THE BOURSE WHISPERER: Brisbane-based exploration play ActivEX has been granted a new exploration permit by the Queensland Government.
The new permit, EPM 18073, is an area of 211 square kilometres located in the Selwyn district, 75 kilometres south of Cloncurry and 15 kilometres south-east of the company’s Florence copper-gold-cobalt project area.
“This EPM has taken an age to be granted but we are really keen to get on the ground because it is such a hot area,” ActivEX managing director Doug Young said in the company’s announcement to the Australian Securities Exchange.
“Just adjacent to our new EPM there are two big new developments by Ivanhoe Australia, which has just announced that it has moved to pre-feasibility at the Mt Dore cathode copper project.
“That’s in addition to its decline into the high grade molybdenum deposit at Merlin, which has progressed about half way to the ore zone.
“Our ground is less than three kilometres east of these developments and parts of it lie on the southern contact of the fertile granite.”
Data compilation carried out by ActivEX of previous exploration in the Selwyn East area shows that little detailed work has been carried out in the past and that no drilling has been attempted in the newly-granted EPM area.
The company has also processed available aeromagnetic and radiometric data over the area.
This has enabled it to identify what it describes as, “a strongly developed structure, passing through the central part of the EPM”.
The company has interpreted the structure to splay off the Mt Dore-Mt Elliott structure and by doing so controls the shape of the Mt Dore Granite.
This structure will be the subject of initial field activities to be carried out by ActivEX.
ActivEX said it proposes to carry out an initial inspection of the ground in the next few weeks in order to formulate a suitable exploration program for the area.
“The new Selwyn East ground complements our Florence project area where we have discovered brand new copper-gold-cobalt deposits in the last year and have been actively drilling over the last few months to define resources,” Young said.