Havilah Uncovers New Copper-Cobalt-Gold Zones at Mutooroo with 7,511m Drilling
Havilah Resources has completed a 7,511-metre drilling program at its Mutooroo copper-cobalt-gold project, revealing promising extensions beyond the current resource envelope. Collaborative efforts with JX Advanced Metals Corporation advance metallurgical and mining studies, underpinning a potential resource upgrade.
- 7,511 metres drilled confirming resource expansion potential
- Significant copper-cobalt-gold intersections north of existing resource
- Metallurgical testing and mining studies underway with JXAM support
- Resource grades consistent with or exceeding current JORC estimates
- Planning for feasibility study funding and equity discussions with JXAM
Drilling Program Completion and Results
Havilah Resources has successfully completed a comprehensive drilling campaign at its Mutooroo copper-cobalt-gold project in South Australia, totaling 7,511 metres across 35 drillholes. This program, conducted in partnership with JX Advanced Metals Corporation (JXAM), aimed to both obtain representative metallurgical samples and explore potential resource extensions.
Notably, drillhole MTRCD283 intersected 10 metres grading 1.59% copper, 0.14% cobalt, and 0.29 g/t gold approximately 250 metres north of the existing JORC Measured Resource boundary. This intersection, along with several others outside the current resource envelope, highlights significant upside potential in previously undrilled northern zones.
Resource Confirmation Within Existing Boundaries
Drillholes within the established resource envelope returned grades and widths consistent with the current JORC resource, reaffirming the deposit's continuity and quality. Copper and cobalt intercepts generally align with the average resource grades of 1.53% copper and 0.16% cobalt, while gold grades in northern drillholes notably exceed the resource average of 0.20 g/t, potentially enhancing the project's economic profile amid strong gold prices.
Advancing Metallurgical and Mining Studies
Metallurgical testing is underway at CORE Resources’ Brisbane laboratory, focusing on representative drillcore samples obtained during the program. Concurrently, mining studies are progressing with a Melbourne-based consultancy, supported financially and technically by JXAM. These efforts aim to refine the deposit model and support an updated mineral resource estimate.
Strategic Partnership and Future Plans
The collaboration with JXAM is pivotal, with the latter funding substantial costs including drilling, metallurgical work, and mining studies. Discussions are ongoing to finalize an agreement whereby JXAM would fund a mining feasibility study, potentially leading to an equity investment in the Mutooroo project. This partnership underscores the strategic importance of expanding near-surface resources amenable to open-pit mining, which could drive early project value.
Geological Context and Project Significance
Mutooroo, located 60 km southwest of Broken Hill, hosts a substantial JORC resource containing approximately 195,000 tonnes of copper, 20,200 tonnes of cobalt, and 82,100 ounces of gold predominantly in massive sulphide lodes. The project’s proximity to infrastructure such as the Transcontinental railway and Barrier Highway enhances its development appeal. Expanding the resource base remains a priority for Havilah to strengthen the project's economic case and attract further investment.
Bottom Line?
As metallurgical and mining studies progress, the next phase will be critical in determining Mutooroo’s path to production and the potential role of JXAM as a strategic partner.
Questions in the middle?
- How will the updated resource model impact the overall project valuation?
- What are the timelines and key milestones for the planned mining feasibility study?
- Could the higher-than-average gold grades materially improve project economics?
