Golden Deeps (ASX:GED) Shares Soar On ‘Exceptional’ High-Grade Copper-Vanadium-Lead Drill Hit At Nosib
Golden Deeps (GED) shares have surged after the company announced a thick, high-grade copper-vanadium-lead-silver intersection from diamond drilling at its Nosib Block prospect in Namibia.
The diamond hole NSBDD008 was drilled to test the moderately dipping mineralisation from surface through the Nosib arenite unit.
It returned an overall interval of 53 metres grading 3.6 per cent copper equivalent that included a higher-grade core of 11.74m at 2.67 per cent copper, 1.42 per cent vanadium pentoxide, 9.21 per cent lead and 7.12 grams per tonne silver from 2.26m.
The company described the copper-vanadium-lead drill hit as “exceptional”.
The stand-out intersection from NCBDD008 occurs within the shallow, high-grade copper-vanadium-lead-silver supergene zone at Nosib, which previously coughed up peak grades of 6.3 per cent copper, 7.82 per cent vanadium pentoxide, 21.9 per cent lead and 8 g/t silver.
Golden Deeps said the mineralised zone has now been tested over a 100m strike length and continues to a vertical depth of 50m. It remains open to the north-east and south-west.
“The diamond drilling program at Nosib has been very successful. Significant, thick and high-grade copper-vanadium-lead and silver mineralisation has been defined with reverse circulation and diamond drilling, extending from surface to over 50m vertical depth,” CEO Jon Dugdale said.
“The high-grade zone, from surface, has an ideal geometry for open-pit mining and the project will now be fast-tracked with a maiden resource estimate, open-pit optimisation and metallurgical testing to be carried out prior to initial development and processing studies.”
Drill core samples from hole NSBDD008 and previous holes will now be aggregated to produce a bulk sample for gravity concentration test work.
The Nosib gravity high-grade vanadium-copper-lead concentrate sample will then be subject to hydrometallurgical leach test work.
Results of the initial test work on the Nosib mineralisation will then be scaled up to apply to a bulk-trial mining sample of about three tonnes being excavated from surface.
In parallel with the planned metallurgical test work, Golden Deeps said it intends generating a maiden mineral resource estimate for the Nosib supergene vanadium-copper-lead-silver mineralisation prior to initial open-pit optimisation and mining studies.
GED shares soared 38.5 per cent to 1.8 cents at 11:56 am AEST.
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