Estrella Resources (ASX: ESR) has completed two holes during maiden drilling at its Colupo Prospect in Northen Chile's IOCG belt, with visible copper oxides observed in chip samples throughout.
The ongoing drilling program is testing for sub-surface extensions of the Colupo mineralisation in all directions, and a large magnetotelluric anomaly 50 metres to the south.
The MT anomaly displays a high chargeability and extends to 420 metres; other anomalies nearby will also be progressively tested.
It is expected that the copper mineralisation will transition from oxides to sulphides as drilling approaches the magnetotelluric anomalies.
The remaining holes, ranging from 150 metres to 340 metres, should be completed in around three weeks.
Last week ESR raised A$950,000 via institutional placement, with the company now in a strong position to capitalise on any drilling success by expanding the current program.
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