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.