West Cobar Metals Reports Major Copper-Antimony Intercept at Bulla Park
WEST COBAR METALS LIMITED (WC1) Share Update September 2024 Monday 23rd
West Cobar Metals Announces Major Copper-Antimony Intercept at Bulla Park
West Cobar Metals Limited (ASX: WC1) has announced a major copper-antimony intercept at its Bulla Park project, boosting confidence in the potential of this significant mineral deposit.
Instant Summary:
- Recent diamond drilling confirms a thick zone of antimony copper mineralisation at Bulla Park.
- BPD09 encountered grades up to 1m at 1.04% Cu and 0.55% Sb.
- Broad intercepts from BPD09 include 190m at 0.23% Cu and 0.08% Sb from 128m.
- Strong macroeconomic factors for antimony and copper with prices at approximately US$22,700/t and US$9,300/t respectively.
- Antimony is on the critical mineral lists of both Australia and the US.
- Additional drilling planned to enable a maiden antimony copper mineral resource estimate.
Drilling Results
West Cobar Metals Limited (ASX: WC1) has reported significant findings from its recent diamond drilling at the Bulla Park Copper-Antimony Project, located 110km west of Cobar in New South Wales. The latest assays have confirmed broad and consistent copper and antimony mineralisation, reinforcing the potential of this deposit.
The most notable result comes from drill hole BPD09, which encountered a 190m intercept grading 0.23% Cu and 0.08% Sb from 128m. Within this broad zone, higher-grade intervals were also identified, including 1m at 1.04% Cu and 0.55% Sb from 204m to 205m. Other significant intersections include 66m at 0.34% Cu and 0.13% Sb from 200m, as well as 4m at 0.53% Cu and 0.21% Sb from 223m.
Geological Context
The mineralisation at Bulla Park is primarily composed of tetrahedrite (copper-antimony sulphide) with minor chalcopyrite and stibnite. The mineralisation has developed over several stages, with syn-depositional siderite alteration accompanied by chalcopyrite and tetrahedrite. Subsequent tectonic activities have resulted in hydrothermal breccias and stockwork veining, enhancing the mineralisation.
Gravity and aeromagnetic surveys indicate potential mineralisation along at least 1.8km of strike, with a horizontal width of approximately 350m and drill-intersected thicknesses of around 60m. These surveys suggest a significant extent of mineralisation, which will be further explored in upcoming drilling programs.
Market Context
The announcement comes at a time of strong macroeconomic factors for both antimony and copper. Antimony prices are currently around US$22,700/t, driven by its critical status in both Australia and the US. Copper prices are also robust, trading at approximately US$9,300/t. These favorable market conditions underscore the importance of West Cobar's findings and their potential economic impact.
Next Steps
West Cobar Metals plans to conduct additional drilling to further delineate the extent of the copper-antimony mineralisation and enable a maiden mineral resource estimate. This next phase of exploration will focus on extending the known mineralisation along strike and testing new targets identified through geophysical surveys.
The confirmation of significant copper-antimony mineralisation at Bulla Park is a positive development for West Cobar Metals. The strong grades and extensive intercepts enhance the project's potential, which, combined with favorable market conditions for antimony and copper, could positively impact the company's stock price. However, the market's reaction will also depend on the results of the upcoming drilling programs and the company's ability to advance the project towards resource estimation and potential development.
Investor Reaction:
Analysts are likely to view the announcement favorably, given the strong grades and extensive mineralisation reported. The positive market conditions for antimony and copper further enhance the project's attractiveness. However, investors will be keenly watching the results of the next phase of drilling and the company's progress towards a maiden resource estimate.
Conclusion:
West Cobar Metals' recent drilling results at Bulla Park are a significant step forward in confirming the potential of this copper-antimony deposit. Investors should monitor the company's progress in the upcoming drilling programs and the potential impact on their portfolios. The strong market conditions for antimony and copper add further upside potential to this promising project.