Variscan Mines’ (ASX:VAR) partner, Red Metal (ASX:RDM) has drilled iron and copper sulphides over a 59 metre interval at the Woolatchi target located in South Australia.
The Woolatchi target is subject to a joint venture giving Red Metal the right to earn 70% from Variscan for any discovery.
The 59 metre interval of strong hydrothermal magnetite alteration was from 604 metres depth and contained abundant magnetic iron sulphides and minor visible copper sulphide mineralisation.
The core is being cut for analysis of copper, gold, cobalt and other trace elements.
The hole remains open for future down-hole electrical surveying.
The Woolatchi drill hole highlights the exploration potential for iron sulphide styles of copper mineralisation in this frontier region.
Scope to use electrical geophysical methods to target zones of higher copper grades is being considered.