Austral Resources Australia Confirms Presence of Large Mineral System at Queensland Prospect; Shares Down 6%

MT Newswires Live10:01

Austral Resources Australia (ASX:AR1) confirmed the presence of a large mineral system during maiden drilling at the Canyon prospect, within its Mt Kelly district exploration portfolio in Queensland, according to a Friday filing with the Australian bourse.

Drilling intersected 24 meters at 1.03% copper, including 14 meters at 1.6% copper, 57 meters at 0.44% copper, and 29 meters at 0.36% copper, with mineralization open in multiple directions, the filing said.

The company will undertake follow-up drilling to define the dimensions of the mineral system and higher-grade zones, per the filing.

Shares fell 6% in morning trade on Friday.

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