Golden Cross Resources (ASX: GCR) has noted the first drill hole by its Mulga Tank Joint Venture with Impact Minerals (ASX: IPT) in Western Australia has indicated the presence of nickel-copper mineralisation.
This hole, which was drilled to test the first of seven electromagnetic conductors, intersected narrow zones of high grade disseminated and veins of remobilised massive nickel-copper sulphides.
The anomaly is not explained by these sulphide zones and there are no black shales or other possible sources for the conductor present, indicating that the conductor is off hole.
A down-hole EM survey will commence within days to more accurately locate the anomaly.
The disseminated sulphide zones are up to 6 m thick and have returned assays with a grade range of between 0.5% and 2% nickel and 0.1% to 0.8% copper from spot readings taken with a hand-held XRF machine.
While no mineable widths of sulphides were intersected by the well, it did confirm the very high prospectivity of the project for the discovery of a significant massive nickel-copper sulphide deposit.
Impact had recently acquired a 20% interest in E33/988 and has the right to earn a further 50%.
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