- R3D Resources (R3D) completes the third diamond hole on the Tartana mining leases in Queensland
- The hole has intersected 216 metres of sulphide content including intensely-veined and brecciated sandstone with semi-massive to disseminated mixed sulphides
- Additionally, R3D and Newcrest (NCM) have amended the Bulimba agreement to defer a helitem survey for next year
- Company shares end the day unchanged at 15 cents
R3D Resources (R3D) has completed the third diamond hole on the Tartana mining leases in Queensland.
This hole, which was drilled to a 450.8-metre depth was part of a 1600-metre drilling program to test major targets outside the copper mineralised zone within the pit area.
The broader aim of the program was to advance a copper-gold project for the potential to restart copper sulphate production from the existing onsite plant.
The drill holes also enabled future cost-effective infill drilling and will provide the opportunity to link historically defined mineralisation in the pit with current drill results.
As announced last week, initial observations of the third drill hole showed it had intersected intensely-veined and brecciated sandstone with semi-massive to disseminated mixed sulphides throughout a 60-metre zone.
Now the hole has been completed, R3D has visually estimated sulphide content in a 216-metre zone ranging between three and 15 per cent with an average of seven per cent sulphides.
Between 369.3 metres and 434.8 metres, the hole intersected an average of four per cent visually estimated sulphides in similarly veined and brecciated/stockwork sandstone.
The drill core is now being cut for assaying.
In addition to this, R3D and Newcrest Mining (NCM) have amended an existing agreement regarding six exploration permits to the west of the Tartana mining leases.
The amended Bulimba agreement allows for the deferral of the helitem survey over the eastern Bulimba tenements until the first half of next year.
The original deal outlined R3D would need to meet certain expenditure requirements by November 21 but an increased demand for helitem surveys in WA meant the company hasn’t been able to commission a survey until next year.
However, the company was able to conduct an aerial survey over western tenements, including its Beefwood project in July and August which met the required expenditure. R3D is currently assessing targets from that survey and expects to outline them next month for follow-up exploration.
Company shares ended the day unchanged at 15 cents.