Kidman Resources (ASX: KDR) has spurred the market on today with the release of significant high grade polymetallic mineralisation intersections from the first three holes of a 24-hole reverse circulation drilling program at its Home of Bullion project in the Northern Territory.
Shares reached an intra-day high of A$0.215 today, a 105% increase on yesterday’s closing price, on the exchange of over 20 million shares by 2pm (AEST).
Kidman acquired the Home of Bullion project in April this year and the results are from the company’s first reverse circualtion drilling program, designed to test for extensions of the previously reported high grade drill intercepts from the 1950s.
Adding more spice to the results, the mineralisation was identified close to surface providing the potential for an open pittable resource.
Highlight assays returned were:
- 4 metres at 4.7% copper, 5.1% zinc, 84.6 grams per tonne (g/t) silver, 1.3% lead, 0.52g/t gold
(4 metres at 7.7% copper equivalent) from 49 metres in hole HRC020;
- 3 metres at 1.9% copper, 4.7% lead, 2.2% zinc, 204g/t silver, 1.13g/t gold (3 metres at 6.2% copper equivalent) from 25 metres in hole HRC002; and
- 3 metres at 2.7% copper, 2.3% zinc, 45.5g/t silver, 0.45% lead, 0.46g/t gold (3 metres at 4.9% copper equivalent) from 208 metres in hole HRC009.
The high grade Main lode now has an identified strike length of about 170 metres and potentially extends further east under cover.
The outcome of the results is that hole HRC020 confirms previous high grade drill intercepts at the Home of Bullion Main Lode, while Hole HRC002 confirms the oxide potential and includes very high grade silver of up to 204g/t.
This has prompted Kidman to accelerate its exploration efforts at the Home of Bullion project with the company now planning a follow up program to begin in September.
Further adding to the potential of the Home of Bullion project, magnetite has also been identified in the ore, which is significant as it allows for successful geophysics surveying to define strike extensions to the ore body under shallow cover.
A detailed airborne magnetic survey will begin before end of August to define further drill targets across the entire tenement.
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