THE BOURSE WHISPERER: Core Exploration has identified copper mineralisation in surface outcrop near new magnetic targets identified within the company’s 100 per cent-owned Fitton project, located north of the Beverley uranium mine in northern South Australia.
Core had conducted the recent phase of mapping and surface sampling at Fitton to check for any expressions of copper-uranium mineralisation at the new magnetic anomalies it had recently identified south of the Scott Lee prospect.
Location of Scott Lee prospect and Fitton project and uranium
occurrences and mines in the region, northern South Australia. Source:
“Malachite (copper mineral) was revealed within quartz/hematite rocks along zones of sheared magnetic granite located approximately 400 metres southwest of Scott Lee,” Core Exploration explained in its ASX announcement.
“The copper bearing samples are associated with shear zones that are magnetic at local scale.
“Copper minerals were also identified in outcrop associated with a new gold target (0.91 grams per tonne gold sampled in outcrop) located two kilometres south west of Scott Lee.
“Quartz veining was mapped along a 1.3 kilometres south-east strike from the gold target.”
Previous surface sampling conducted by Core at the Scott Lee prospect had demonstrated high levels of copper and uranium.
A number of samples contained highly-anomalous uranium above 100 parts per million for a strike length of over 800m.
Samples taken from the same shear zone graded above one per cent copper over a strike length of 150m.
Core said it expected to receive assays from this recent sampling and mapping program by the end of August.
The company is now planning follow-up mapping and sampling programs to commence in coming weeks.
Following the positive results of finding new outcropping copper mineralisation associated with ground magnetic anomalies, Core is infilling magnetics at the Scott Lee Prospect on 25m line spacing.
The company’s first drill program on Fitton is planned to commence later in 2012, subject to necessary approvals.
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