Vimy Resources Lists on Foreign Bourse

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Vimy Resources may well be sitting on Australia’s largest near-term uranium deposit, but it is also headquartered in a country that has very little sympathy for nuclear energy. By Mark Fraser

As a result, Vimy’s attractiveness as an investment destination has been misunderstood by domestic punters who live in an environment where there is a healthy dose of hostility towards yellowcake.

No doubt these thoughts crossed the company’s mind as it decided to expand its access to the global pool of capital by listing on the US-based OTCQB Venture Market.

Operated by the OTC Markets Group in New York, this mid-tier over-the-counter securities trading platform offers transparent trading for entrepreneurial and development stage companies that – amongst other factors – are current in their financial reporting and have undergone an annual verification and management certification process.

These standards provide a strong baseline of transparency, as well as the technology and regulation to improve the information and trading experience for investors.

Furthermore, there are no additional compliance or regulatory standards over and above Vimy’s compliance with the ASX listing rules.

In addition, OTC trading is non-dilutive to the company’s existing shareholders as no new shares were issued to enable trading on the US-based exchange.

According to Vimy Resources managing director and chief executive, Mike Young, the move to the alternative bourse will enhance the visibility and accessibility of the company to North American shareholders and media partners.

“The start of the OTCQB trading coincides with the best couple of months the uranium equities market has seen since 2007,” he said.

“Trading on OTCQB opens Vimy up to a much larger pool of investors including specialised uranium investors in the USA and Canada – two jurisdictions that not only get nuclear power, but actually use it.

“Since the USA is our target market for future customers of uranium concentrate from our Mulga Rock and Alligator River projects, it makes sense to trade on a North American platform, increasing our exposure to a deeper pool of capital.”

Vimy will continue pushing its two big uranium projects – the flagship Mulga Rock in its home state of Western Australia and Alligator River in the Northern Territory.

Located east-north east of Kalgoorlie-Boulder in WA, Mulga Rock is the most advanced, having had its definitive feasibility due diligence updated in 2020.

The rebooted study demonstrated the 15 year project – which is looking to produce 3.5 million pounds of U3O8 (yellowcake) annually – will generate even stronger financial returns than previously predicted in the original January 2018 appraisal.

Some of the strong project economics include a net present value pre-tax of US$393 million (a 14% increase), an internal rate of return of 31% (up 23%), a capital cost of US$255 million (a 20% reduction), a payback period of 2.4 years (cut by eight months) as well as a free cash flow of US$61 million per annum (a 22% increase).

In addition, the updated documentation delivered some strong operating cost results, including a cash operating cost (C1) of US$23.33 per lb U3O8 over the first five years (an 8% fall), a C1 of US$26.02/lb over life-of-mine (a 7% decrease), an all in sustaining cost of US$28.09/lb over the first five years and a US$31.22 over LOM (an 8% drop in both instances).

Vimy’s second project, the Alligator River Joint Venture with Rio Tinto in the north east NT’s Arnhem Land, has been described as the “Athabasca Basin Down Under” given its geology, structures and mineralisation are similar to those found in the unconformity uranium deposits of Canada’s high-grade Athabasca Basin.

Rio holds 21% of the project, the tenure contains some of the most prospective land in the province (750Mlbs of mined and remnant resources, dominated by the Ranger, Ranger Deeps and Jabiluka deposits) that has undergone very little modern exploration.

The project’s Angularli deposit has an inferred resource of 26Mlbs of yellowcake grading 1.3% U3O8, while metallurgy has confirmed around 98% uranium recovery and low reagent consumption.

When looking at the Vimy story, it is important to take on board a few points raised by Canaccord Genuity in an investment note issued last year.

First, nuclear energy will maintain an important role in reducing carbon emissions (effectively meaning uranium is a critical mineral) while providing affordable baseload power generation. Second, against this backdrop, the global supply of yellowcake is becoming constrained.

Finally, the US remains the world’s largest consumer of nuclear energy, making the North American market a perfect place to be for a formidable Australian uranium developer.

 

Email: info@vimyresources.com.au

Web: www.vimyresources.com.au

 

Matador Mining Ahead of Aussie Canadian Pack

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THE CONFERENCE CALLER: Canada-focused gold explorer Matador Mining (ASX: MZZ) may well have found itself at the forefront of Australian juniors when it comes to using a much-lauded tax-based exploration funding mechanism which has received very little political sympathy Down Under. By Mark Fraser

During the middle of 2020, the West Australia-based company – which is well on the way to developing its emerging Cape Ray gold project in Newfoundland – raised $8.7 million through a share placement, adding a 40% premium to its stock via the Canadian charity flow-through shares scheme.

