OZ Minerals has announced positive deep drilling results from its 100 per cent owned Prominent Hill, copper-gold mining operation in northern South Australia.
Earlier this year, OZ Minerals carried out a drilling program targeting extensions of the existing Mineral Resource at vertical depths of more than 1100 metres below the surface.
The purpose of the program was to establish the potential for deep mineralisation that may have an impact on the Prominent Hill Expansion decision.
Drilling was carried out from the 9531 Level Drill Platform.
The company has reported that the completed assays for the latest diamond holes, designed to test the down-dip extension of mineralisation below the Malu Resource area, have highlighted that mineralisation exists at depth below the current 2020 Prominent Hill Mineral Resources [1] (See Figure 1).
Significant results from this program include (uncut and true widths):
PH20RD7538:
- 1m at 1.2 per cent copper, 1.1 grams per tonne gold
- 2m at 0.9 per cent copper, 1.1 grams per tonne gold
PH20RD7594:
- 5m at 1.1 per cent copper, 1.3 grams per tonne gold
PH20RD7597:
- 18m at 0.9 per cent copper, 1.3 grams per tonne gold
PH20RD7601:
- 1m at 1.2 per cent copper, 0.8 grams per tonne gold
PH20RD7604:
- 4m at 1.1 per cent copper, 0.8 grams per tonne gold
- 5m at 1.3 per cent copper, 0.4 grams per tonne gold
- 9m at 0.7 per cent copper, 0.1 grams per tonne gold
- 1m at 1.2 per cent copper, 0.4 grams per tonne gold
- 8m at 1.5 per cent copper, 0.3 grams per tonne gold
OZ Minerals Managing Director and Chief Executive, Andrew Cole, said the encouraging results from the 2020 deep drilling activities demonstrate areas outside of the existing Prominent Hill Mineral Resources remain open at depth, reinforcing the potential beyond the limits of the currently defined Prominent Hill deposit.
“Importantly, these results demonstrate further upside potential for Prominent Hill with any material defined below the existing Mineral Resource able to be accessed via the potential vertical hoisting shaft [2].”
“The focus of deep drilling activities will shift in 2021 to infill existing Inferred Mineral Resources to establish sufficient confidence to upgrade to Indicated status. This Indicated Resource base will be used to inform the Prominent Hill Expansion investment decision in mid-2021,” Mr Cole said.
OZ Mineral’s full announcement can be found here.
[1] Full summary of information relating to Prominent Hill Mineral Resources is set out in the ‘Annual Resource and Reserve Update for Prominent Hill’ released 16 November 2020 and is available at www.ozminerals.com/operations/resources–reserves.html.
[2] 2 See ASX announcement titled ‘OZ Minerals to invest $47 million to progress Prominent Hill shaft expansion study’ for further information.