Geopacific Resources could have unearthed major gold copper system in Cambodia
Geopacific Resources' (ASX: GPR) may have discovered a major gold and copper system from drilling in Cambodia which on the results could yet get bigger.
Standout results from preliminary gold assays from follow-up RC drilling at the 150 Prospect have extended the strike length of high grade gold values to at least 300 metres.
Best results included some meaty widths and intersections: 32 metres at 25.04g/t gold with 1.31% copper from 16 metres including 6 metres at 126.57g/t gold and 2.88% copper from 21 metres; and 33 metres at 5.02g/t gold with 0.95% copper from surface.
These results support the initial discovery of 3.9 metres at 16.5g/t Au and 3.9% copper. The high grade copper results are also intriguing and point to a potentially larger system at work as the results from the 300 metre zone fall within a significant, 2 kilometre long soil geochemical anomaly - most of which remains untested.
This should see the Geopacific shares
open considerably higher this morning and follows previous strong
results. The circulation drilling results were from the Kou Sa project
in northern Cambodia.
These results are from in-field composite
samples taken on geological boundaries to a maximum of 4 metres; single
metre samples are currently being collected with, assays expected in two
to three weeks.
The results highlight a gold and copper zone
currently drill tested over at least 300 metres, within a 2 kilometre
long soil anomaly.
The latest holes have substantially increased
the width of the zone as well as the strike, which augurs well for
further broad zones below other geochemical anomalies.
These
include the 170 Prospect which lies 11 kilometres away, and has a
similar geochemical footprint and tenor to the 150 Prospect.
Drilling will commence here once work has been completed at 150.
Potential identified by Resource Capital Fund
Recently
Geopacific attracted mining focussed private equity firm Resource
Capital Fund VI L.P. as an investor an equity placement of USD$3.0
million.
The fund has capital of $2.04 billion. RCF currently
manages US$0.8 billion of assets (as of December 31, 2013) through its
three other active private equity funds.
Analysis
Whichever way the results are sliced, these are significant value accretive exploration results and hints at the potential of what is underneath at Kou Sa.
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