I must say I am pretty excited by this announcement. I think DEV are on to something significant and as others have noted, DEV management are not known for throwing around unnecessary superlatives in their announcements.
The Cobar Basin is a prolific copper and base metals region in Australia. There are many "types" of copper/gold deposits, all very different in size, style, grade etc. Cobar deposits are defined by being usually large, and commonly high grade, base and precious metal deposits. Typically, Cobar style deposits consist of narrow, steeply plunging, pipe-like clusters. They usually have great depth extent but only a small surface footprint which can make it challenging for geologists to accurately map, drill and intersect the ore body. In fact it can make it hard to actually pinpoint the ore body, ground based geochem not so good, airborne EM surveys have proved great success in finding these deposits. Then you drill a hole and use DHEM to further narrow down your target. In my opinion, DEV have come close to the ore body with this DD hole, maybe missed it by less than 100m... just my guess. We will soon find out
But of real interest is the grades at Cobar style mines, take Glencore's nearby CSA mine. With 5-12% grades it is the 2nd highest grade copper mine in Australia and 4th highest in the world - that is huge. And it's not just copper either, it's the gold and other potential by-products such as Silver, Zinc, Lead etc. All good stuff and critical in lowering any mine's AISC.
Size / depth is another factor to consider. Take the (also nearby) Endeavour mine. It has ore down to a depth of 1.5km (CSA mine is down to 1.75km). So don't be scared off by this DD hole drilling down to 500m+, it's just how deep these ore bodies can go. Size wise, the Endeavour mine has had over 50m tonnes of mineralisation defined. Huge numbers really. Just think if we found something a quarter of that size. Always nice to dream
Anyway, sorry if I have bored anyone. I thought the above may provide some relevant context into how potentially significant todays announcement is and how great the Cobar region is. Very nicely played by DEV so far... Let's see what the DHEM produces... next few weeks and months are promising to be super exciting.
Cheers
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