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() has scored a coup negotiating to satisfy about 40% of costs for an additional 2000 metres of reverse circulation drilling at Speewah Dome Western Australia through the issue of 2.5 million KRC shares.
The drilling program is expected to start in the first week of July focusing on new targets and interpretations generated from recent induced polarisation (IP) surveys.
These had uncovered further evidence of interpreted structures running between two major North / South trending faults.
Notably surface sampling at Chapman had returned high grade results including 39% copper 4 grams per tonne gold and 350ppm silver.
The 2000 metres of new drilling will be combined with 850 metres from an unused current contract.
This is expected to be carried out west of the Chapman outcrops.
Recent Activity
Initial geophysical work had highlighted a number of strong chargeability anomalies that appear to match interpreted near surface mineralised trends in areas.
In particular the western most anomaly peaks at 10.5msec making it the highest chargeability anomaly identified by the IP program to date.
The western anomaly also returned the highest DDIP values of the program so far (9.25msec raw data).
These new anomalies are untested by previous drilling and are at RC drillable depths. A follow up DDIP line is currently underway to assist with designing targeted RC holes.
has interpreted the results to mean that the currently known mineralisation at Chapmans Greys and Catto are forming on link structures between two major north south trending structures.
These formed a corridor of significant fluid flow and associated mineralisation.
Notably the IP results so far have been effective in assisting the interpretation and identification of these structures and a correlation between IP results and mineralisation is starting to develop.
Analysis
The new drilling contract highlights the confidence that ’s drilling team has in the prospectivity and potential of the Chapman project.
Chapman has seen high grade surface samples grading up to 39% copper.
is also cum a 2 for 5 free bonus issue of options that will be listed until June 2018 (ex. price $0.10)
Should drilling succeed the company has many similar areas and high grade surface samples scattered around the Speewah Dome.
These will be the subject of further IP surveys to generate more drill targets.
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