Quintessential Resources soars 38% on copper, molybdenum...

Quintessential Resources soars 38% on copper, molybdenum mineralisation discovery at Mal
Wednesday, June 13, 2012 by Angela Kean


Quintessential Resources (ASX: QRL) is a standout on the ASX today, a day when the broader Australian market wiped off 0.3%, with news of the discovery of a zone of megascopic copper and molybdenum mineralisation within the Mal Prospect.

Shares gained 38% to A$0.20 intra-day today on the exchange of 140,000 shares as of 2.26pm (AEST).

Quintessential has completed two diamond core drill holes testing the “Pipe” Chargeability Zone within the Mal Prospect to 732.9 metres.

Initial assays from the first hole and visual geological analysis of the second hole successfully concluded that the “Pipe” Zone contains a major porphyry copper-molybdenum-gold mineralised sulphide system.

The first hole was drilled to a final depth of 485.5 metres and contained 12 narrow but substantial intercepts of copper, molybdenum or gold.

Mineralisation was noted predominantly in strongly silicified shale which indicated a pregnant system and proximity to a larger mineralised intrusive which was consistent with previous surface geochemistry results.

Peak assay grades returned were 0.67% copper, 362 parts per million molybdenum, 0.32 grams per tonne (g/t) gold and 14g/t silver.

The second hole intersected a 255 metre wide zone of porphyries/intrusives from 385 metres downhole.

The core is consistently mineralised containing varying proportions of pyrite, chalcopyrite and molybdenite. The “Pipe” Zone chargeability anomaly is open and appears to be widening at depth.


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