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Fitzroy Resources in massive sulphide hit at Develin Creek

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Fitzroy Resources (ASX:FRY) and Zenith Minerals (ASX:ZNC) drilling has confirmed high-grade resource extensions to the Sulphide City Deposit at Develin Creek in Queensland.

New massive sulphide results include 5 metres at 2.45% copper, 2.14% zinc, 0.4 g/t gold and 30.7 g/t silver for 3.72% copper equivalent.

Other assays included 3 metres at 2.63% copper, 0.88% zinc, 0.5 g/t gold and 36.7 g/t silver for 3.58% copper equivalent.

Drilling at the Window Deposit indicates a thick sub-horizontal near surface high-grade copper zone. New results here included 37 metres at 0.98% copper, including 13 metres at 1.21% copper from 45 metres.

Fitzroy holds a 49% interest in the project; Zenith owns 51% with the right to move to 100%.

The Develin Creek base metals project hosts several copper-zinc-gold volcanic hosted massive sulphide deposits and covers an extensive belt of underexplored prospective volcanics.

Mineralisation comprises massive sulphide, stringer and breccia style copper-zinc-gold deposits, hosted by basalts.

The new drilling has confirmed that the high-grade core of the Sulphide City deposit extends a further 140 metres south of the existing JORC resource, and support results from a 2011 hole that returned 13.2 metres at 3.3% copper, 4% zinc and 0.4g/t gold.

Fitzroy is very lightly capitalised at under $1 million.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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