sedimentary Exhalative and/or Replacement mineralisation,” Pegasus Metals said in its ASX announcement.

“Of particular interest to Pegasus is a prospective copper-bearing, meta-sedimentary horizon that has been identified and sampled by previous explorers.

“While selected rock chip samples have returned high copper grades (up to 18 per cent copper), the area had remained, until completion of this program, untested by drilling.”

Results from the first two holes included:

–    10.9 metres at 0.31 per cent copper from 28 metres, including 0.32 grams per tonnes silver; and

–    14.55m at 0.23 per cent copper from 49m.

Pegasus said it considers the results confirm the system to be rich in copper, that re-mobilisation does occur and that the supergene system is developed.

The company has additional holes planned for the third section previously drilled at Bower Bird to supplement the third hole drilled during the recent campaign.

The company indicated a number of holes are planned at very broad spacing in the main syncline to complete first pass testing of several prospects, including Copper Cliff, the Sipa Syncline and Vista Valley.