The market appears completely blind to the potential of Gulf Creek. Imagine if you could have bought Sandfire @ sub 10c in 2009 prior to the discovery of Degrussa. Not sure why OD6 is not shouting about this analogue given a multitude of other ASX companies have no issue drawing parallels of their projects to Degrussa when in fact they essentially have nothing. OD6 should have a market cap of at least $20mil instead of its current sub $5 mil cap given its upcoming substantial exploration potential.
Geology from first 6 drill holes in the last 60 years proves that Gulf Creek is a Besshi-type (Siliciclastic-Mafic) VMS deposit which is the same as Sandfire’s Degrussa. OD6 hit Cu bearing massive to semi-massive sulphide lodes of 6-8m confirming historically mentioned Big lode under old workings.
Gulf Creek, like Degrussa, averaged between 5-6% Cu in the 1890’s-1900’s. Better still, there are multiple newspaper references to Gulf Creek mine on the National Library of Australia Trove website which highlight this was one of Australia’s highest producing copper mines in the 1890’s-1900’s. Suggest most of the market haven’t taken the time to review Gulf Creek’s previous history and have no understanding of the exceptional grades mined.
According to below references, at discovery, first ore assays from Gulf Creek went at approx 33% Cu. There are also multiple references to a lateral 100m stope at approx. 16 metre depth that assayed 14% for its entire length and other mentions of lenses averaging 12% Cu and 7% Cu. These historical assays are comparable to some of the exceptional Cu grades identified at Degrussa, albeit without Au. Clearly the Gulf Creek deposit has undergone some exceptional mineralisation phases during formation to achieve Cu grades as historically reported.
Historic Cu grades match very closely with current magnetic modelling, which highlights the outstanding potential of Gulf Creek moving forward given magnetics demonstrate that Gulf Creek is potentially just the “tip of the iceberg”. Gulf Creek along with the other magnetic targets being Big Bend, West Limb and North West potentially part of the same original Siliciclastic-Mafic VMS deposit at time of original formation. Combined, these other magnetic target areas appear to be more than 20x greater in size than that of the original Gulf Creek target area as can be seen in latest drilling announcement.
For those interested some Trove links referencing the above.
https://trove.nla.gov.au/newspaper/article/176475928
https://trove.nla.gov.au/newspaper/article/14399975
https://trove.nla.gov.au/newspaper/article/124115933
https://trove.nla.gov.au/newspaper/article/14402281
https://trove.nla.gov.au/newspaper/article/165235300
https://trove.nla.gov.au/newspaper/article/139609534
https://trove.nla.gov.au/newspaper/article/191265188
A Q&A with Brett Hazelden on OD6 LinkedIn posted last week states that several applications for further exploration including drilling have been lodged which should be approved in the next couple of weeks (normally 10 days for approval according NSW Resources Regulator). Hopefully phase 2 drilling and additional exploration, including downhole EM and further aero-magnetics over the entire lease follow shortly thereafter. OD6 also still have the Murchison Mine magnetic target to the north which is 1.5x bigger than Gulf Creek, Big Bend, West Limb and North West targets put together with. It also has historical production grades of up to 5% according to historical reports with no drilling ever. Ample cash for at least 5000m of RC drilling I would think.
The market is asleep on OD6!!! DYOR!
Dan
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