Golden Cross Resources (ASX: GCR) should trade firmer after discovering the new “Dash” copper prospect at its flagship Copper Hill project in the Lachlan Fold Belt of New South Wales.
A new, previously unknown copper occurrence has been discovered in the course of detailed geological mapping, only two kilometres northwest of Copper Hill.
Mineralised float rocks containing malachite were observed over a strike length of 300 metres and follow-up work has located outcrops of strongly silicified, altered volcanic rocks.
Samples from the first survey were sent for assay and petrography, returning assays averaging 1.44% copper.
Pyrite and chalcopyrite is visible as disseminations and in thin veins in the outcropping material, with abundant malachite in veins.
There are no old workings present in the area; the Copper Hill Induced Polarisation survey did not extend far enough to reach this area and previous constraints on access prevented detailed soil sampling to be carried out here in the past.
GCR’s airborne magnetics indicates continuation of the pronounced magnetic low extending over 5 kilometres northward, from Vale Head, Lode 3, Copper Hill, Buckley’s Hill through Little Copper Hill and northwards through the Dash Prospect.
Copper Hill contains a resource of 493,200 tonnes of copper and 1.33 million ounces of gold within a constrained optimised open pit.
A petrographic report is in preparation, and preliminary findings suggest that the strongly mineralised rocks contain considerable supergene malachite, as well as hematite, chalcocite and traces of azurite.
The new Dash Prospect will be sampled in more detail, and an IP survey is planned prior to mounting a drilling program.
Interestingly, Heron Resources (ASX: HRR) recently secured a 19.9% stake in GCR after subscribing for $1.88 million worth of shares.
Its entry as a strategic shareholder provides GCR with funding to drill out and expand the JORC Resource at Copper Hill; planning for a major 4,800 metre deep drilling program at Copper Hill continues, with data review and re-logging of previous holes under way.
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