Encounter Resources ready for big field season

THE CONFERENCE CALLER: The Roadhouse spoke with Encounter Resources managing director at the RIU Sydney Resources Round Up to get a quick rundown on how the company is advancing its BM1 and BM7 copper discoveries at the company’s Yeneena project located in the Paterson Province of Western Australia.

Encounter Resources (ASX: ENR) recently entered into an earn-in agreement with Antofagasta Minerals Perth, a wholly-owned subsidiary of London Stock Exchange-listed Antofagasta PLC, one of the world’s largest copper producers and explorers.

Under the terms of the agreement Antofagasta is set to earn a 51 per cent interest in the project by spending US$20 million over a five year period.

Robinson told The Roadhouse the Antofagasta deal had set Encounter up for a big coming field season.

“They will be spending a god deal of money between now and November in order to meet their first year’s minimum expenditure on the Joint Venture,” Robinson told The Roadhouse.

“All their technical guys are out there on site now and we are very confident we are going to go a long way towards solving this puzzle that has been the BM1 and BM7 copper discovery.”

 

Robinson was serious when he said the company will be busy with a heritage survey being conducted next week, an EM survey starting the following week and drilling scheduled to commence a few weeks after that.

“We are pretty busy out there at the moment, which is why I‘m the only one here at the conference, Robinson said.

“The project is at a very exciting time now.

It was exciting from a technical aspect, but now it has funding behind it we have the potential to take it forward really quickly.

“I would have thought that if we do manage to really get on to something here, the $20 million that Antofagasta is due to spend in five years could be spent quicker than that and they will want to get on with things, we’ll want to get on with it.”