ASX-listed DiscovEx Resources and joint venture partner Carnaby Resources have identified multiple, strong, as yet undrilled chargeability targets in an ongoing induced polarisation or “IP” geophysical survey at its Lady Fanny prospect, part of its Greater Duchess project in Mt Isa, Queensland. The company says the anomalous targets correlate very well with outcropping mineralisation, almost certainly identifying strong copper sulphides at surface and at depth.
The identification of the targets follows confirmation of a major copper-gold discovery at the Nil Desperandum prospect nearby Lady Fanny and also within the Greater Duchess project.
Anomalous IP survey results possibly come as little surprise given the string of solid copper results from half a dozen holes previously drilled at Lady Fanny and the company’s nearby Burke & Wills prospects. All holes intercepted shallow, high-grade copper-gold mineralisation with one unveiling a 40-metre intersection grading 1 per cent copper with anomalous gold from the surface. Another cracking hit from the previous program included a 13m intersection going 1.5 per cent copper from 20m.
Results make up only the first three lines of IP surveying at Lady Fanny with a further three currently undergoing inversion modelling and expected to be received soon.
The data highlights a very strong inversion chargeability anomaly from near surface to approximately 150m depth. Importantly, the strength of the recent results are stronger than the IP anomaly that led to the discovery of the high-grade copper mineralisation at Nil Desperandum.
A major RC drill program is now underway at Lady Fanny aimed at the upper 100m along over 400m of strike, focusing on the newly identified targets.
A reason why the results are so encouraging according to the companies is because they open up the possibility of Lady Fanny and Nil Desperandum being connected as part of a much larger mineralised system.
Heritage surveys at the Nil Desperandum prospect were successfully completed yesterday clearing the way for the drill rig to commence follow up work over the 400m long IP anomaly southwest of a recent 41m hit grading at a stellar 4.1 per cent copper.
With the electric vehicle revolution raging unabated, the demand for copper to power electric batteries is only set to increase. In addition to batteries, copper can be found in electric motors, inverters, charging stations and almost any electrical appliance that requires a high level of electrical conductivity.
As demand for copper grows it seems that Discovex and Carnaby’s copper resources continue to follow suite. With IP surveying successfully identifying other high-grade copper deposits on its tenure, the two companies are likely on edge awaiting the final IP results and the ensuing drill results from Lady Fanny. The hail Mary pass of course is the possible linking of the two deposits, Lady Fanny and Nil Desperandum – now that would be a game changer.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
