The R3D Resources Ltd (ASX: R3D) share price is soaring today on the back of an exciting drilling update.
The company has received the initial results from the start of drilling at its Tartana mining lease in North Queensland. The drilling has found significant sulphide intersections.
At the time of writing, the R3D Resources share price is 18 cents, 33.3% higher than its previous closing price.
Let’s take a closer look at the news from the copper and gold explorer.
R3D Resources share price climbs on drilling update
The R3D Resources share price is surging on news drilling has confirmed geophysical IP anomalies are mapping sulphide mineralisation at Tartana.
The company noted the findings mean there is the potential for higher grades of gold, silver, and cobalt in the project’s Valentino prospect.
The drilling was designed to test major targets outside of the Tartana Project’s copper mineralised zone, found in its pit area.
So far, it has found an extensive mineralised zone of between around 1% and 10% sulphides. That is made up of mostly pyrite and chalcopyrite.
Roughly 400 metres away from the Tartana Project’s existing pit, more than 60 metres of sulphides were found. Up to another 30 metres of mineralised sulphides were found in downhole intersections east of the pit.
R3D Resources’ managing director Steve Bartrop commented on the findings driving the company’s share price today:
The visible mineralisation evident in the core confirms that Tartana porphyry copper mineralisation is far more extensive than the immediate open pit environs. These holes have enabled broad testing of targets which support the potential for a future copper sulphide project.
The drilling program that has uncovered the results announced today aims to cover 1,600 metres in total. So far, the company has drilled a total of 1,220 metres.
The post Here’s why the R3D Resources (ASX:R3D) share price is leaping 33% today appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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