Elysium Resources to commence phase 2 drilling in September
Having completed the first phase of its drilling campaign at the Burraga Project located in the Bathurst region of New South Wales, Elysium Resources (ASX: EYM) announced on Monday that it had discovered an eastern extension of mineralisation at the historical Lloyds Copper Mine, almost doubling the strike length of known mineralisation.
There were some robust grades amongst the drilling results including 9 metres grading 2.3% copper and 20 metres grading 0.8% copper. This has prompted EYM to conduct a second round of drilling which management announced on Thursday will commence in September.
The drill holes have been designed to test key areas of orebody where modelling suggests lodes remain open, but lack of drilling prevents expansion of the model. The drill holes will be directed in such a way that they will allow for both testing of mineralisation at depth, as well as adequate sampling of sub- vertical geology and alteration.
The Burraga Project consists of three contiguous exploration licenses and one exploration licence application, covering a total area of 221 square kilometres.
This has traditionally been a highly prospective area for copper-gold mineralisation, but it is worth noting that EYM is only in the early stages of what could be a very productive exploration campaign and therefore professional financial advice should be sought by investors if considering this stock for their portfolio.
Elysium benefits from historical drilling data
EYM has the benefit of historical drilling data, and this has been of assistance in terms of quickly identifying new mineralisation. This is likely to continue to be the case with EYM’s Managing Director, Terence Clee saying early in the week, “With this drilling completed we will add these results to our orebody models to better understand the structure at Lloyds mine”.
In discussing the proposed drilling campaign today, Clee said, “Phase 2 drilling will consist of two reverse circulation (RC) holes for 600 metres and it is expected to commence in mid-September, pending contractor engagement and weather conditions”. Clee expects drilling to be completed by October.
Upcoming drilling could throw up some promising results given copper mineralisation has been shown to extend at least a further 180 metres along strike from the existing Lloyds Copper Mine which has a resource of 1.31 million tonnes grading 0.8% copper.
Providing further encouragement is the fact that mineral intercepts appear to fit the model of stacked lenses of mineralisation at the Lloyds site with the depth of intercepts correlating with previous models as mineralisation dips to the east/north-east.
Where to invest $1,000 right now
When the experts at Next Investors have a stock pick, it may pay to listen.
The Next Investors have been investing in ASX small cap stocks for years, with their best small cap picks yielding returns of 1,200%, 1,120%, 900% and 678%.
They have just revealed their hand-picked, FY2021 stock portfolio of high conviction long-term investments.
Click the link below to see what they are currently investing in.
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.
