EV Resources Identifies Significant Copper and Silver Potential at Khartoum Project
EVR (EVR) Share Update July 2024 Sunday 21st
EV Resources Unveils Promising High-Grade Copper and Silver Discoveries at Khartoum Project
EV Resources Limited (ASX:EVR) has announced exciting new findings from its Khartoum Project in northern Queensland, revealing high-grade copper and silver mineralization that could signal significant porphyry-style deposits.
Instant Summary:
- Surface rock chip samples revealed up to 71% copper and 874g/t silver.
- High-grade copper values include 10.9% Cu, 9.11% Cu, 8.6% Cu, and 4.16% Cu.
- Five new high-priority targets identified for further exploration.
- Geophysical data supports the potential for large underlying copper mineralization.
Discovery Details
EV Resources Limited has made a significant breakthrough at its Khartoum Project, located approximately 100km southwest of Cairns, Queensland. Surface rock chip samples from the project have revealed exceptionally high-grade copper and silver mineralization, with values reaching up to 71% copper and 874g/t silver. These findings suggest previously unknown potential for copper and precious metals in the region.
In addition to the standout samples, other high-grade copper values were recorded, including 10.9% Cu, 9.11% Cu, 8.6% Cu, and 4.16% Cu. The company's comprehensive geochemical database has been instrumental in identifying these promising targets.
Geophysical Data and Target Identification
Geophysical data analysis has played a crucial role in the exploration process. The data has helped EV Resources pinpoint five new high-priority targets within the Khartoum Project area. These targets will undergo further induced polarization (IP) surveys before drilling commences. The identified targets are expected to reveal more about the district's potential for large-scale copper mineralization.
Geological Context
The Khartoum Project spans five exploration permits covering an area of 98km². The project area sits within the Mossman Origin, containing Devonian to Cretaceous aged porphyritic intrusives associated with the island-arc/continental-arc convergent plate boundary zone. This geological setting is known for its potential to host significant porphyry-style mineralization.
Future Exploration Plans
EV Resources is planning a series of systematic exploration activities to further assess the identified targets. These activities include controlled resampling, detailed geophysical interpretations, reconnaissance IP surveys, and preliminary drilling. The company aims to confirm the presence of high-grade copper-molybdenum-silver porphyry systems and other mineralization styles, such as epithermal Au-Ag quartz veins and polymetallic breccias.
The discovery of high-grade copper and silver mineralization at the Khartoum Project is a significant development for EV Resources. These findings could potentially lead to the identification of large-scale porphyry deposits, which would have a substantial impact on the company's stock value. Investors are likely to respond positively to the news, given the high grades and the potential for extensive mineralization in the district.
Investor Reaction:
Adrian Paul, Executive Director of EV Resources, noted the excitement surrounding the discovery, stating, 'Our surface geochemistry compilation indicates that Cu-Ag-Au-Mo mineralization is pervasive, strongly suggesting that porphyry mineralization is very likely to occur here.' Investors and analysts have expressed optimism about the project's potential, with some highlighting the strategic importance of the identified targets.
Conclusion:
Investors should keep a close eye on EV Resources as the company progresses with its exploration activities at the Khartoum Project. The high-grade copper and silver findings, combined with the promising geophysical data, suggest significant upside potential. Subscribing to updates and following the company's announcements will be crucial for staying informed about the project's developments and potential impacts on stock value.