Dundas Minerals (ASX:DUN) tripled after ‘massive’ sulphides

Despite the market crash this week, one which even the resources sector was caught up in, Dundas Minerals’ (ASX:DUN) shares have tripled this week. The gold and base metals explorer has rocketed after it published exploration results from its Albany-Fraser Orogen project in WA on Monday. But were the results really a big of a deal?

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Dundas Minerals encounters ‘massive sulphides’

Dundas Minerals reported ‘massive sulphides’ from central target drill chips. Sounds good, doesn’t it? Especially when you consider that these results came from two different holes, that the drilling campaign was only just getting started and the company labelled these results ‘unexpected’. 

If only we new what “massive” means …

Dundas Minerals (ASX:DUN) share price chart (Graph: TradingView)

However, these results have only been analysed using a handheld portable XRF gun. These have not been checked off in a lab, although this will happen in the next 4 weeks.

Furthermore, results were susceptible to downhole smearing and formational contamination due to drilling techniques used as well as water saturation. 

This is good news, but early days

Although investors should be cautious, this is no doubt good news from Dundas Minerals. But there is still a long way to go for the company and more drilling to be undertaken. 

But as a company that listed late last year and spent much of this year underwater, shareholders have every right to be happy with its performance today.  

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