Austral Resources Australia Ltd reported that recently disclosed drilling data from Glencore have revealed numerous high-grade copper oxide intercepts within the Lady Loretta Mining Lease (LLML), which is located about 100m north-east of the Lady Annie Mining Lease (LAML).
According to Austral, the positive drilling results, which are still open in all directions, emphasise the possibility of expanding the Lady Annie Mineral Resource to the northeast.
The parties aim to establish a steering committee to negotiate formal, binding documents to agree on and go forwards with a drilling program to investigate this tenancy. The parties expect to discuss and formalise the partnership over the following 60 days. According to Austral, this is an excellent opportunity for both companies. Austral sees this as a new chance to enhance annual copper cathode output while utilising Austral’s wholly owned and underutilised processing facilities.
Austral has long identified that the Lady Annie copper mineralising system extends northeast into the LLML. Critical features include extremely abnormal surface geochemistry and fault continuity, which regulate mineralisation over both mining leases. Newly shared drill intersections support this, the company added.
Whittle Optimisation Update
Austral Resources previously announced Whittle optimisation studies recently completed by independent consultant CSA Global, which applied a copper price of A$12,500 per tonne to previously mined pits. This research indicates an additional 30,000 tonnes of contained copper in oxide and transitional Mineral Resources in Lady Annie, Lady Brenda, Mount Clark, and Flying Horse that may be mined and processed utilising Austral’s current processing hub.
As previously stated, 14kt of contained copper was identified as Heap Leach ore material at the Lady Annie Pit, coupled with the adjacent and adjoining Lady Brenda Pit.
This Whittle optimisation research was founded on data collected and analysed under Howard Simpson, a Member of the Australasian Institute of Mining & Metallurgy and a CSA Global consultant to Australasia is supervising the project.
The next stage in developing these oxide and sulphide resources at Lady Annie is to investigate important geotechnical and hydrological characteristics. More precise mine design, cutback sequencing, and scheduling are necessary, as well as a thorough examination of all input parameters, including a penalty for calcium concentration in the material given to Heap Leach.
Following access delays caused by a record rainy season, Austral Resources’ 2023 Exploration drilling began on 13 April 2023. Tulla Drilling of Mount Isa is the drilling contractor, which was also used in 2022. Drilling rates have steadily increased during the exploration program.
The objective to discover >20kt contained Cu as oxide over Austral leasehold in 20233 is included in the drill design requirements for Exploration drilling. Drill spacing into known resources, such as Lady Annie, is guided by complicated geologic interpretation, which includes previous drilling data. Drill intersections of >5m @ >0.15% Cu & 0.10% Ca (oxide) are statistically significant and unusual, necessitating further investigation, which may involve further Phase 2 drilling.
“Austral has been working collectively with Glencore on numerous opportunities to monetise some of our joining tenure. Our April 2023 announcement on re-optimising Lady Annie pit certainly shows oxides extending through into the Lady Loretta mining lease. After working closely with Glencore over the last 4 years and forming an understanding that there are synergies in working together, this certainly makes for a win win for both parties,” Austral Managing Director and CEO Dan Jauncey said.
