THE DRILL SERGEANT: RareX Limited (ASX: REE) announced commencement of drilling by its Joint Venture partner TSXV-listed Kincora Copper Limited on copper gold projects in the Lachlan Fold Belt of New South Wales.
RareX recently sold a 65 per cent interest in the NSW copper gold assets to Kincora Copper, after which it retains a 35 per cent free carried interest while owning 9.9 per cent of Kincora Copper’s listed equity.
Recent work by Kincora Copper has highlighted potential of the package and in particular the Trundle project that is located near the Northparkes copper gold mine (5.5Moz gold and 4.5Mt copper) owned by Sumitomo (20%) and China Molybdenum Co Limited (80%).
Kincora Copper is to commence a fully-funded drill program comprising six deep holes on the Trundle project, which is the only brownfield porphyry project in the Lachlan Fold held by a listed junior.
Two drill holes will be drilled at each of three identified mineralised prospects, Trundle Park, Mordialloc, and Baileys, with follow up drilling planned.
“We are extremely excited by the funded drilling program and targets that have been generated by Kincora as part of the JV,” RareX executive director Jeremy Robinson said in the company’s announcement to the Australian Securities Exchange.
“Kincora’s team have made multiple world-class discoveries, including Cadia in this belt, and at Trundle are testing three known mineralised targets that are the only in a brownfield environment held by a junior in the prolific Lachlan Fold Belt.
“We look forward to multiple catalysts and significant news flow over the coming months with RareX remaining highly exposed to any new discoveries made, which is the ambition of this program, while preserving cash in a market that is significantly rewarding exploration success in the Lachlan Fold Belt.”