Mincor Resources Reports Tottenham JV Drilling Results
THE DRILL SERGEANT: Mincor Resources (ASX: MCR) reported the completion of an initial drilling campaign undertaken by its earn-in partner, Bacchus, at the company’s 100 per cent-owned Tottenham copper-gold project in New South Wales.
Mincor Resources said the drilling had returned several broad and high-grade drill results, which it considers demonstrates potential upside to the existing Mineral Resource and improving the level of geological understanding of the deposit.
The company described Tottenham as a historical copper mining camp that is hosted within a Volcanogenic Massive Sulphide (VMS) setting, enriched in copper, gold, zinc and silver metals.
The geological setting is directly analogous to the Tritton Mine Camp (1 million tonnes of contained copper), located 120 kilometres to the north owned by Aeris Resources (ASX: AIS).
Mincor’s Tottenham ground-holdings include two Resource-level projects at Carolina and Mount Royal, which includes the Orange Plains prospect, for a total Mineral Resource of 7 million tonnes at 1.2 per cent copper for 85,000 tonnes of contained copper metal.
Bacchus completed the first phase of an agreed exploration program, which included both reverse circulation (RC) drilling at the Orange Plains prospect and an electromagnetic survey conducted within EL 8384.
A total of 15 RC drill-holes were drilled to test the periphery and extension of the Orange Plains Mineral Resource, with one hole completed to test a magnetic feature just north of the prospect.
“Solid mineralised intersections were returned in holes TPRC076, TPRC083, TPRC086 and TPRC087, comprising mainly of banded pyrite and chalcopyrite with negligible massive sulphides,” Mincor Resources said in its ASX announcement.
“The banded sulphide mineralisation is the main form of mineralisation at the Tritton orebodies and is difficult to detect in electromagnetic geophysical surveys which are designed to detect large massive sulphide bodies.
“The Orange Plains Mineral Resource remains open down-dip and along strike.
“The mineralised horizon now appears to be folded, which is known to be an important structural control to the thickened orebodies in and around Tritton.”
Under the terms of the Tottenham JV, Bacchus can earn a 30 per cent interest in the project by spending $700,000 on exploration, with a minimum expenditure of $200,000 to earn approximately 11 per cent.
Website: www.mincor.com.au
