Australian copper producer Nord Pacific (NASDAQ) has received encouraging results from its joint-venture programs near the Girilambone mine in New South Wales.
Within the Girilambone North project area, where feasibility studies are under way, definition drilling resulted in several high-grade intervals.
Hole LERC090, drilled within the Larsens East prospect, encountered 41 metres of chalcocite mineralization grading 6.21% copper.
Other intercepts include: 22 metres at 1.97% copper; 10 metres at 6.74%; 7 metres at 3%; 8 metres at 3.51%; and 3 metres at 4.52%. Depths to mineralization vary from 70 to 105 metres.
At the Bonnie Dundee project, 22 km southwest of the Girilambone mine, diamond drilling has intersected massive pyrite-chalcopyrite mineralization.
Significant copper values were intersected in two holes at the prospect known as Budgerigar South. At a depth of 275 metres, drilling encountered 5 metres grading 1.81% copper, while at 348 metres, drilling hit 11 metres grading 2.89% copper, including 6 metres at 5.03%.
While the mineralization is deep, these preliminary results are keeping Nord Pacific hopeful.
The company owns a half interest in several exploration joint ventures in the vicinity of its 40%-held Girilambone mine.
Reverse-circulation and diamond drilling recently got under way on Simberi Island, which forms part of Nord’s Tabar Islands gold project in Papua New Guinea. The program is aimed at defining an extension of the known oxide gold deposits.
Meanwhile, feasibility work continues on the 40%-owned Ramu nickel-cobalt project, also in PNG. Resource calculations will be released shortly, and a prefeasibility study by the end of the year.
In the second quarter, Nord Pacific cranked out a record 3.2 million lb. of the red metal, compared with 2.8 million lb. in the same period last year. The company sold 3.6 million lb. at US$1.26 per lb., compared with 2.8 million lb. at US$1.05 per lb. a year ago.
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