About 40% of the 35,000m program has been completed with assays received for the first 7000m.

Results from the J Lens included 20m at 5.5% copper, 2.1% zinc and 17.2 grams per tonne silver, including 9.9m at 7.9% copper, 4.2% zinc and 22.7gpt silver and 4.3m at 6.8% copper and 26.5gpt silver; and 8.8m at 7.6% copper, 1.6% zinc and 28.8gpt silver, including 5.6m at 9.9% copper; 19.5m at 1.7% copper, 3% zinc and 10.3gpt silver; and 4.7m at 3.6% copper and 12.5gpt silver.

The company also intersected up to 3.9% copper, 4.3% zinc and 265gpt silver in the former producing C Lens, which was previously thought to be closed off at depth.

All of the results are outside the resource of 7.3 million tonnes at 5.7% zinc, 1.8% copper, 2% lead, 44gpt silver and 0.6gpt gold.

Beament said the results exceeded even the company’s expectations.

“The extremely high-grade nature of the intersections, particularly the copper, and the extent to which they extend the known mineralisation beyond the existing resource demonstrates the scope for significant growth in the inventory,” he said.

A resource update is planned for the second half of this year.

A new life-of-mine plan will be released mid-year, while metallurgical test work is underway.

“With the metallurgical testwork demonstrating potential for higher recovery rates and GR Engineering optimising the mill, we are meeting or exceeding every aspect of our plan to unlock the value of this outstanding asset,” Beament said.

Develop acquired Woodlawn just over a year ago for A$30 million upfront with $70 million of future milestone payments due.

The company is planning to have Woodlawn operationally ready next year.

Develop also owns the Sulphur Springs zinc-copper project in the Pilbara, where it is aiming to have an updated economics for the project ready by mid-year.

Financing options for both projects will be advanced in the second half of this year.

Develop expects to receive revenue of $50-60 million this financial year from its $400 million underground mining contract at Bellevue Gold’s namesake mine under development in Western Australia.