THE DRILL SERGEANT: Straits Resources released a short yet fairly succinct announcement to the Australian Securities Exchange proving that in some situations words can be superfluous.
The company has received assay results from a hole recently drilled at its Avoca Tank prospect in New South Wales.
The assay results for Hole TATD017 returned:
– 84 metres at 2.86 per cent copper, 0.88 grams per tonne gold, 12 grams per tonnes silver and 0.95 per cent zinc from 395 metres downhole. (calculated using a 0.5 per cent cut-off and up to 6m internal waste).
This zone contained a higher grade intercept of:
– 411m to 468m: 57m at 4 per cent copper, 1.27 per cent zinc, 0.99g/t gold, 15g/t silver (0.5 per cent cut-off, max 3m internal waste)
– 423 – 440m: 17m at 5.60 per cent copper, 1.26 per cent zinc, 0.85g/t gold, 19g/t silver (5.0 per cent cut-off, max 3m internal waste); and
– 455 – 467m: 12m at 6.38 per cent copper, 1.09 per cent zinc, 1.46g/t gold, 20g/t silver (5.0 per cent cut-off, max 3m internal waste).
Long-section of the Avoca Tank prospect drilling. Source: Company announcement
The announcement of the results follows a previous release, in which the company explained it believed it had hit something big but was not yet in the position to say how big.
Hole TATD017 is the first to successfully target the main lens at depth at the Avoca Tank prospect.
“This extends the known mineralisation of the high grade lens at Avoca Tank, significantly, which now has a down plunge extent of some 400 metres,” Straits said in its earlier ASX release.
“The mineralisation remains open at depth and along strike.
“The mineralised package in TATD017 is a total of at least 60 metres wide (slightly oblique so true thickness unknown) and contains a number of high grade massive sulphide lenses containing chalcopyrite, pyrite and sphalerite.
“This latest drill hole confirms the major discovery at Avoca Tank made last year and validates that we are sitting on a major find.”
The drilling program at Avoca Tank is ongoing with Straits having a further five holes planned in the short term to test the mineralisation at depth.