Golden Deeps Ltd Embarks on New Drilling Program at Nosib Deposit
GED (GED) Share Update January 2025 Tuesday 14th
Golden Deeps Initiates New Drilling at Nosib Copper-Silver Deposit
Golden Deeps Ltd (ASX: GED) has launched a new diamond drilling program aimed at exploring extensions of the Nosib copper-silver deposit in Namibia's Otavi Mountain Land.
Instant Summary:
- New drilling program targets Nosib copper-silver deposit extensions.
- Previous drilling defined a copper-vanadium-lead-silver oxide zone.
- Up to three new drill holes planned, totaling 330 meters.
- Potential for deposit thickening and increased grade at depth.
Drilling Program Overview
Golden Deeps Ltd has commenced a new diamond drilling program to explore the extensions of the Nosib copper-silver deposit located in the Otavi Mountain Land of northern Namibia. This initiative is part of the company's ongoing efforts to expand its resource base in this mineral-rich region.
The Nosib deposit has previously been identified as a significant source of copper, vanadium, lead, and silver, with a maiden Mineral Resource announced in June 2024. The current drilling aims to test the stratabound copper-silver sulphide deposit's extensions, particularly to the west and at greater depths.
Geological Context and Previous Findings
The Nosib deposit is characterized by its unique geological setting within the Nosib Formation, which consists of feldspathic sandstone and conglomerate. This is distinct from the predominantly carbonate-hosted deposits typically found in the Otavi Mountain Land.
In 2023, a significant drill hole (NBSDD007) intersected a 44.22-meter zone with 0.50% copper and 3.2 g/t silver, including a semi-massive sulphide zone with 10.3% copper and 56.9 g/t silver. These results suggest the deposit may thicken and increase in grade at depth.
Current Drilling Plans
The new drilling program involves up to three diamond drill holes, totaling approximately 330 meters. The first hole is currently underway, targeting the down-dip extension of a previous drill hole (NSBDD0017). Additional step-out holes are planned to test further extensions of the deposit along 20-meter spaced sections to the west.
The initiation of this drilling program could have a positive impact on Golden Deeps' stock, as successful results may lead to an increase in the company's mineral resource estimates. This could enhance investor confidence and attract further investment into the company's exploration activities.
Investor Reaction:
Analysts are likely to view this development as a positive step towards resource expansion. However, the actual impact on investor sentiment will depend on the drilling results and their implications for the company's overall resource base.
Conclusion:
Investors should keep a close watch on the results of this drilling program, as they could significantly influence Golden Deeps' future exploration and development plans. The potential for resource expansion at the Nosib deposit presents an exciting opportunity for the company and its stakeholders.