Ilgarari Copper Project: Lord Resources Activates Earn-In After Gravity Survey Success
Lord Resources has uncovered significant gravity anomalies at its Ilgarari Copper Project, revealing promising new drill targets and commencing an earn-in agreement to secure an 80% interest in the sulphide rights.
- Prominent gravity low anomalies align with known copper mineralisation zones
- Additional untested gravity low discovered 4km northeast along Ilgarari Fault
- Multiple gravity highs coincide with historical IP chargeability anomalies
- Earn-in agreement activated to acquire 80% interest in sulphide rights below 120m
- Ground-based EM survey planned to refine drill targets ahead of exploration
Gravity Survey Unveils Structural Traps
Lord Resources (ASX: LRD) has reported compelling results from a detailed ground gravity survey at its Ilgarari Copper Project in Western Australia. The survey, conducted on a 200m by 100m grid, identified prominent gravity low anomalies coincident with known copper mineralisation along the Ilgarari Fault. These gravity lows are interpreted as dilation zones within the fault, which likely serve as structural traps facilitating copper sulphide mineralisation.
Significantly, an additional gravity low anomaly was detected approximately 4 kilometres northeast along the same fault, representing a fresh, untested drill target. This discovery extends the structural complexity and exploration potential of the project beyond previously known mineralised zones.
Integration with Historical Data Enhances Targeting
Complementing the gravity data, multiple gravity highs were identified in the footwall zone of the Ilgarari Fault. These highs align with chargeability anomalies from historical induced polarisation (IP) surveys, suggesting zones of dense, chargeable material that could correspond to copper sulphide mineralisation. This integration of geophysical datasets strengthens the confidence in prioritising drill targets.
Lord’s CEO Andrew Taylor highlighted the significance of these findings, stating that the gravity survey results exceeded expectations and provide valuable new targets that bring the company closer to unlocking the project’s full potential.
Earn-In Agreement Commences
Following successful due diligence, Lord Resources has formally commenced its earn-in agreement with Blackrock Resources Pty Ltd to acquire an 80% interest in the sulphide rights of the Ilgarari Copper Project. The agreement requires Lord to fund $1.5 million in exploration expenditure over four years for mineralisation below 120 metres from surface. Additionally, Lord holds a first right of refusal to acquire the oxide component of the project under commercial terms.
The earn-in marks a strategic step for Lord, providing significant exposure to a high-grade copper asset with historical intercepts including intervals such as 7 metres at 2.04% copper and 4 metres at 3.42% copper from depths exceeding 120 metres.
Next Steps: EM Survey and Drilling
To further delineate subsurface features associated with the gravity and IP anomalies, Lord plans to conduct a ground-based electromagnetic (EM) survey. This survey aims to refine the size, depth, and orientation of potential copper sulphide mineralisation, integrating with existing geophysical data to optimise drill targeting.
Following the EM survey and heritage clearances, drilling will commence to test the newly defined geophysical targets and extensions of historic mineralisation. This phased approach underscores Lord’s methodical strategy to advance the Ilgarari Copper Project towards resource definition.
Bottom Line?
Lord Resources’ gravity survey breakthrough and earn-in activation set the stage for a pivotal exploration phase at Ilgarari.
Questions in the middle?
- Will the upcoming EM survey confirm the extent and grade of the newly identified gravity anomalies?
- How will drilling results impact the valuation and development timeline of the Ilgarari Copper Project?
- What are the potential challenges in converting sulphide rights into a commercially viable resource?
