Tuesday, 31 March 2015
ACTIVEX has released a maiden, all-inferred copper resource for its Coalstoun deposit in Queensland, just eight months after formally taking ownership of the tenement.
The deposit has a total inferred resource of 26.9 million tonnes at 0.38% copper for 102,700 tonnes of contained copper, including a supergene copper resource of 7Mt at 0.47% copper for 32,700t in a partially oxidised zone.
The resource was based solely on 48 historical drill holes totalling 12,701m for 5316 copper assays of sample lengths between 50cm and 6m.
The company intends to begin a new drilling program through the June quarter targeting high-grade extensions to the supergene copper area with the intention of expanding and upgrading the initial resource.
ActivEX managing director Grant Thomas said the resource gave the company a good idea of where to target future exploration campaigns.
“ActivEX took the opportunity to establish initial resource estimates after rigorously compiling historical information such as drilling and assay data,” he said.
“These resource estimates are the first to be completed since the early 1970s.
“The 3D resource modelling has clearly outlined drill targets for both near surface supergene and primary mineralisation, although ActivEX remains focused on high grade supergene copper mineralisation at present.
“Drill testing of supergene targets has been planned for May-June.”
The tenement was acquired from Newcrest for $A200,000 in November 2013, but its formal transfer was not completed until July 2014.
ActivEX said it believed the deposit had open pit heap leach potential and possessed synergies with its nearby White Horse prospect — part of the Esk copper-gold project.
The company will explore the potential of combining the development of the projects after bringing them both to resource stage.
White Horse is scheduled to be drilled following the upcoming campaign at Coalstoun.
Shares in ActivEX were steady at 3c today.