Estrella Resources Limited’s (ASX: ESR) has jumped 285% after it reported a significant drill intersection of massive Ni-Cu (+ PGE) bearing sulphides at its flagship Carr Boyd Project in Western Australia.
Hole CBDD030 which was drilled 300m south of the original T5 discovery zone at Carr Boyd Project. The T5 Prospect is located 1.1km NE of the historic Carr Boyd mine and was identified in 2019 following RC drilling of a HP FLTEM anomaly.
CEO Chris Daws said this is a significant breakthrough in the development of the T5 Prospect that was initially investigated in mid-2019 through drill testing of a High-Powered Fixed Loop TEM survey target located to the north of the historical intersections around GD124.
“Our current work is now beginning to unlock the real potential of the Carr Boyd Project,” he said.
It is certainly an unprecedent time for all those involved with Estrella and the Carr Boyd Rocks Ni-Cu Project. Modern science, technology, belief, and persistence has led to this highly significant discovery which is now beginning to unlock the true potential of T5,” Mr Daws said.
“The Board of Estrella recently focused all of our shareholder funds and efforts into supporting the Company’s Flagship Carr Boyd Project. The exploration team comprising Geolithic Geological Services, Southern Geoscience and Topdrive Drillers have been instrumental in this discovery, spending the last 7 weeks on the ground setting up and drilling at T5.
“Previous geological input from respected individuals including Luke Marshall, Matt Painter, Dr Martin Gole, Peter Hayden and others have given us the confidence to commit shareholder’s funds into this venture. All the hard work has now delivered this outstanding result which confirms the confidence that the Company has had in the Carr Boyd Project.
“It was a bold move to drill deep holes well below the existing near surface drilling. Our work has resulted in this thick intersection of primary magmatic nickel sulphides, and Carr Boyd can now join an elite list of recent Western Australian nickel discoveries including the Golden Swan, Julimar and Mawson discoveries.
“The company is still drilling our planned holes in the current program and our Phase IV HPMLTEM survey is also underway. I look forward to seeing what we next uncover.”
The company has completed three diamond core holes to date with the final hole (CBDD031) of the planned deep drill programme now in progress. CBDD031 is collared 300m north of the T5 zone giving deep coverage over a 600m wide window along the intrusions basal contact.