Survey finds strong copper indicators on NT tenements

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 05 Mar 2014   Posted by admin

AN electro-magnetic survey on tenements in the Northern Territory has returned positive results for Australian explorer Rox Resources, showing signs of possible copper sulphide mineralisation accumulations.
The versatile time domain electro-magnetic (VTEM) survey conducted on the Bonya project tenements, 350km east of Alice Springs, aimed to find signatures similar to those seen in the adjacent Jervois deposits.
KGL Resources’ neighbouring Jervois base metal project has an estimated mineral resource of 13.5 million tonnes grading 1.3 per cent copper and 25 grams per tonne silver.
The VTEM survey identified 10 anomalies, including three considered ‘high priority’.
According to a company statement, the B10 target had a similar electro-magnetic signature to that seen at Jervois, while B01 and B03 were “strong, well-defined anomalies occurring on at least two survey lines in favourable geological units”.
Many of the anomalies were located near the defunct Bonya copper mine, with others along trend within the same geological unit.
Rox managing director Ian Mulholland said the style of mineralisation the company was exploring for at Bonya was similar to the adjacent Jervois copper deposits, which contained massive and stringer zones of chalcopyrite and pyrite mineralisation, and produced detectable electro-magnetic anomalies.
“We are excited that the survey has picked up so many anomalies, some of which are coincident with known prospects and/or geochemical anomalies, while others appear to be along observable geological trends which tie in with positions of the other targets,” he said.
“We intend to follow-up the anomalies on the ground as soon as we can prior to drill testing.”
The company planned to drill in the second quarter of 2014. Under a farm-in agreement announced in 2012, Rox is earning a 51 per cent interest in Bonya from Arafura Resources by spending $500,000 on the project before December this year.
The company can earn a further 19 per cent by kicking in another $1 million by December 2016.