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"Further to the Company's announcement of 21 May 2024, the Company is pleased to advise that the first hole at the Konkola West Copper Project, hole number KWDD001, was recently reported by KoBold Metals Company to be at a downhole depth of 1,341m and continuing in the hanging wall sequence above the target horizon.
More recently, drilling progress has been a little slower than anticipated due to use of a new drill rig and variable ground conditions. Drilling will continue until the target horizon is reached.
No further announcement will be made until this first hole is completed but planning for a second drill hole is already underway."
This is pretty exciting, they are in the hanging wall above the ore shale and much shallower than I expected. Also planning for second hole is great news.
Tediously slow progress. That is only 318 metres in a month, which is only just over 10 metres per day. 'Variable ground conditions' does not sound good, nor does having to change the rig (I thought they were using a new rig!). Sounds like a 50/50 chance they will reach the target horizon or else be firced to stop short due to the ground conditions. Very disappointing but somewhat typical of Patrick Cheetham.
ART is full of hot air. It clearly says drilling will continue until the target horizon is reached. Why would they stop short of it when they are so close?!
Agree this just got even more exciting. The ore shale is usually max 50 metres, but usually a lot less (normally 20 metres). So if we’re just above the zone - which is similar to where kobold found there stuff next door - we don’t have much longer to drill.
Crucially drilling is ON-GOING
and in the final sequences above target depth.
VERY positive and exciting.
Tell me please that I'm wrong when I say 1,350 meters seems a very deep drill to, but is this the norm?
It's what was expected Morwen. The nearby Konkola Deep orebody extends even deeper than that, I believe it's been drilled down to 1900m. Mingomba is also pretty deep. What kobold are aiming to do is establish if the ore shale extends further to the south and west, that area is untested. Once that's established they plan a JV to explore further, looking for more potential orebodies like Mingomba. The reality is that most of the shallow, easy to find orebodies have already been discovered. In order to meet future demand there's no choice but to go deeper.
Torino u say ore shale 50 or 20 meters u mean from actual thickness of the ore shale or is that distance from end of hanging wall
Thanks
Hi Auc, I meant thickness…But even 20 metres would be very good. 10 metres is still decent for us. From what I understand kobold found their ore shale around 1,200 to 1,450 metres in most of their holes.
Also remember Kobold are already planning the second hole. Now why would they be in a rush to do that if this hole wasn’t promising?
To be fair it was always the plan to drill two holes before the JV.
Yes that’s right, but according to the original agreement it was two holes within 14 months of May 2024. This now sounds like it will be later on this summer when this hole is finished. The urgency of kobold is exciting for us all invested, and no funding concerns because they are loaded lol.
There's a global scramble for copper. It's in everyone's interest to drill A-SAP. So no surprise to see Kobold planning the 2nd drill.
every drill generates data. Kobold with their cutting edge Ai and top notch staff will use every scrap of it to best inform future related drilling that is for sure.
There is an article a couple months back where Kobold state just that.
We know via 21st May 24 RNS that KEY geological markers have been encountered...
"a number of expected key marker horizons have been intersected in the hole that are consistently seen in the stratigraphy above the ore-shale in these deposits."
And RNS today " we are continuing in the hanging wall sequence above the target horizon."
So far so good. If it looks like a duck...
All very positive
Exciting times
Hopefully we will have some juicey updates in the coming weeks, worthy for a good sp raise
Maybe, maybe not, the market seems intent on keeping this stock at .1 or below, it needs to be seriously good news to move it