Revolver (ASX:RRR) secures $1.3m for Queensland copper

Revolver (ASX:RRR) secures $1.3m for Queensland copper

February 23, 2024 Off By Jack Baker

Revolver Resources has secured a $1.3 million dollar grant from the Queensland Government to fast-track work on a Dianne Copper Mine Project looking at a relaunch in the state’s North West Minerals Province.

The company’s Critical Minerals and Battery Technology Fund grant is earmarked for an advanced series of technical studies and site-specific engineering designs on a project being loaded up for a quick-fire restart.

The key workstreams are slated to begin next month, with the explorer confident it will have Dianne in place to rapidly deliver a high-margin mining and processing operation.

Revolver Resources predicts a lead time to first production would take less than a year from a recommencement decision, and Managing Director Pat Williams said the company was pleased to be the fund’s first recipient.

“Given the stated objectives of the Fund, I believe that this demonstrates excellent validation of the production potential of our Dianne Copper Mine Project,” Mr Williams said.

“Critically, this non-dilutive funding source enables us to rapidly unlock the final feasibility pathway towards a targeted recommencement of mining operations at Dianne within the next 12 to 18 months.”

Mr Williams added a heartfelt thank you to both the Queensland Government and the personnel administering the fund.

“The leadership, vision and foresight shown in both setting up and rapidly activating the fund, along with identifying the Dianne Copper Mine Project as a worthwhile target of this grant funding, should be widely recognised and commended by the minerals industry and the people of Queensland.”

Dianne copper

The historical Dianne copper mine in far north Queensland is near Palmer River and about 100 kilometres southwest of Cooktown and 260km from Cairns.

Dianne mine produced close to 64,000 tonnes of high-grade ore with an average grade of 22.7 per cent copper from open cut and underground operations for four years before the shutters were put on in 1983.

It was a short life, but Revolver saw red meat left on the bone, with the mine’s compact high-grade known mineralisation holding proven potential for one of the world’s lowest cost operations.

Revolver’s Dianne Mine Copper Project contains six active mining leases and an exploration permit, featuring very high-grade copper found in a massive sulphide lens that is coincident with a shallow and broad area of continuous copper oxide mineralisation.

The company’s initial estimate for the mine project has the ground holding an indicated and inferred resource of 1.6 million tonnes at 1.1% Cu, including a primary and supergene mineral system holding a higher-grade 135 kilotonnes at 6.1% Cu for 8,200 tonnes of contained copper metal.

Revolver is continuing exploration over Dianne, with diamond assays results in January providing further evidence of a shallow intrusive-related gold system on the project’s Larramore Belt.

The company is looking toward more funding to get to production and is now in commercial discussions with potential private investors, offering a direct equity interest in Dianne.

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