Core Exploration has triple copper find
The discovery of three new copper prospects in the Northern Territory has prompted Core Exploration Ltd (ASX:CXO) to issue 5.56M shares in a bid to raise half a million dollars for the company’s war chest.
Copper prospects in the Northern Territory
CXO announced the discovery of three new copper prospects in March, all of them at its Northern Territory in the Greater Paradise Well prospect in the Northern Territory. The company is acquiring a 100% stake in the project.
In total, CXO has now identified four separate prospects in the Greater Paradise Well all situated in a 3km by 3km section.
The company says it’s also investigating a prospective for copper mineralisation 5km to the south-southeast of this area, as the regional geology is pointing to similar potential.
Studies of the four prospects in the Great Paradise Well have produced rock chip results showing 32 out of 72 samples are anomalous in copper.
CXO is surveying the soil in an area of more than 20km2, as it has had previous success monitoring the soil at its other prospects prior to drilling, and is aiming for similar results at the Great Paradise Well.
All of these results are encouraging CXO to press ahead with its exploration programme to find more drilling targets.
Blueys Silver Project
CXO says it is to begin its first drilling project in April at its 100%-owned Blueys Silver Project located 100km northeast of Alice Springs in the Northern Territory.
Exploration of the area has previously found highly prospective drill targets, with anomalous silver in the soil and high-grade rock trips showing there is most likely significant mineralisation under the ground.
“Blueys has extremely high silver in soil. Core’s Exploration has identified extremely high grade of silver at the surface, up to 4,000ppm, which we got from sampling for Blueys. We completed a survey last year to target the deeper source of mieralisation at Blueys and the IP identified excellent drill targets,” says Stephen Biggins, CEO of CXO.
Last year, CXO also published its research into the Aileron Province in the Northern Territory which found many geological features and similarities to the prosperous area of Gawler Craton and Mt Isa Province.
In a presentation, Michael Schwarz, Exploration Director of CXO, said “The mineral potential modelling in 2012 for uranium-rich IOCG mineral systems identified six areas as having potential in the southern Northern Territory.”