Revolver raises $5m to push on with Qld projects

Revolver Resources has raised about $5 million to advance its Osprey and Dianne projects in North-West and Far North Queensland. The company has a full scoping study underway to outline the commercial viability of restarting the historical Dianne copper mine pit, while Revolver managing director Pat Williams describes Osprey as 'the sleeping giant' of the company's portfolio. The capital raising comprises an equity placement and convertible loan facility to institutional and sophisticated investors, with Revolver Board members and related parties pledging $650,000 of that total. "The funds raised through this process allow us to accelerate our drilling plans at both Osprey and Dianne, more rapidly pursuing the latent potential on offer across both assets," Mr Williams said. "The Revolver team is excited about having the drill rigs turning and focusing on high-priority, high-potential targets at both projects over the coming months.” Proceeds from the placement and any drawdown of the loan facility are planned to be used for: ▪ Diamond drilling and assaying of high-priority Mount Isa-style and IOCG targets at the Osprey project; ▪ Completion of a heli-gravity survey over the emerging Larramore volcanic trend at the Dianne project; and ▪ Diamond drilling and assaying of high-priority VMS drill targets at the Dianne project; ▪ General working capital purposes. Dianne is located 260km north-west of Cairns in the polymetallic Hodgkinson Province. It centred on a former mine that was one of the highest-grade operating copper sites in the world and has a remaining orebody. Recent drilling at the Larramore volcanic belt returned results including 0.96m at 0.12 g/t gold and 212 ppm copper and 4.21 per cent manganese (image at top of page shows core from that drilling campaign). PPM Global recently completed an initial engineering design for the Dianne project, demonstrating that a heap leach SX/EW facility could be constructed on site and operated to produce Grade A copper cathode for trucking to a storage facility located at Port of Cairns. It also showed the development of any open pit operation at Dianne, as an expansion to the historic open cut excavation, required minimal establishment works given that the basic infrastructure and services are already in place, appropriate incremental permitting steps are in progress and the project is contained entirely within the existing mining lease footprint. Heli-EM conductor targets identified at Osprey Project Osprey lies 220km north of Mount Isa and exploration has confirmed the characteristics of both Iron Oxide Copper Gold (IOCG) and Mount Isa-style copper mineralisation systems. Revolver reported today that a regional Heli-EM survey using the NRG “Xcite” system had defined 14 high-priority latetime bedrock conductor targets at the project. Further interpretation and targeting, including overlay of results from historic drilling and ground geophysics programs, is underway. The company expects to begin drill testing high-priority targets from June. “Osprey has been the sleeping giant of the Revolver portfolio since we listed in 2021," Mr Williams said. "The Mount Isa region is one of the best endowed base metal provinces in the world. The north-western succession of the Mount Isa Inlier under cover is a newly emergent hotspot for mineral exploration targeting large scale IOCG and Mount Isa-style base metal deposits. "We believe that recent tenement activity around the Osprey project by resource majors, Fortescue and Anglo American, is further endorsement of the high and large-scale prospectivity of this area. "The recently completed Heli-EM survey delivers an impressive number of high-priority conductor targets demonstrating typical Mount-Isa type EM characteristics. "These targets are now set to be refined, prioritised and pursued via drill testing over the second half of this calendar year. This represents an exciting next phase in the exploration of our highly prospective and 100 per cent-owned Osprey project.”

Revolver raises $5m to push on with Qld projects

Industry Queensland

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