Reward Minerals Ltd (ASX:RWD) is encouraged by copper results returned by joint venture partner FMG Resources Pty Ltd, a subsidiary of Fortescue Metals Group (ASX:ASX:FMG) Ltd, at the McKay Range farm-in and JV (FJV) in WA.
The encouraging assay results come from a maiden drilling program carried out by FMG Resources within tenements in the northern part of Reward’s KP Lake Potash Project.
Anomalous copper mineralisation has been returned from multiple reverse circulation (RC) drill holes at the FJV with the December quarter 2022 program comprising seven RC holes for a total of 1,338 metres.
FJV copper results
Best results from the broadly spaced first-pass program include:
- 5 metres at 0.15% copper from 212 metres in hole MO0004 including 1-metre at 0.52% from 216 metres; and
- 2 metres at 0.13% copper from 202 metres in hole MO0005.
“Considering the drilling program was first pass and completed at a very broad spacing, it is encouraging for Fortescue to have intersected anomalous copper mineralisation,” said Reward CEO Lorry Hughes.
"Four of the seven holes completed intersected anomalous to significant mineralisation,” he said.
"The FJV tenure covers over 480 square kilometres and this is the first drilling for base and precious metals to have been completed within the FJV tenure.
"There appears to be significant scope for further drilling once all data is collated. We wish Fortescue every success with their future follow-up exploration programs.”
Aim of drilling
RC drilling was aimed to test the stratigraphy to the south of the McKay Dome to determine if a regionally reduced unit exists with the potential to host a sedimentary copper mineral system.
The targeted unit was identified by Fortescue using geological, geochemical and geophysical datasets acquired since the joint venture began in 2019.
Drilling was broad spaced having been completed on two oblique lines about six kilometres apart. Holes along the drill lines were spaced between one and two kilometres apart.
There were 764 one-metre interval samples dispatched to a Perth laboratory for chemical analyses of a suite of elements to complement field-generated portable XRF analyses of the one-metre RC chips.
Exploration going forward at the FJV will involve completion of drill site rehabilitation, analysis of thin sections and petrographic reports, data review and follow-up drill target generation.
Next for Reward
During the new two quarters, Reward Minerals will focus on the following:
- Advancement of the Reward SOP Process, international patent finalisation and licensing activities with third parties.
- Advancing the ESS for the KP Lake Project and seawater derived brines based on the Reward Process.
- Engagement with solar salt, fertilizer and seawater desalination companies worldwide to discuss the application of Reward’s technology for SOP developments via joint venture participation.
- Fortescue’s completion of drill site rehabilitation, analysis of thin sections and petrographic report, data review and follow-up drill target generation.