viewAccelerate Resources Ltd

Accelerate Resources’ drilling intersects wide zone of visible copper at Thomas Creek

The company’s drilling is targeting an induced polarisation (IP) anomaly and the adjacent magnetic zone.

Vein bearing coarse bladed actinolite, feldspar and pyrite clots
Vein bearing coarse bladed actinolite, feldspar and pyrite clots

Accelerate Resources Ltd (ASX:AX8) has observed visible copper from 199 metres to 298 metres at the Thomas Creek cobalt-copper porphyry target of its Mount Read project in western Tasmania.

The company has now completed 350 metres of a planned 600-metre total depth in a drill hole at Thomas Creek.

To date encouraging outcomes have been seen, with the drilling successfully intersecting both target zones previously discovered by geophysical surveys – the IP anomaly and magnetic shell.

IP anomaly and magnetic inversion shells targeted by drilling

Coincident with this, visible copper sulphide and visible chalcopyrite have been observed.

The chalcopyrite veining was encountered in several zones, confirming the geological potential and scale of the Thomas Creek prospect.

This builds upon the previous three drill holes at Thomas Creek having intersected a fertile mineralised system, with associated anomalous copper-cobalt grades.

READ: Accelerate Resources begins second stage exploration after discovering large copper-cobalt system

The hole to date has intersected a sequence of altered andesitic lavas and volcanic breccias, cross-cut by a number of potassium feldspar altered monzodiorites.

Notably, zones of magnetite-chalcopyrite-pyrite-potassium feldspar veining were intersected in the upper 300 metres of the hole.

The drill hole will shortly continue to the planned depth of 600 metres, and the core will be cut for sampling and assaying.

READ: Accelerate Resources drills 38-metre nickel intersection

Porphyry-style mineralisation systems generate some of the largest ore deposits in the world, with these deposits generally being greater than 1 billion tonnes and containing at least 1 million tonnes of copper with by-products of gold, silver and/or molybdenum.

All porphyry-style mineralisation systems have large alteration zones which generate significant accumulations of magnetite.

Significantly, Thomas Creek’s aeromagnetic footprint is about 13 square kilometres.

Quick facts: Accelerate Resources Ltd

Price: 0.038 AUD

Market: ASX
Market Cap: $1.81 m

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