Looks like the market might finally awake to the significance of...

Looks like the market might finally awake to the significance of previous and current work at Coppermine which appears to confirm their EM modelling along strike. They now have pretty much confirmed thick continuous stratabound copper mineralisation over a strike length of approximately 1.4km! More importantly it appears to remain open several km to the south within gently dipping stratigraphy.
If grade continues along strike then this will be significant. With 12 previous historical drill holes having an average intersection thickness of 9m @ 1.0% Cu, 0.01% Co and silver grades to 5g/t Ag, I doubt this will be an issue but as always will have to wait for the assays to confirm. Note the scale below in the below image.



Key takeaway from this announcement for me however is the following snippet:

“Of major significance is the large potential of the undrilled extent towards the south east (30km2) of the copper mineralisation (Figure 1), together with observation of widespread hematite, dolomite-silica and chlorite alteration. Targets for large economic concentrations of copper mineralisation can be defined adjacent to the major north-south or north-westerly trending faults running through the area (Figure 3)”.

Widespread dolomite alteration in particular is indicative of a major stratabound mineralised system and is testament to why a big player like SFR has JV'd the tenements. With the NT Government providing a free hit with 3D geophysical modelling of the basin on our behalf (see below) we should have plenty more potential targets refined without much further expense to the company.

“NTGS will also complete geophysical coverage of the entire greater McArthur basin with gravity, magnetic and radiometric data. This data, along with a rock property database, structural interpretation, Hylogger data and industry seismic data will be incorporated into a live and updateable 3-dimensional basin model for the entire basin”.

Certainly a nice distraction while awaiting results from the drill bit at that VTEM target at Berjaya, for my mind this is the wildcard play and the main reason I took a punt on PMY but it's looking increasingly likely that Coppermine Creek might become a major focus here.