Not only did this help Matador fund its planned 2021 Canadian field program, it also saw the junior become one of the first ASX-listed outfits to complete such a placement – in effect making it a leader of an industry tax reform movement which hasn’t received much publicity lately, but has remained in the background since the case for this investor-friendly tax mechanism was unsuccessfully made to consecutive Coalition and Labor federal governments during the first decade of the 2000s.

No doubt the company will be successful in highlighting the effectiveness of this incentive to the appropriate authorities, judging from the results it’s achieving while turning Cape Ray into a viable investment concern.

Matador controls 425 square kilometres of exploration tenements in Newfoundland’s lightly explored, but highly prospective, Cape Ray Shear Zone, a geological structure which runs about 400km through the island province.

The company is the largest ground holder along this shear (about 120km of continuous strike) and its tenement boundary sits around 50km along strike from Marathon Gold’s (TSX: MOZ) 4.2-million-ounce Valentine Lake gold project.

When completed Valentine will be the largest gold mine in Atlantic Canada and a major contributor to the Newfoundland and Labrador economies.

As of last October, Cape Ray had a total mineral resource of 12.9 million tonnes at 2.02 grams per tonne for 873,000 gold ounces.

This, however, didn’t take into account the new Angus discovery, about 1km south west of the already existing Window Glass Hill ore body, where five of the first eight holes intersected multiple intervals of yellow metal including 12 metres at 8.3g/t from 85m, 35m at 0.52g/t from 34m and 10m at 0.67g/t from 15m.

Towards the end of 2020, Matador released further drill results that caught the market’s eye sourced from three target areas – Window Glass Hill, the Isle Aux Morts and Angus.

Resource infill and extension drilling at Window Glass Hill returned gold assays of 15m at 1.01g/t from 34m and 6.7m at 1.51g/t (within 13m at 0.87g/t) from 116m, as well as 0.34m at 12.31g/t from 151.4m.

Meanwhile, at the Isle Aux Morts, some of the better mineral resource infill drilling numbers were 20m at 5.08g/t from 8m (including 1.67m at 35 g/t), 11m at 2.51g/t from 7m (including 6m at 4.12g/t), 12m at 1.02g/t from 45m (including 2.47m at 3.84g/t), 1.47m at 1.7g/t from 72m and 1m at 1.96g/t from 79m.

As for Angus, the intersections kept coming, including 7m at 2.02g/t (within 30m at 0.74g/t) from 19m, 3m at 0.67g/t from 67m as well as 1m at 2.66g/t from 92m in one hole, followed by 7m at 1.27 g/t (within 11m at 0.9g/t) from 98m, 7m at 1.12g/t from 116m and 21m at 0.34g/t from 71m in another.

This was followed by 3m at 1.95g/t from 48m (including 0.3m at 17.73g/t).

Matador’s stage-gated “drill and assess” approach to Angus was implemented to allow detailed structural analysis and modelling of the early drill results in order to optimise the follow-up drilling of this new target area.

Cape Ray executive chairman Ian Murray said the resource expansion and greenfields exploration drilling continued to deliver shallow multi-gram per metre gold intersections.

“Approximately 75 per cent of the 2020 drill program was focused on newly identified greenfield targets and resource expansion step-out drilling,” he explained.

“Results to date reinforce our thesis that we are in a sizeable, but poorly explored, gold system as we focus on materially growing our current mineral resource.

“Whilst drilling has successfully concluded for the year, we still have 31 holes/4,325m of drilling pending assay results, which we anticipate will be announced during the March 2021 quarter.”

Matador’s corporate strategy is to increase its resource base to a size that will support a 10-year operation.

This will come from a combination of expanding the resource at existing discoveries and drilling greenfields targets.

The company is undertaking a target generation program at the project, to systemically test a number of previously underexplored priority areas where there appears good potential for gold mineralisation.

 

Email: info@matadormining.com.au

Web: www.matadormining.com.au

 

Azure Minerals Flexes Exploration Muscle at Andover

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THE CONFERENCE CALLER: During the second half of 2020 Azure Minerals (ASX: AZS) confirmed its outstanding geological credentials. By Mark Fraser

From acquisition, it took the company just 10 weeks with the drill rig to unequivocally prove its Andover nickel-copper Joint Venture in Western Australia’s Pilbara is a winner.

