re: Ann: Copper Mineralisation Intersected at...
A good release I thought though the market yawned..... does anyone even read COY announcements? The mineralised intersection described fits almost exactly the red/pink colour IP anomaly so I think PP is right, this hole is now heading away from sub-vertical mineralisation at depth.
Looks like a ~50m supergene zone overlying primary, approx 450m long, 200m wide and 200-250m depth (excluding surface depletion zone) if deposit matches IP anomaly. Nicely proportioned and located near surface for open-pit extraction with significant tonnes if economic. Can easily envisage 50M tonnes within central IP boundary.
Not too much given away in terms of 'grade of copper' in the hole and as we all know there-in lies the rub! Hole 17 drilled in the wrong direction still got some good supergene numbers (8m @ 2% Cu) with grades dropping downhole away from IP anomaly (200m avg 0.5% Cu). In the guts of orebody the supergene could easily be 3-4% over much larger supergene thickness with primary averaging 1-2% Cu. An average grade above 1.5% Cu for the 175m intersection below oxide would be economic I think if indicative of main IP anomaly (eg Ernest Henry runs at 1.5% Cu Eq) and of course anything above 2% would be a sure thing. The Nakru 2 prospect under 2 km away has main IP anomaly a bit deeper but could double the resource size and be very handy if Nakru 1 fell within a cheap open pit that paid for capex. Cant get too carried away before we see the assays though, shouldnt be long.
goodluck
COY Price at posting:
9.4¢ Sentiment: None Disclosure: Held
