The drilling programme will include both reverse circulation (RC) and diamond drilling (DD) and total approximately 2,600 metres. The mineralised target zone hosting multiple copper-gold lenses intersected in historical drilling and old workings extends for over 1 kilometre and is 80 metres to 120 metres wide. The mineralisation is associated with magnetite and correlates with a linear magnetic anomaly. This linear magnetic feature extends for a further 3 kilometres along strike to the north east mostly under alluvial cover and is untested.
Results of Silver City’s compilation of historical data dating back to 1887 have been reported in ASX Releases of 4 May 2017, 19 June 2017 and 18 July 2017. Historical drill results that are within the target zone of Silver City’s drilling programme include:
- 11.8 metres at 6.7% Cu, 1.92 g/t Au
- 15 metres at 2.7% Cu, 0.53 g/t Au
- 19.2 metres at 1.8% Cu (incomplete Au analyses) including 0.9 metres at 2.1% Cu and 3.0 metres at 4.6% Cu, 0.62 g/t Au
- 4 metres at 3.9% Cu, 0.29 g/t Au
- 6 metres at 5.0% Cu, 0.51 g/t Au
- 2.7 metres at 5.7% Cu, 4.2 g/t Au
- 2.1 metres at 3.2% Cu, 0.65 g/t Au
Results of rock chip sampling from surface exposures and old mine dumps by Silver City ( ASX Release 19 July 2017) confirmed that the copper/gold mineralisation has high levels of silver, cobalt, rare earths and molybdenum that are typical of Iron Oxide Copper Gold deposits such as Olympic Dam, Prominent Hill and Carrapateena located across the border in South Australia. Following the recent successful capital raising the Company has cash reserves of approximately $1.5 million.
The Company’s share of the cost of the current drilling programme is expected to be around $350,000 with funds available for immediate follow up programmes. The Copper Blow Project is a contributing joint venture between Silver City (75%) and CBH Resources (25%). CBH operate the Rasp Mine and base metal processing facility at Broken Hill.
