Smallcap explorer Loyal Metals (ASX:LLM) is looking to the past to build the future, with the company confirming the integrity of historical drilling data at the Highway Reward copper-gold mine in Queensland this week.
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There are two standouts to look at, both of which are quite closely linked: There’s substantial remnant mineralisation at the site – that’s standout one – which means the “stage is now set” for Loyal to renew exploration.
“Confirming the integrity of this legacy dataset provides a robust foundation to assess remnant copper-gold resource potential and define near-term drill targets,” Loyal’s managing director, Adam Ritchie, explained.
The validation that came out of the testwork underscores the mine’s historical production profile, Loyal claims. It included 3.65 million tonnes grading 5.7% copper and 260,000 tonnes at 4.5 grams per tonne of gold.
Verified legacy copper intercepts include 33 metres at 5% copper, 30m at 5.1%, and 38m at 3.9%. Top hits for gold were 2m at 104.5g/t and 10m at 17.7g/t.
More than 122,000 metres of past drilling were verified in Loyal’s historical testings; most data came from a volcanogenic massive sulphide system.
Loyal plans to strike immediately, with $5.8 million in funding ready to go.
Project plans include target drilling at several existing mining leases.
The explorer will also be running high-resolution MobileMTd geophysical surveys “capable of probing beyond 1,000 metres” and stage AI-assisted targeting programs.
“With commodity prices materially higher than at the time of the 1997 feasibility study, and high-res geophysics and AI-assisted targeting underway, we are planning to commence drilling in coming months,” Mr Ritchie said.
LLM has enjoyed a +3.5% jump today; the stock is sitting at 29.5cps.
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