Taruga Minerals has found high-grade copper in its first five reverse circulation (RC) drillholes at the Mt Craig copper project in South Australia.
The company uncovered the high-grades at Mt Craig’s Wyacca prospect.
One of the high-grade assays was five metres at 2.4 per cent copper from 17 metres, including one metre at 9.5 per cent copper from 18 metres.
According to Taruga chief executive officer Thomas Line, further drilling will assist with identifying high-grade copper mineralisation.
“This high-grade copper discovery at Wyacca is further validation of the significant potential of Taruga’s South Australian copper projects,” he said.
“It is clear from the limited drilling results received to date that this unit hosts very high-grade copper mineralisation, up to 9.5 per cent copper, and that there is significant opportunity to identify further zones at these grades with further drilling.”
Line said it is likely that thicker high-grade intercepts will be uncovered.
“The high-grade core of the mineralised blanket is surrounded by a broad lower grade alteration halo which together appear to be influenced by cross-cutting structures, representing the potential for thicker high-grade intercepts in other portions of the unit,” he said.
“We have really only scratched the surface at Wyacca, and we are now planning follow-up RC drilling and geophysics to further define and extend the mineralised footprint.”
Copper reached a decade high of $US10,008 ($12,868) per tonne on the London Metal Exchange last week.
It was the highest price for the red metal since its 2011 record of $US10,190 per tonne.
Goldman Sachs stated that “copper is the new oil” in April, anticipating a demand increase by as much as 900 per cent (8.7 million tonnes) by 2030.