CuFe is proceeding with exploration across its projects. Pic: Getty Images
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Special Report: CuFe is progressing exploration across its WA projects with a review identifying up to 11.9g/t gold in historical rock chips at Tambourah.
The company has also completed land access agreements at West Arunta and is now planning to carry out exploration of priority geophysical targets within 4km of Lycaon Resources’ (ASX:LYN) Stansmore target.
CuFe (ASX:CUF) executive director Mark Hancock said that in the last 18 months the company had repositioned its asset base to include a number of high impact greenfield exploration opportunities after monetising its WA iron ore assets.
“Like all greenfield exploration there is an element of risk but the upside that success offers our shareholders justifies taking this risk,” he added.
“The first of these to be drilled was North Dam where we intercepted significant pegmatite interceptions and the assays showed the presence of lithium and rare earths, but in lower concentrations over shorter intercepts than we had hoped.
Meanwhile, the review of historical drilling and recent gold exploration at the Tambourah project, which was originally explored by the company for lithium, has demonstrated potential for gold.
Hancock said this has been highlighted by recent high grade rock chips and historical drilling, which also gives the company a good target to investigate further.
Upcoming field work will be targeted at defining the potential strike extent of the quartz lodes and defining the potential for an economic drill target.
At West Arunta, the company is progressing a works program and refinement of exploration targets based on regional geophysics.
Hancock notes that the company will watch the progress of LYN’s drilling at Stanmore and is pleased to have progressed along the pathway of getting access to the ground to commence exploration next year.
Work is also ongoing at its more advanced NT projects.
“At our more mature Tennant Creek project a JORC resource review is underway targeting the addition of valuable resources tonnes to the project, with a view to supporting development options that we are currently looking at in conjunction with our new Alliance partners Emmerson Resources and Tennant Minerals,” he added.
The three companies are investigating the potential for development of a single, multi-user processing facility for copper, gold and critical metals for their mineral resources and recent high-grade exploration discoveries in the region.
This article was developed in collaboration with CuFe, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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