Encounter Resources Returns to 100% Ownership at Aileron

THE BOURSE WHISPERER: Encounter Resources (ASX: ENR) has regained 100 per cent control of the Aileron IOCG-style copper-gold-rare earths project d in the West Arunta region of Western Australia.

Encounter Resources reported Newcrest Mining advised of its decision to withdraw from the Aileron joint venture and will hold no residual interest.

Newcrest completed one, 158m deep diamond drill hole (EAL001) into this unexplored belt that intersected hydrothermal hematite-altered mafic intrusions and granite with a distinctive IOCG geochemical signature under shallow cover (10m).

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

Furthermore, 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 first drill hole into a remote and unexplored 70 kilometres long belt, intersected zones of intense hydrothermal hematite alteration with a distinctive IOCG signature in a suite of elements including copper, gold, molybdenum and highly elevated rare earth elements,” Encounter Resources managing director Will Robinson said in the company’s ASX announcement.

“This hole has demonstrated the potential for near surface IOCG deposits in the West Arunta region under shallow cover.

“We are pleased to be back in control of Aileron and will immediately commence discussions with potential partners focused on the discovery of IOCG style copper-gold deposits, with enriched rare earth elements, in Western Australia.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: contact@enrl.com.au

 

Web: www.enrl.com.au