Havilah Resources Ltd’s (ASX:HAV) earn-in partners OZ Minerals Limited (ASX:OZL) and Red Metal Limited (ASX:RDM) maiden drill program at Punt Hill has returned anomalous copper mineralisation from the first hole into the PH1 target.
The PH1 target straddles the boundary of Exploration Licences 6014 and 6035 in South Australia.
The first drill hole lies just inside EL 6035 within metres of the boundary of EL 6014, which is held by Havilah (14.13%) and Red Metal (85.87%).
OZ Minerals entered into an agreement in 2017 to earn up to a 70% interest in Punt Hill, which is 42 kilometres south of OZ’s large Carrapateena copper and gold development.
Drill hole DD18PTH001 was directed towards the high-gravity portion of the anomaly and intersected meta-sediment rocks.
Notably, a wide 244-metre interval of anomalous copper mineralisation averaging 0.26% copper was detected throughout the meta-sedimentary rocks with one of the better zones returning:
• 35.0 metres at 0.6% copper from 841 metres, including 10.8 metres at 1.0% copper from 841 metres.
It is speculated that the magnetite and chlorite alteration together with the wide intervals of anomalous copper in DD18PTH001 may indicate a near-miss hole.
Further evaluation using deep penetrating electrical geophysics
Recent 3D modelling of the magnetic data highlights stronger magnetic material, possibly associated with better copper mineralisation, located a little further north of the DD18PTH001 drill trace that remains to be drill tested.
The common association of magnetic minerals such as magnetite and weakly magnetic hematite with the copper mineralisation at PH1 has important implications for future targeting in the joint venture area.
The use of deep penetrating electrical geophysical methods to prioritise the untested magnetic targets within the Punt Hill joint venture areas are being evaluated.