Ann: Presentation - Noosa Mining and Investor Conference, page-470

Just a reminder about why a significant re rate is possible if they have found a higher grade core, or discovered that they system is larger than we know.
This article from St**khead in the middle of last year explains a little of the excitement. But now we have a confirmed Porphyry system (quietly mentioned in the Annual report), and a bunch of deep deep holes soon to be reported on by one of the preeminent experts in the field.

GLTAH

SPQ says a “very large copper system is emerging” at the ‘Bottletree’ porphyry prospect in QLD, with latest assays returning an impressive 632m of copper mineralisation in one drill hole.

The overall 632m hit was graded at 0.21% copper, 0.03g/t gold, 0.60ppm silver, 18ppm molybdenum from 5m depth, but included a bunch of higher-grade chunks.

It is also on the outer part of the 1.5km by 1km soil copper anomaly at Bottletree. Grades should get higher as drilling dials in on the porphyry core, SPQ says.

“The better-than-expected results returned from BTDD004 are impressive, particularly considering the mineralisation is thought to be some distance away from the interpreted porphyry core where higher grades are expected,” SPQ managing director Peter Hwang reckons.

“To have intersected such a large interval of significant grade copper at this distal part of the interpreted system, provides us with further confidence that we are dealing with a very large-scale copper-gold system.

“The grades and the very large intersectional widths in hole 4 are similar to, or significantly better than those in many recent porphyry copper discoveries in South America, British Columbia and Australia.

“Importantly, the new MIMDAS model has highlighted an extensive one-kilometre-wide chargeability zone to the west of BTDD004, at the location of the interpreted porphyry core.

“Together with the new multi-element soil geochemistry data, we have now identified six compelling porphyry system targets at Bottletree.

A deep drilling program targeting the potential porphyry core is on schedule to commence late next week.

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.

Their easy-mining large volumes make up for the low grades, typically between 0.3 per cent to 1 per cent copper equivalent.

$72m market cap SPQ is up 18% year-to-date. It had $4.6m in the bank at the end of March.

NOW READ: Explainer — Why are so many explorers chasing a porphyry payday?