Covering 70 square kilometres and located just south of the small town of Roebourne, Andover is essentially a new nickel-copper discovery in a layered mafic-ultramafic intrusive complex.

Nickel sulphides were originally discovered there back in 2018 by WA prospecting legend Mark Creasy, when two target areas containing semi massive and disseminated sulphides, a gossan and sulphide stringers returned 7 metres at 2.62% nickel and 0.65% copper from 43m, 2m at 2.1% nickel and 0.44% copper from 15m, 4m at 1.1% nickel and 0.8% copper from 6m as well as 2m at 1.77% nickel and 0.53% copper from 62m.

When the Tony Rovira-led Azure arrived on the scene in September 2020 as the project’s 60% JV partner (with 40% holder Creasy), it surveyed 12 electromagnetic targets before making what has become the VC-07 target its top priority.

Diamond drilling subsequently started in October.

By November the JV had completed five holes, intersecting massive nickel-copper sulphides in every one.

Just before Christmas, Andover’s seventh drill hole – which was also the first step out one for VC-07 – intersected a 21.7m-wide interval containing nickel-copper sulphide mineralisation located just 120m along strike to the west of two previously reported mineralised drill holes.

This mineralised interval started at a down-hole depth of 407.9m and was extended by the 21.7m to 429.6m.

It contains multiple zones of matrix, semi-massive and massive nickel-copper sulphides – including 2.7m of matrix to massive nickel-copper sulphides from 407.9m, 1.4m of matrix nickel-copper sulphides from 413m and 0.5m of massive nickel-copper sulphides from 429.1m.

It also intersected a nickel-copper sulphide mineralised interval 120m to the west-north west of the earlier holes along the interpreted strike and down-plunge, indicating a continuity of mineralisation in that orientation.

Whatever the finer geological detail, the important take-home message regarding Azure’s rapid success at Andover remains that all seven of its seven drill holes intersected broad zones of significant nickel-copper sulphide mineralisation.

As expected, the company released further mouth-watering Andover assay results to the market during January.

They included 10.7m at 1.69% nickel and 0.71% copper from 325.3m downhole (including 6.7m at 1.98% nickel and 0.86% copper from 325.3m) as well as 19.2m at 1.47% nickel and 0.41% copper from 4.06.3m (with 4.6m at 2.59% nickel and 0.67% copper from 413.7m).

Azure has interpreted VC-07 to represent a continuous body of bedrock-hosted sulphide mineralisation extending east-west over a 1,050m strike length.

The mineralised zone dips at about 60-80 degrees to the north, with a down-dip extent of more than 200m (as modelled by down-hole transient electromagnetic surveying). It remains open to depth.

According to the company, these dimensions highlight the great potential of this body to represent a substantial nickel-copper sulphide deposit, and the drilling program planned for 2021 is focused on progressing the delineation of this mineralised system to JORC resource standard.

Using up to three diamond rigs, initial drilling at VC-07 will define the along-strike and up-dip and down-dip extents of the mineralisation.

This will be followed by close-spaced infill drilling to assess internal continuity and viability. It will yield around 30,000m of diamond core.

Based on fixed-loop electromagnetic surveying, 12 other EM conductor anomalies have been identified within Andover’s project area and the drilling of the first of these, VC-23, has started.

“Having confirmed a significant nickel-copper discovery at Andover, the board of Azure is transitioning the company’s focus from exploration of the VC-07 mineralised body to resource definition,” Rovira – who co-discovered the high-grade Cosmos nickel mine in WA for the now-gone Jubilee back in the 1990s – said.

“With the VC-07 conductor extending east-west for 1,050m, more than 200m vertically and remaining unconstrained at depth, we believe there is excellent potential to define a major nickel-copper sulphide deposit at Andover.”

Azure also has three Pilbara projects with a gold orientation: Turner River (the largest at 450sqkm), Coongan (223sqkm) and Meentheena (141 sqkm).

It also has Barton, which comprises 200sqkm of mostly soil-covered and very under-explored land in the Kookynie gold district south of Leonora in WA, where limited bedrock drilling has already intersected shallow gold mineralisation.

