MANDRAKE RESOURCES (ASX:MAN)

The explorer has inked a “transformational” deal to buy the high grade ‘Delphin’ copper project in Chile.

The project is in a prolific copper-producing region home to monstrous mines like BHP (ASX:RIO) and Rio’s (ASX:RIO) Escondida (11.2 billion tonnes @ 0.8% Cu).

Over 15,000m of historical drilling at Delpin has pulled up hits like 86m @ 4.83% Cu from 121m, and 89m @ 3.2% Cu from 122m.

Importantly, 90% of this old drilling was concentrated in a tiny 300 x 100m area “with little previous application of modern exploration techniques”.

Mandrake intends to undertake an active exploration program commencing early Q2.

“Historic exploration has identified several different zones of spectacular high-grade copper mineralisation including 86m at 4.83% Cu from 121m in DD-04,” MAN managing director James Allchurch, says.

“We see a clear opportunity to apply modern exploration and interpretation techniques to understand these zones and look to grow them ahead of a maiden JORC resource.”

“Delfin boasts a historical database underpinned by over 15,000m of diamond and RC drilling that has immense potential for expansion given the broad spacing of high-grade intercepts and the fact that only 20% of drilling exceeded 140m depth.”

Delfin also has significant potential for deeper copper porphyryies – like Escondida — given the genesis of copper mineralisation at Delfin has not yet been determined.

Porphyries are multigenerational monsters responsible for ~60 per cent of the world’s copper, most of its molybdenum, and significant amounts of gold and silver.

“Moving forward, Mandrake’s corporate and strategic focus will be on the Delfin Project where we will have boots on the ground in the coming weeks, together with follow up exploration at the Jimperding PGE-Ni-Cu Project,” Allchurch says.

With ~$16.2M cash, MAN says it is fully funded for exploration at both Delfin and Jimperding.

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