THE BOURSE WHISPERER: Core Exploration (ASX: CXO) has claimed to have confirmed a large copper mineral field on the company’s new and wholly-owned exploration licence application, EL 29689.
The EL covers 310 square kilometres within Core’s Albarta project, north east of Alice Springs in the Northern Territory.
The identification of the mineral field has come via Core’s analysis of mapping, prospecting and soil sampling by previous explorers on the exploration licence.
A number of prospects have emerged within the area of the ELA with the most prominent being Copper King, Copper Queen, Skippy Tail and MR2.
Rock chips assays of up to 14.3 per cent copper and 72.3 grams per tonne gold have been sampled historically.
Core indicated it now plans to utilise geophysical surveys for the first time over the area in the coming September quarter, to pinpoint high-priority drill targets.
“Previous explorers undertook a large amount of copper-gold focused exploration in the region in the 1990’s and early 2000’s utilising mapping, rock chip sampling and soil surveys to identify target areas for subsequent shallow RAB drilling,” Core said in its ASX announcement.
“Significant geochemical anomalism (both copper and gold) is associated with two main structural trends having significant strike extent, the NW-SE trending Florence Creek Shear Zone (FCSZ), and the E-W trending Copper Queen and Mogul trends.”
Core believes the structurally controlled setting for the Copper King and Copper Queen prospects, where 600m of visible malachite along a structure has been identified, is an ideal fit for its IOCG model of the Aileron Province.
“Whilst first pass historic RAB drilling identified thin intervals of copper mineralisation, there is little evidence that geophysics was utilised in drill targeting,” the company said.
Core believes that any broader mineralisation within structures at depth could be identified through geophysics as demonstrated by recent copper exploration successes in the region (e.g. Kidman Resources (ASX: KDR) – Home of Bullion).
The company indicated it intends to undertake detailed geophysics over known areas of mineralisation to identify potentially larger mineral bodies at depth.
Any substantial geophysical anomalies identified would constitute priority drill targets.
The company is expecting to commence field exploration on this tenement once it is granted during the next quarter.