June 2014 Quarterly Report

Key Points:

  • 5,400 metre core drilling commenced at Copper Hill
  • IP results for “Dash Prospect” north of Copper Hill
  • Gawler Craton projects – partners sought
  • Burra drilling results from Block 51
  • $2.44 million in cash at quarter end

Copper Hill: 5,000 metre core drilling program commenced
GCR has embarked on a major new drilling program targeting porphyry copper-gold intrusions at depth and extensions to known mineralisation. The program is based on previous drilling results and recent geological reviews which have provided encouraging new insights into the potential for expanding the Copper Hill and Buckley’s Hill deposits.

The program will run for two to three months and will include in-fill drilling of the high grade central Copper Hill mineralisation between cross-sections 5300N and 5700N at greater depths, to test for extensions to the high grade carapace mineralisation or deeper, mineralised porphyry intrusions. The holes will also provide new data that will assist in the next Resource Estimate being JORC 2012 compliant.

The first hole, GCHD469, commenced drilling on May 24th on section 6150N at Buckley’s Hill, which lies 500 metres northwest from central Copper Hill. Buckley’s Hill mineralisation appears to be at a different porphyry system level to Copper Hill and may be separated by an east trending fault. Buckley’s Hill maintains higher grades of copper and gold at depth with substantial intersections of 0.4% to 0.6% copper with supporting gold grades of 0.2 g/t to 0.3g/t.

Tonalite porphyry intrusions are exposed in outcrop at Copper Hill. Buckley’s Hill is probably down-faulted relative to Copper Hill and accounts for the higher grades intersected at depth. Down-faulting is consistent with the observed exposures of andesitic country rock and the paucity of outcropping intrusions, noted only on the western side of Buckley’s Hill.

Click here to download the June 2014 Quarterly Report in full as a pdf file