Havilah Resources Limited (ASX: HAV) Reports Positive Drilling Results at Mutooroo
Drilling Results Overview
Havilah Resources Limited (ASX: HAV) has reported significant high-grade copper and cobalt drilling results from its Mutooroo project. A standout intersection from drillhole MTRC278 yielded 21 metres of 1.60% copper, 0.18% cobalt, and 0.31 g/t gold. This location is around 200 metres outside the current JORC measured resource envelope, demonstrating substantial resource expansion potential.
Drilling Activity and Findings
The drilling undertaken at Mutooroo aims to upgrade existing mineral resource categories and explore previously undrilled areas. Drilling activities have covered over 5,100 metres, with completion of 26 RC and RC precollar drillholes to date. The metallurgical testwork program has also commenced, utilising 1,274 metres of core, as described by Technical Director Dr Chris Giles.
Dr Giles commented, “We have long anticipated possible extensions of the Mutooroo orebody, and these recent drilling results highlight the substantial resource upside potential.” The results suggest robust mineralised intervals that align closely with the existing resource model.
Future Commitments and Strategy
Havilah Resources is prioritising the expansion of the Mutooroo resource base. The focus will shift to further drilling within the areas indicated for potential extensions. The collaboration with JX Advanced Metals Corporation (JXAM) will assist in funding and technical support for future drilling and studies, aiming to enhance the project’s economic development viability.
Project Insights
The Mutooroo project, located southwest of Broken Hill, comprises a rich inventory of minerals, including 195,000 tonnes of copper and 20,200 tonnes of cobalt, within copper-cobalt rich massive sulphide lodes. Expanding the resource and enhancing its scale is essential for introducing open-pit mining operations, which could significantly escalate project returns.
In summary, Havilah Resources continues to make advancements at Mutooroo, focusing on exploring and validating its promising resource potential.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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