Drilling set to commence at Hardey’s Lloyd’s Copper Mine

By Meagan Evans. Published at Jun 13, 2018, in Juniors

Hardey Resources Limited (ASX:HDY) is soon to commence a new exploration program at its flagship Burraga Project in the Lachlan Fold Belt in NSW, with drilling to focus on the historic Lloyd’s copper mine.

Armed with a significant exploration budget for 2018, HDY continues to progress all of the assets within its portfolio, yet it has made the strategic decision to direct its focus to Lloyd’s copper mine with drilling set to begin, ahead of schedule, in the upcoming September quarter.

This decision was based on the outlook for copper and the geological potential recognised around the historic workings at the mine. All the preparatory work for a significant drilling program at its Burraga project is now complete.

HDY’s objectives for the exploration program at Lloyd’s include:

  • Building on the results of previous drilling;
  • Further extending known mineralisation;
  • Testing the model of the ore body, which suggests that mineralisation has been deposited in a series of stacked lenses; and
  • Testing for mineralisation at depth and to the eastern extent of the ore body as predicted by the stacked lens model.

However it is an early stage of this company’s development and if considering this stock for your portfolio you should take all public information into account and seek professional financial advice.

Ore body model at Lloyd’s
Ore body model at Lloyd’s

In order to increase its understanding of the Lloyd’s ore body HDY embracing cutting-edge technology, namely hyperspectral ore body modelling.

Hyperspectral analysis of existing drill core and chips will be used in conjunction with existing GIS and geochemical data to provide a holistic model of the Lloyd’s ore body and its alteration halo.

The upcoming drilling will provide additional data for the hyperspectral model of the Lloyd’s site.

This remodelling of Lloyd’s ore body will help to guide future drilling programs. This type of analysis has proven to be one of the most accurate and cost-effective exploration tools for assessing structurally complex ore bodies such as Lloyd’s.

For the remainder of the year, HDY plans to drill further exploration targets across the Burraga Project. The hyperspectral model will drive future target generation for drilling, whilst the team is also in the process of finalising holes at Hackneys and Isabella within the Burraga leases.

A specialist consultant who has worked for several large ASX listed miners has been engaged to produce a model of the Lloyd’s site which will lead to better exploration strategy. The consultant has produced similar models of many globally significant ore bodies and continues to work with many major resources companies.

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.