re: Ann: COY: Copper Enrichment Blanket at Wh...
Coppermoly (ASX: COY) has started to unleash the potential of the Whitehorse copper-gold porphyry prospect in the Esk Trough of Queensland, after intersecting a copper enrichment blanket.
The 654 metre reverse circulation program indicated secondary copper enrichment forming as a chalcocite blanket above the primary grade copper at depth.
Importantly this enrichment is near surface, occurring between 19 metres and 36 metres in depth in zones from 4 metres to 21 metres thick, according to the in-field Niton portable XRF measurements from drill samples.
This presence of chalcocite as a secondary copper enrichment blanket (supergene) within the Whitehorse anomalous soil geochemistry suggests this style of mineralisation could occur in areas throughout the large porphyry copper system.
Coppermoly is currently farming-in to Whitehorse with ActivEX (ASX: AIV), with Coppermoly required to meet minimum exploration of $500,000 within 12 months.
Coppermoly may then elect to earn a 51% interest in the tenements by sole funding $3 million (including the minimum expenditure) in three years to earn-in 51%, with another $3 million to earn-in 70%.
Notable historical plus 1% copper discoveries
Where the story gets really interesting at Whitehorse is that the recent drilling program tested for extensions to some notable near surface historical copper grades, with additional gold.
These highlights include; 38 metres at 0.74% copper and 0.13 grams per tonne (g/t) gold from 20 metres, including 10 metres at 1.87% copper and 0.14g/t gold; 44 metres at 0.43% copper from 22 metres, including 8 metres at 1.2% copper; and 2 metres at 2.42% copper from 30 metres.
Exploration news flow to increase
Today's results are part of a broader drilling program for 15 holes covering around 18 metres across three prospects, which includes Kakapo and Sefton along with Whitehorse.
The anticipated assays from the Whitehorse drilling have now been despatched to ALS Laboratories in Brisbane for analysis, with results expected to be released in June.
AIV Price at posting:
1.9¢ Sentiment: Hold Disclosure: Held