Although early days, one target – the Daisy Corner prospect, which was drilled in the 1990s – has returned gold intercepts of 40m at 0.2 grams per tonne, 18m at 0.77g/t (including 7m at 1.26g/t) and 8m at 0.53g/t.

 

 

Email: admin@azureminerals.com.au

 

Web: www.azureminerals.com.au

 

Saturn Metals Upgrades Apollo Hill Resource

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THE DRILL SERAGENT: Saturn Metals (ASX: STN) did what it said it would do and completed an updated Mineral Resource estimate for the Apollo Hill gold deposit at the company’s 100 per cent- owned Apollo Hill gold project near Leonora in the Western Australian Goldfields.

The upgraded Mineral Resource has come in at 36 million tonnes at 0.8 grams per tonne gold for 944,000 ounces, a substantial increase in contained ounces from the previously published resource.

It incorporates the results of a 265-hole extensional and in-fill drilling campaign Saturn completed since the last Mineral Resource upgrade, which was published in late October 2019.

Saturn has now added 439,000 ounces to the Apollo Hill Mineral Resource in just under three years from listing.

“This resource upgrade is the third significant step for the company and the Apollo Hill asset in as many years,” Saturn Metals managing director Ian Bamborough said in the company’s ASX announcement.

“Consistent improvements in the quality of the resource, its overall size, and to the Mineral Resource categories, through efficient drilling continue to bode well for the advancement of our business.

“For the first time we have been able to publish the Mineral Resource within a ‘Whittle’ pit shell using preliminary cost assumptions.

“This has allowed the company to consider potential economies of scale, lower cost processing scenarios and the use of a lower cut-off grade to help obtain an improved stripping ratio.

“With the system open along strike and up and down plunge and metallurgical assumptions at an early stage of understanding, the gold deposit is positioned for continued growth.

“Drilling has already resumed with two rigs on site testing for additional mineralisation.

“In addition, the next stage of metallurgical sampling has commenced towards searching for processing cost improvements.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@saturnmetals.com.au

 

Web: www.saturnmetals.com.au

 

Encounter Resources Partial Assays Pay Off at Aileron

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THE DRILL SERAGENT: Encounter Resources declared IOCG style metal anomalism had been intersected at the Aileron copper-gold project, which is part of a Joint Venture with Newcrest Mining (ASX: NCM), located in the West Arunta region of WA.

Encounter Resources explained the results came from a partially completed drill hole (EAL001) at the Aileron copper-gold project that had been stalled late 2020 due to mechanical issues with the drill rig.

At the time the decision was made to demobilise the rig and assay the completed section of the drill hole to 158 metres.

The hole is the first to be drilled into an unexplored belt that contains hydrothermal hematite-altered mafic intrusions and granite with a distinctive IOCG geochemical signature under shallow cover (10m).

Assays of the partial core include zones of anomalism in copper (up to 0.1%), gold (up to 48ppb) and molybdenum (up to 155ppm).

As an added bonus, highly elevated rare earth elements consistent with the targeted IOCG deposit model were identified including lanthanum up to 0.2 per cent and cerium up to 0.3 per cent.

“The partially completed hole, the first drill hole drilled into a remote and unexplored 70 kilometres long belt, has intersected zones of intense hydrothermal hematite alteration of the mafic intrusive and granite adjacent to the targeted magnetic anomaly,” Encounter Resources managing director Will Robinson said in the company’s ASX announcement.

“We are pleased to report that the hematite altered zones in the hole have a distinctive IOCG signature in a suite of elements including copper, gold, molybdenum and highly elevated rare earth elements.

“Of particular interest is the strong enrichment of the same two rare earth elements, lanthanum and cerium, that are similarly elevated in the Olympic Dam deposit.

“This is a great start for us at Aileron.

“We have identified the key ingredients of an IOCG deposit model at an easily explorable depth in a highly prospective and unexplored copper-gold province.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: contact@enrl.com.au

 

Web: www.enrl.com.au

 

Black Cat Syndicate Increases Fingals Fortune Resources in Quest for 1M Ounces

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THE DRILL SERAGENT: Black Cat Syndicate (ASX: BC8) provided an update to the JORC 2012 Mineral Resource for the Fingals Fortune deposit within the company’s Kal East gold project in Western Australia.

Black Cat Syndicate acquired Fingals Fortune in July 2020 and has rapidly increased the deposit’s Resources, which has grown 77 per cent to the current figure of 2.6 million tonnes at 1.8 grams per tonne gold for 156,000 ounces.

