Voyager acquires 50 per cent of KM project
THE BOURSE WHISPERER: Perth-based Voyager Resources has acquired a 50 per cent interest in the KM copper porphyry project in the South Gobi Region of southern Mongolia.
The KM copper project is located in the Edrene Island Arc Terrain, which extends across the Gobi and southern regions of Mongolia.
The region hosts a number of mineralised porphyry systems, including the giant Oyu Tolgoi deposit.
Voyager said it decided to accelerate the acquisition after the release of what it described as “exceptional drill results from the Cughur discovery”.
“The Cughur copper discovery is an exceptional result for Voyager shareholders and rates as some of the best copper drilling results in Mongolia since the discovery of the giant Oyu Tolgoi copper gold deposits,” Voyager Resources managing director Kell Nielsen said in the company’s announcement to the Australian Securities Exchange.
“KM is an exceptional porphyry copper project that has the potential to be a company making asset for Voyager as the company progresses its exploration efforts.”
Only limited exploration has been conducted over the KM copper project to date, however results have encouraged Voyager to the extent it considers them to support its belief KM has potential to host a significant copper porphyry system.
The first three, 80 metres deep, Reverse Circulation (RC) drill holes carried out at Cughur ended in high-grade copper mineralisation.
Results of the drilling include:
– 66 metres at 1.48% copper and 5.4 grams per tonne silver from 14 metres to end of hole;
– 50m at 3.51% copper and 10.8 g/t silver from 30m to end of hole; and
– 10m at 4.06% copper and 16.2 g/t silver from 70m to end of hole.
Two of the RC holes were extended by diamond core drilling with copper mineralisation of varying intensity mineralogically logged as follows:
– Strong chalcocite to 86.5m with weaker chalcocite and moderate chalcopyrite to 156m depth; and
– Strong chalcocite to 84.0m with weaker chalcocite and moderate chalcopyrite to 118m depth.
Voyager said the Cughar discovery remains open at depth and along strike.
Under the terms of the new agreement, Voyager has the right to an additional 30% of the project, which would take its total stake to 80%.
Voyager is currently carrying out drilling on the Cughur discovery with RC and diamond core drilling rigs.
The company said it has a further diamond core rig scheduled to start at Cughur in the first week of September bringing the number of rigs working on the project to four.
Voyager is now in the process of sourcing additional RC drilling capacity RC drilling in order to drill test additional mineralised target areas within the project.
To date, 52 drill holes have now been completed at the KM copper project, of that 29 holes have been completed at Cughur with many holes intersecting broad copper mineralisation.