New Magnetic Anomaly at Surprise Project Signals Exploration Risk and Reward
Antares Metals Ltd has reported outstanding copper assay results from its initial RC drilling phase at the Surprise Copper Project in Queensland, confirming the presence of high-grade mineralisation and unveiling promising new exploration targets.
- First phase RC drilling returns up to 15.8% copper
- Multiple high-grade intercepts including 11m @ 1.8% Cu and 1.3 g/t Au
- Discovery of a significant magnetic anomaly indicating mineralisation extension
- Historical mine area confirmed with modern drilling and geophysical data
- Plans underway for follow-up drilling targeting newly identified zones
Strong Start at Surprise Copper Project
Antares Metals Ltd (ASX: AM5) has delivered a compelling first look at its Surprise Copper Project with the release of assay results from its maiden Reverse Circulation (RC) drilling campaign. Situated approximately 80 kilometres northeast of Mount Isa in Queensland, the Surprise Project is a structurally hosted, high-grade copper-gold target with a rich mining history.
The six-hole program, totaling 768 metres before being curtailed by regional wildfires, has confirmed the presence of robust copper mineralisation. Highlights include an 11-metre intercept grading 1.8% copper and 1.3 grams per tonne gold from 68 metres, with a standout 4-metre section hitting 3.8% copper. Another hole returned a remarkable 2 metres at 10.2% copper and 1.0 g/t gold, underscoring the project's potential.
Geophysical Insights Reveal New Targets
Beyond the drill results, Antares’ high-definition magnetic survey has identified a significant, previously untested magnetic anomaly adjacent to the historical mine workings. This anomaly, displaced approximately 100 metres west of the known mineralisation, mirrors the characteristics of the mineralised zone beneath the Surprise mine and suggests a substantial extension of the copper system. The anomaly aligns with quartz ridges and artisanal copper workings, indicating a structurally controlled mineralising conduit that could host additional high-grade pods.
Historical Context and Modern Validation
The Surprise mine historically produced around 5,600 tonnes of ore grading between 10% and 22% copper and 2 to 4 g/t gold, mined from a calcite vein 3 to 10 metres thick. Antares’ drilling has not only validated these historical grades but also provided fresh geological and geochemical data to better understand the mineralisation controls. The drilling intersected mineralisation hosted within calcite veins, with alteration zones indicative of a robust hydrothermal system.
Next Steps and Market Implications
CEO Johan Lambrechts expressed enthusiasm about the results, highlighting the combination of high-grade copper intercepts and the discovery of a major magnetic anomaly as a “fantastic drill target.” The company plans to complete further geophysical interpretation and design follow-up drill programs to test the extensional potential along strike and at depth. Well-funded and strategically positioned, Antares is poised to accelerate exploration activities in the coming season.
For investors, these results underscore the potential for a significant copper-gold discovery in a prolific mining district. The confirmation of high-grade mineralisation alongside compelling geophysical targets could materially enhance the project’s valuation and attract further market interest.
Bottom Line?
Antares Metals’ Surprise Project drilling confirms high-grade copper and opens a new chapter of exploration upside.
Questions in the middle?
- How extensive is the newly identified magnetic anomaly and what is its true mineralisation potential?
- What will be the scale and timing of Antares’ follow-up drilling campaigns?
- How might these results influence Antares Metals’ valuation and investor sentiment in the near term?
