Fitzroy Resources' (ASX: FRY) initial drilling at the Develin Creek deposit has returned a 13.5 metre massive sulphide intersection with indications of copper and zinc mineralisation, and goes beyond the known limits of the resource and may constitute a new lens.
Two drill holes have been completed on the edge of the Develin Creek copper zinc deposit in Queensland to provide a platform for downhole electromagnetic (EM) surveying. Processing of core and assaying is in progress.
This drilling is part of a three phase exploration program that also includes a broad ranging HELITEM survey and ongoing regional geochemical sampling.
A downhole EM survey, scheduled to be completed by the end of April, has the potential to identify additional mineralised positions at depth and away from previous drilling.
Fitzroy, which began trading on the ASX on Thursday 9 December 2010, is focussed on rapidly evaluating the Rookwood project, which contains the promising Develin Creek inferred Resource of 1.75 million tonnes (Mt) at 1.7% copper (Cu), 2.1% zinc (Zn), 8.5ppm gold (Ag) and 0.24ppm silver (Au).
Typical VHMS prospects such as Rookwood, often contain multiple ore systems, with Develin Creek the first system discovered to date in this terrain.
The smaller Glentanna project, to the south, remains in the early exploration stages, with previous drilling suggesting strong potential.
On February 2, Fitzroy made an acquisition to expand the company's tenement footprint in central Queensland. The tenement was purchased from Kangaroo Resources (ASX:KRM) for a cash consideration of A$50,000 and brings the company's combined land holding in the region to 726 square kilometres.