The company has signalled defining of a large open pit at Fingals Fortune imperative to support mining and has increased Indicated Resources by 273 per cent to 670,000 tonnes at 1.9g/t gold for 41,000 ounces.

Black Cat’s total Resource has increased to 12.3 million tonnes at 2.3g/t gold for 905,000 ounces.

The company’s current drilling program is designed to grow Resources to one million ounces during the March 2021 quarter.

“Fingals Fortune is shaping up as a potential large pit which remains open in all directions and at depth and is a key focus for Resource growth and scale,” Black Cat Syndicate managing director Gareth Solly said in the company’s ASX announcement.

“We are also seeing the potential for underground mining to the south following a line of historic shafts that extend over 750 metres.

“Furthermore, extensional drilling is planned to test mineralised trends that extend to the north and south of Fingals Fortune.

“Another historically defined trend to the east will also be drilled.

“We have grown the Resource at Fingals Fortune by 77 per cent in less than six months.

“This growth, along with the extensive mineralised trends demonstrates the potential for the Fingals Fortune area to underpin our proposed mining operations well into the future.

“This is another positive step towards our goal of one million ounces in Resource in the March 2021 quarter and to have a wholly owned processing facility with at least three years Ore Reserves ahead of it.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@blackcatsyndicate.com.au

 

Web: www.blackcatsyndicate.com.au

 

Auteco Minerals Secures New Pickle Crow Ground

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THE DRILL SERAGENT: Auteco Minerals (ASX: AUT) has picked up a large, highly strategic land holding along strike from the company’s one-million-ounce Pickle Crow gold project in Ontario, Canada.

By doing so, Auteco Minerals has increased its land position around the high-grade, tenure to more than 496 square kilometres.

This additional staking includes an additional 12km of the highly prospective Tarp Lake Shear Zone.

The increased land holding is subject to an earn-in agreement entered into with First Mining Gold Corp in March 2020, which has the option to allow some or all the increased land holding to form part of the earn-in and Joint Venture on the Pickle Crow gold project.

Auteco has also mobilised a fourth drilling rig to site to help expedite Resource growth, which the company said combines with the land acquisition to demonstrate the company’s commitment to the Pickle Crow project.

“The additional tenure is highly prospective given that it sits immediately along strike form the existing one-million-ounce Resource and is housed in the same greenstone belt,” Auteco Minerals executive chairman Ray Shorrocks said in the company’s ASX announcement.

“I’m also pleased to announce the addition of a fourth rig to further exploit this most prolific province and add to our recent drilling success.

“The combination of the new ground and the fourth rig shows Auteco is fully committed to growing the Pickle Crow Resource.”

 

 

Email: info@autecominerals.com.au

 

Web: www.autecominerals.com.au

 

Ardiden Commences Canadian Winter Drilling Program

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THE DRILL SERAGENT: Ardiden Limited (ASX: ADV) reported the commencement of its Winter drilling campaign at the company’s Pickle Lake gold project in northwest Ontario, Canada.

The Pickle Lake gold project is a continuous land tenure of 870 square kilometres that contains at least 22 identified gold deposits and prospects that the company will be systematically exploring.

The current program involves an initial 7-hole program designed at the South Limb prospect to test extensions of the same iron formation that hosts mineralisation at the Dona Lake gold mine.

Mined between 1987 and 1993, the underground Dona Lake gold mine produced more than 246,500 ounces of gold at 6.5g/t to depths of 450m below surface.

However, the surface footprint of the main lode was only 100m of strike length.

The strong concentration of Iron Formation on Ardiden’s ground, adjacent to the Dona Lake Mine, is largely untested, which the company has marked as a high-priority target for initial drill testing.

“Our Ontario-based geology team and Major Drilling have been working diligently to move the program forward while rigorously complying with the Ontario Government’s COVID-19 procedures and guidelines to ensure the safety of our team, contractors, and stakeholders,” Ardiden managing director and CEO Rob Longley explained in the company’s ASX announcement.

“South Limb, which sits alongside the Dona Creek gold mine, is the second gold prospect to be drilled at our Pickle Lake gold project.

“There are another 20 identified gold prospects, which have yet to be touched.

“We have budgeted and planned at least 5,000 metres of Winter drilling which will be split between our fully permitted South Limb prospect and Kasagiminnis gold deposit.

