Astute Metals NL (ASX:ASE) has kicked off an intense program of diamond drilling at the Georgina Basin IOCG Project in the Northern Territory, with the work focusing specifically on the Leichhardt East prospect, noted as a ‘multi-faceted IOCG (iron oxide copper-gold) prospect’.

The company intends to drill a 500 metre hole at Leichhardt East in the next two weeks, identifying it as an important target due to its modelled highly dense rocks, closeness to a drilled location which picked up a multi-mineral intercept (with copper, bismuth, silver and uranium), and its setting between two regional faults.

IOCG deposits have been the source of rich copper-gold mineralisation in Australia, with projects including South Australia’s Olympic Dam, Prominent Hill and Carrapateena, plus Ernest Henry in Queensland.

Chairman Tony Leibowitz said the drilling program for the prospect had been guided by an accumulation of dedicated work and assessment.

“A considerable amount of science and the latest in geophysical modelling and lateral geological thinking has gone into the definition of this compelling IOCG target at Leichhardt East,” he said.

“Now it is down to the team on the ground to drill a 500m diamond hole to evaluate the target: this represents one of the most compelling discovery opportunities in our portfolio and we are very much looking forward to seeing what the hole will reveal.

“We will keep the market informed as the hole progresses over the coming days.”

The market appeared to be pleased with the news, and at 13:45 AEDT, Astute shares were trading 2.8 cents – a rise of 3.7% since the market opened.

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