Results from this batch of assays have intersected up to 150 metres of significant copper mineralisation that extends well beyond the extents of historical drill hole results. The long intercepts of copper mineralization are interpreted to be related to sub-vertical feeder dyke that has been the conduit for upwelling magmas during rhyolite dome emplacement and mineralization.
George Sookochoff, president and CEO, commented: “It’s great to see the drilling further unlock our knowledge of the Lone Star deposit and extend the envelope of mineralisation well beyond the previously defined limits. These results validate the geological model developed by the project geologist on-site and opens up the potential to identify further sub-vertical, well-mineralized rhyolite dykes.
“Drilling continues 24/7 and we have a further six holes at the lab awaiting assays, so it’s going to be an exciting few months as we work towards completing our maiden drill campaign at the Project. We know the mineralisation at Lone Star plunges to the south-east, so we expect to see the excellent results continue as we systematically work through the drilling program from north to south. Resource modelling studies continue in the background and we are highly encouraged by what the drilling has produced thus far.”
Significant results from the latest batch of assays include 149.4 metres of 0.84% CuEq (copper equivalent) (0.7% copper, 0.2 g/t gold 1.3 g/t silver) from 12.8 metres (LS21-016) including, 4.6 metres of 4.04% CuEq (3.1% Cu, 1.4 g/t Au 11.7 g/t Ag) from 108.8 metres; 4.3 metres of 1.29% CuEq (1.1% Cu, 0.2 g/t Au 7.4 g/t Ag) from 45.1 metres; and 9.2 metres of 1.17% CuEq (1.0% Cu, 0.2 g/t Au 4.7 g/t Ag) from 127.1 metres.
Hole LS21-015 returned 33.2 metres of 1.26% CuEq (0.9% Cu, 0.5 g/t Au 4.5 g/t Ag) from 16.5 metres. Hole LS21-021 returned 54.9 metres of 0.86% CuEq (0.7% Cu, 0.2 g/t Au 3.4 g/t Ag) from 6.1 metres (only 50% of assays received thus far), including 7.3 metres of 2.70% CuEq (2.1% Cu, 0.7 g/t Au, 19.1 g/t Ag) from 6.1 metrres.
Hole LS21-024 returned 25.3 metres of 0.84% CuEq (0.7% Cu, 0.2 g/t Au 1.4 g/t Ag) from 50.3 metres. Hole LS21-011 returned 3.1 metrres of 3.32% CuEq (2.6% Cu, 0.9 g/t Au 8.6 g/t Ag) from 108.8 metres and 8.2 metres of 1.99% CuEq (1.3% Cu, 1.0 g/t Au 4.8 g/t Ag) from 119.5 metres.
To date, 25 diamond drill holes for 4,664 metres have been completed at Lone Star with full assay results from the first 18 drill holes received. Drilling continues 24 hours a day as part of the 43-hole, ~7,000-metre diamond drilling program. Drilling is expected to be completed at the Lone Star Copper-Gold Project in Q1-2022 with the phase 1 drill program designed to validate the historical drill hole database and resource model; deliver a JORC/43-101 compliant mineral resource estimate; and test for extensions to the historical resource. Additionally, Mining Plus Pty Ltd have begun resource modelling studies as the Company pushes toward delivering a 202 2 JORC/43-101 compliant resource in 1H-2022.
The Lone Star is a past producing open pit and underground mine situated on the north end of the prolific Republic Graben of Washington State. The project has 252 historic drill holes. In 2006 former owner Merit Mining drilled an additional six holes and completed a 2007 resource. The 2007 historic resource report stated Indicated Mineral Resources were 63,000 tonnes of 1.28 g/t gold and 2.3% copper, for a CuEq of 2.69%. Inferred Resources were 682,000 tonnes of 1.46 g/t gold and 2.0% copper for a CuEq of 2.44% CuEq.
The company went into receivership shortly after the publishing the resource estimate due to the 2008 economic crisis. Belmont acquired the Lone Star property in July 2021.
Marquee Resources [MQR-ASX] is earning an 80% interest in the Lone Star property by making $504,000 in cash payments; spending $2,550,000 on exploration, issuing 3,000,000 MQR shares; producing a NI 43-101 and JORC Resource and EA, all within two years.