Page 17 - pd299-Nov21-mag-web_neat

Revolver takes aim Revolver is aiming for a maiden resource
from the Dianne project by Q3 2022

with IPO cash

ment,” he said. “It’s a bit fluid, we’ll drill
enough to give us the maximum resource
for what’s known at Dianne. Then, what’s
not resource drilling will be exploration
drilling. We’re talking many thousands of
metres and it’s diamond core wherever
we can.”
Osprey is less advanced than Dianne,
but Williams is equally as excited as it sits
above Mt Isa in encouragingly prospec-
tive ground. When asked to compare his
children, Williams quickly defended the
younger sibling but admitted it was “at a
evolver Resources NL has filled a and we’ll be drilling at Dianne and have different stage”.
R“war chest” with $12.72 million of IPO some good results to report certainly by “The Mt Isa region is world-class ele-
money to splash across two Queensland the end of this year.” phant country, there’s no doubt about it,”
copper plays which have gone unloved Dianne sits north-west of Cairns and he said. “When we pegged Osprey, there
since the 1980s. is comprised of six mining leases and an was no one around us and we were con-
The previously private Revolver has exploration permit covering 116sq km. sidered to be ambitious. It’s undercover
held Dianne and Osprey since 2016 and To Williams, Dianne’s historic explo- and the targets are deep.
has vowed to use the September pro- ration represents a window to the past “That area is now populated wall-to-
ceeds to apply modern and systematic that can now benefit from the industry’s wall with explorers but it’s harder to find
exploration to give both projects the jus- growth over nearly 40 years of innovation targets at depth, that’s why they haven’t
tice they deserve. and the EV super-cycle. been found. Some of our neighbours are
Underground mining at Dianne be- “It has had no modern geophysics, no reaching 300m undercover and still look-
tween 1979 and 1983 produced 63,758t EM, no IP, and no ground-based grav- ing for targets. There’s no doubt they’re
@ 22.7% copper, but Revolver managing ity mag,” he said. “By today’s standards, going to be out there.
director Pat Williams said previous ex- there was very little geological knowl- “We’ve got good mineralisation in the
plorers simply took the “low hanging fruit” edge at Dianne…it was pre-JORC; core that has come up and we feel that
through easy outcrops and left a long list JORC wasn’t even invented. we’re getting close.”
of work to be done. “We’re bringing large-scale discovery As the rainy season rolls through
The first time Dianne saw a modern and exploration thinking to a region that Queensland, the Revolver team has a
drill rig was in January last year when has a lot of hallmark indicators.” bevy of historical data making up their
Revolver tunnelled four RC holes around Dianne’s brief mining life came to a homework reading. The flood of new
a known orebody. Grades in excess of screeching halt when copper prices fell listings to the ASX over the past year
4% copper were recorded across the below ideal economics, which now hover pushed Revolver’s own debut back a
120m-deep holes. around $US4/lb. month, but Williams is in no rush to drill
Revolver is now aiming for a maiden “It was get in, get out, exploit what’s through the rain to make up for lost time.
resource at Dianne by Q3 2022 through there and [previous explorers] hadn’t “We won’t take a drill rig into the wet
diamond and RC drilling that will reach really exhausted the orebody but cop- season, that’s not sensible,” he said.
untested depths of 165m. A drill rig has per was below $US0.50/lb at the time, it “We have already drilled [at Osprey],
already been secured. was simply uneconomic,” Williams said. we have more overlapping EM and IP
Williams said going public was the logi- “They just stopped and walked away. It targets that are drill ready, but you run a
cal choice to fund the new lives planned was a 1970s smash-and-grab. There corporate risk drilling out of season. We’ll
for Dianne and Osprey. was no systematic exploration, there was do some field mapping on the southern
“We realised that from a project de- no thesis of discovery.” parts of the tenement; we’ve got outcrop-
velopment sense, we were at a junction The war chest over the next two years ping there. We’ve got 5,000m of drill core
where we needed to step it up a gear,” will be split 70/30 between Dianne and already.
he told Paydirt. “We’ve got outstanding Osprey. Some $7 million will be spent to “There is a lot of relogging on that core
assets and it’s now time to bring them to explore Dianne and another $1.7 million with some new eyes that we’ve recently
the market and hit another speed. at Osprey. brought into the business. That will give
“It’s the right stage, it really struck us Williams said there was no specific the ability to learn more from what we’ve
as the logical thing to do and to give our number of holes or metres planned for already drilled. We’ll get busy on the
assets the best next lap around the track. the programme at Dianne. core.”
We want to grow both projects at once “That’s a little bit variable at the mo- – Fraser Palamara

aUSTRaLIa’S PaYDIRT NOVeMBeR 2021 Page 17