Breaker Resources NL (ASX: BRB) has kicked of a major reverse circulation (RC) and diamond drilling programme designed to grow the one million-ounce Bombora Resource within the company’s Lake Roe Gold Project, 100km east of Kalgoorlie.
Breaker Executive Chairman, Tom Sanders, said the drilling campaign was designed to accelerate the unlocking of the immense exploration potential at Lake Roe.
Mr Sanders said the main focus of the drilling will be on extensions and discovery outside the Resource envelope, both along strike and at depth. Drilling is expected to continue throughout 2020, typically involving at least three drill rigs.
Our team has done a great job unravelling the geology and believes there is huge scope to grow the 1Moz Resource based on a good understanding of the geology after 225,000m of drilling and detailed modelling,” Mr Sanders said.
“We are now applying this understanding outside the 3.2km Resource area to the rest of the 8.5km mineralisation system.
“The targets are a mix of prospects, some of which have already yielded strong reconnaissance intersections but which are poorly understood and inadequately drilled due to the early focus on Bombora (Bombora South, Bombora Deeps, Crescent). Other targets have compelling geochemistry with significant aircore drilling intersections that elevate the probability of fresh discovery (Claypan, Claypan North).
“I think this will translate into cost-effective extensional ounces and further discovery but it is now time to let the drill bit do the talking.
“The business case for our strategy is sound and simple. Our discovery cost at Bombora is ~$18/oz (refer ASX Release 6 September 2018) and the market is valuing resource ounces like ours at around $65/oz, rising to over $250/oz in many cases as projects develop. We believe drilling to expand the resource base is likely to add significant value and expand our development options.”
The 3.2km-long Bombora Resource has been limited by shallow drilling to a vertical depth of 180m to 300m below surface and is open in all directions following 225,000m of RC and diamond drilling. Recent aircore drilling has extended the Bombora-Crescent-Claypan gold mineralisation to a strike length of least 8.5km.
Mr Sanders said diamond drilling at Bombora South started early this week and will look to extend the 3.2km-long gold system to the south. The initial objective is discovery and to pin down and extend the main mineralised structures (faults) controlling the gold mineralisation observed at Bombora, prior to follow-up resource drilling.
RC and diamond drilling at Claypan will commence in the coming days to test a 2.5km x 500m gold anomaly identified by recent aircore drilling 1.3km southeast of Bombora. The Claypan anomaly is partially coincident with a newly identified, Bombora Sill-like quartz dolerite and has a geochemical signature comparable with that associated with the Bombora and Crescent primary discoveries. As with Bombora South, the initial objective is discovery and to pin down the main structures (faults) controlling the mineralisation to guide further drilling.
The diamond and RC drill rigs will continue through to just before Christmas and then resume early in the New Year. The drilling focus will then switch to the Crescent and Claypan North Prospects while the results from the Bombora South/Claypan areas are assessed (further aircore drilling results from Claypan North are pending).
Mr Sanders said a third (diamond) drill rig will start early in the New Year to commence targeting the down-plunge extensions of the Tura, Daisy and Mindil lodes below the current Resource.