Stavely Minerals (Stavely Minerals) announced that its "Thursday's Gossan" copper and gold mine project in Victoria, Australia, has made major technological breakthroughs.
The company saw porphyry copper, an important indicator mineral of porphyry copper deposits, when it drilled to a depth of 645 meters. This was the first time this kind of mineral was seen.
The company's president Chris Cairns (Chris Cairns) said that the sample analysis results will be announced at the end of February and early March.
The hole is currently being drilled to a depth of 800 meters, with a target of 1,000 meters.
Keynes said that such a depth is not easy for a junior exploration company, but this is indeed a large porphyry copper mine.
The company had drilled 314 meters thick and 0.11% copper mineralization, but did not see the potash core of porphyry.
Keynes believes that the core position has not yet been drilled, and the grade may rise further.
The company drilled and saw the magnetite veins, whose characteristics are similar to those of the Cadia-Ridgeway large copper mine in New South Wales, which has become one of the world's lowest-cost copper mines due to by-products.
Keynes is confident that he can find porphyry copper deposits, but he needs patience. The stratum in this area is 500 million years old and the structure is complex.
At present, the project speculates that the amount of chalcocite ore resources is 28 million tons and the grade is 0.4%, that is, it contains 110,000 tons of copper.
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