“The program will be adapted to the geology intersected and to optimise local logistics.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@ardiden.com.au

 

Web: www.ardiden.com.au

 

Chalice Mining Defines New Julimar Gold Zones

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THE DRILL SERGEANT: Chalice Mining (ASX: CHN) is conducting exploration activities at the company’s 100 per cent-owned Julimar nickel-copper-Platinum Group Element (PGE) project, north-east of Perth in Western Australia.

The company currently has six rigs (three Reverse Circulation (RC) and three diamond) drilling a 160,000m step-out and resource definition drill program at the Gonneville Intrusion.

This is happening at the same time as reconnaissance soil sampling and Moving Loop EM programs in the Julimar State Forest to the north.

Drilling has extended the high-grade G1-G4 Zones and four new internal high-grade PGE +/- nickel-copper-cobalt-gold zones have now been defined (G8-G11).

New high-grade drill intersections (>1g/t Pd cut-off grade) include:

JD023: G1 & G2
39 metres at 3.8g/t palladium, 0.6g/t platinum, 0.3 per cent nickel, 0.2 per cent copper, 0.02 per cent cobalt from 290m, including 2m at 14.9g/t palladium, 0.02g/t platinum, 0.04 per cent nickel, 0.2 per cent copper, 0.04 per cent cobalt; and

JD019: G4
4.5m at 7.1g/t palladium, 1.4g/t platinum, 0.9 per cent nickel, 0.5 per cent copper, 0.06 per cent cobalt and 34.5m at 2.8g/t palladium, 0.7g/t platinum, 0.4g/t gold, 0.2 per cent nickel, 1.9 per cent copper, 0.02 per cent cobalt from 139.8m.

“We’ve started the New Year with strong momentum on several fronts, with drilling at our major Julimar discovery continuing to expand the high-grade footprint of the deposit and initial on-ground activities underway to test the exciting new EM targets along strike to the north,” Chalice Mining managing director Alex Dorsch said in the company’s ASX announcement.

“Drilling within the Gonneville deposit continues to deliver outstanding results and once again, we are seeing a diverse range of mineralisation styles, reflecting the sulphide-rich nature of the Gonneville Intrusion.

“We have now defined four new high-grade zones (G8-G11), each returning significant wide and highgrade intersections, which is very promising.

“Given the shallow nature of these zones, we expect that they may benefit future project economics.

“Meanwhile, drilling into the eastern contact of the intrusion, targeting the G4 and G11 zones, has produced some interesting results, encountering discrete pods of high-grade mineralisation interpreted as being associated with potential lows in the basal contact of the intrusion, where sulphides have deposited within the magma flow.

“Initial activities in the Julimar State Forest have commenced, and we are eagerly anticipating first results from that work over the coming weeks.

“The initial activities will determine the potential for Julimar to be a multi-deposit, world-class mineral province if our previously identified airborne EM anomalies develop into additional discoveries beyond Gonneville.

“With six rigs drilling and more rigs joining shortly, we are on track to meet our mid-2021 guidance for a maiden Mineral Resource for Gonneville and continue to prioritise the growth of the high-grade mineralised zones with step-out drilling.

“We have also commenced initial resource and pit-shell modelling, which is guiding our drill pattern.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@chalicemining.com

 

Web: www.chalicemining.com

 

Encounter Resources Resumes Drilling at Lamil Copper-Gold Project

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THE DRILL SERGEANT: Encounter Resources (ASX: ENR) has recommenced drilling at the company’s 100 per cent-owned Lamil copper-gold project in the Paterson Province of Western Australia.

Lamil covers an area of around 61 square kilometres and is located 25km northwest of the major copper-gold mine at Telfer, owned by Newcrest Mining.

The current drilling is focused on the Dune Prospect that sits in the northwest of Lamil and consists of a gold supergene zone the company outlined in previous broad spaced drilling.

“Drilling in November 2020 expanded the near surface copper-gold mineralisation at Dune to over 800 metres in strike,” Encounter Resources managing director Will Robinson said in the company’s ASX announcement.

“In the south of Dune, we intersected stacked layers of primary mineralisation with strengthening copper and a multi-element proximal signature.

“This RC program will focus on the southern area of Dune where the mineralisation remains open and strengthening.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: contact@enrl.com.au

 

Web: www.enrl.com.au