Golden Cross Resources (ASX:GCR) is planning to restart exploration for copper at its Molong Exploration licence in New South Wales that includes the Copper Hill prospect.
A 5,000 metre drilling program has been designed to test four mineralised prospects next to the Copper Hill resource and includes the northeast shoulder of the Copper Hill induced polarisation anomaly, the power induced anomaly to the east of copper Hill and, along strike to the southeast, the Hayshed and Vale Head copper-gold prospects.
A review of the magnetic anomalies in the south of the exploration licence will also be carried out.
The plan to conduct further exploration drilling comes after the company concluded a series of assessments into the economics of the Copper Hill copper-gold deposit.
It determined better project economics if additional mineral resource tonnes can be mined and processed, adding to the mine life.
Copper Hill has a JORC-resource of 153 million tonnes at grades of 0.32% copper and 0.28 g/t gold using a 0.2% copper cut-off grade.
The company had a cash balance of $1.75 million in cash and $750,000 in negotiable securities.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.
↧
News - Golden Cross Resources to focus on resource addition at Copper Hill
↧
