That's my interpretation too. In the presso, they actually show part of a diamond core (assuming its from the current drilling), picture's not great but that looks like chalcopyrite to me, hard to tell the amount of pyrite though so best estimate up to 20% chalcopyrite for 6% copper?
The other interesting slide, shows where these DD holes were drilled at Peveril, and they state "significant sulphide mineralisation intersected" and "Cu-Rich Mineralised Zone" which is wide spaced, about 500m in strike and depth. Depending on width of mineralisation, could be looking at 3-5Mt. While that's not enough to build a mine, it's certainly enough to get the market juices flowing considering they own the whole belt and we know that VMS deposits tend to cluster, where there's one you usually find more - Central Gossan and Grasmere the proof.
And what constitutes "thick mineralisation" in VMS deposits, for my little knowledge on VMS, thick to me is +20m and good to great is 10-20m high grade (+3% CuEq).
I hope we'll be surprised to the upside, for now, it's looking that way.
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