Pacifico identifies copper target in the NT
Pacifico Minerals (ASX:PMY), an ASX-listed junior metals explorer, has announced an initial exploration target for oxide copper mineralisation at its Lorella Project in the Northern Territory.
The Lorella Project is located within the McArthur Basin and is thought to contain a high potential for significant additional tonnages of oxide copper mineralisation. A small section of Pacifico’s project area has already been drilled by industry giant Sandfire Resources (ASX:SFR) and PMY hopes it can utilise any relevant information collated historically.
The Lorella Project consists of 12 exploration licences and 1 mining licence, covering a total area of 1,817 square kilometres. At the current time, PMY is progressing Lorella as part of a joint-venture agreement with Sandfire Resources on a 51 per cent (PMY), 49 per cent (SFR) split.
According to PMY, its latest intersections show copper mineralisation to be present at shallow depths, which PMY will now focus on as a priority:
Given its findings at Lorella, PMY has formalised an Exploration Target of 5-10Mt of 0.8% Cu to 1.1% Cu of oxide copper mineralisation. The grades of the target are derived from the grades of mineralised blocks defined by 18 RC and diamond holes in the drilled area of oxide copper mineralisation.
It should be noted here that this is an early stage play and investors should seek professional financial advice if considering this stock for their portfolio.
The full drill hole details are shown below:
The oxide copper mineralisation consists of disseminations, veins and fracture fill of malachite and azurite within highly leached siltstone and fine-grained sandstone. Using a 0.4% Cu cut-off, the drill intersections average 1% Cu and have an average vertical thickness of 8m.
Preliminary acid leach testwork recently carried out at SGS Metallurgy in Perth, returned highly positive results and indicated that leaching the oxide copper material could be economically viable. If further oxide copper mineralisation can be defined there is potential for a low capital and operating cost operation at Lorella that includes an open-cut mine able to produce cathode copper from a solvent extraction process.
To substantiate it’s the exploration target, PMY is also commencing a 2,000-metre aircore drill program, planned to commence later this month to test oxide copper mineralisation strike extensions.
The upcoming 40-hole program will also test for significant indications of primary copper mineralisation to a depth of approximately 50 metres.
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.
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.