AXE completes crucial electro-magnetic survey at Blue Hills
Archer Exploration (ASX:AXE) informed the market this morning that it has completed its aerial electro-magnetic (AEM) survey at its 100% owned Blue Hills project in South Australia.
AXE’s preliminary analysis of AEM data has shown that several basement conductors are on site, which may point to extensive sedimentary hosted copper-gold mineralisation.
Initial AEM images have penetrated some 150m+ into the ground on site, with AXE considering several basement conductors extremely prospective for copper mineralisation.
The AEM flight path was varied in an effort to target previously reported soil anomalies in 2017 (Hood, Hawkeye & Katniss), with the data highlighting that numerous conductors were in close proximity to the aforementioned anomalies.
It’s worth noting that AXE is an early stage play and investors should seek professional financial advice if considering this company for their portfolio.
AEM also has data for two additional prospects located to the east in Legolas & Ygritte (ELA 23/2018).
Located to the east, AXE has applied for a new exploration licence that encompasses ELA 23/2018 and possible extensions to Hood, as seen below:
The drill program could commence as early as next quarter.