Develop unveiled a series of thick, high-grade intersections on Monday including 65.1 metres at 3.5 per cent copper equivalent from a $10m, 68-hole infill drilling program at the project near Marble Bar.
The company said the results would feed into a resource upgrade next quarter for Sulphur Springs, which already hosts a resource of 13.8 million tonnes at 2.8 per cent copper equivalent including 9.4Mt in the indicated category.
Mr Beament said the latest drilling results were even better than the company had anticipated.
“The grades are exceptional and they occur over extensive widths,” he said.
“As a result, we expect them to have a substantial impact on the resource upgrade planned for the coming quarter.”
Mr Beament said the company had also identified new zones of the extremely high-grade (zinc-rich) hanging wall mineralisation, which showed the potential to continue to grow the deposit.
He joined Develop in July when the company was named Venturex Resources, after investing $37m of his own cash in the entity as part of a broader recapitalisation. It followed a successful 14-year stint at the helm of Northern Star Resources which he transformed from a penny stock into Australia’s second-biggest goldminer.
In February, Develop announced the $30m acquisition of the shuttered Woodlawn zinc-copper project in New South Wales in what Mr Beament described as a “cracking deal”.
