Announcement Date: 2022-07-04
Announcement Type: Drilling Results
Announcement Code: JORC
Company name: Demetallica Limited
Project name: Chimera
Location: Australia
Commodities: Gold,Copper
Highlight: Drilling results incl. 13m @ 2.95% Cu, 0.26g/t Au from 100m
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Demetallica’s inaugural drill campaign at its 100% owned Jericho copper-gold deposit is delivering immediate, positive results with the first assay batch of RC chips reporting impressive copper values, as anticipated. Jericho is Demetallica’s most advanced exploration-stage asset at the Chimera Polymetal Project, NW Queensland (Figure 1). The Company’s clear mission at Jericho is twofold: improve continuity of data within the existing resource envelope and extend the boundaries of the resource through down plunge drilling. Success in these objectives will lead to an updated and expanded resource estimate in October 2022. Several weeks into that campaign certified results are beginning to flow and provide firm encouragement that the objectives are technically viable. Demetallica commissioned two drill rigs at Jericho five weeks prior to its 26 May 2022 listing on ASX – a Reverse Circulation (RC) rig on day shift operations conducting infill resource drilling and a diamond rig on day/night shift drilling exploration extension holes down-plunge of the existing resource. Jericho comprises two copper-gold mineralised lodes, J1 and J2 (Figures 2 and 3), comprising a published resource of 9.1Mt @ 1.4% Cu and 0.3g/t Au with mineralisation open along strike and at depth. Drilling on both lodes is underway, with excellent progress made on J1 where 36 holes are complete (Figure 4).
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