RareX, Kincora Copper make it two for two in the Lachlan Fold Belt
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Special Report: RareX and its Canadian partner Kincora Copper have intersected thick zones of porphyry mineralisation with the second hole at their Trundle project.
Drilling at the Mordialloc target in the Lachlan Fold Belt (LFB) intersected strong halo indicators of a mineralised porphyry intrusion system — including significant intervals with visually interpreted localised copper grades and alteration — that confirm the targeted geological setting.
With the first hole intersecting multiple zones of mineralisation at the Trundle Park target, RareX (ASX:REE) says drilling so far has significantly expanded the scale and prospectivity of the Mordialloc and Trundle Park target zones, which are 8.5km apart.
Both targets are interpreted to lie within the same mineralised complex as Northparkes — Australia’s second largest porphyry mine, which highlights the scale and potential for mineralised systems at the Trundle project.
Drilling of the third hole in the initial six-hole program is underway at the Bayleys porphyry target. Once this is completed, the rig will return to drill the next hole at the Trundle Park target.
Kincora says that while caution must be exercised without assay results, the visual results of the second hole are still encouraging.
“Historically at Trundle over 60,000m have been drilled, but over 92 per cent of these holes have been within the top 50m to surface, a depth that the existing major mines in this belt suggest is just too shallow,” the Canadian company said.
“Kincora’s initial two deeper holes have returned the most significant skarn intervals and porphyry intrusion system intervals to date at the Trundle project.
“More drilling is now required to vector towards the potential cores of the respective targeted systems.”
RareX farmed out a 65 per cent interest in the Trundle project to Kincora for an upfront payment and a free carry on exploration for its remaining 35 per cent interest in the project through to the delivery of a positive scoping study or preliminary economic assessment.
Trundle is unique among the various plays in the LFB as it is the only brownfield project held by a listed junior. Brownfield projects are located in the same mineral complex as existing mines and generally offer greater odds of exploration success.
However, just 11 (or 0.5 per cent) of the holes drilled went below 300m, though the shallow holes did prove the presence of both gold and copper with results of 56m at 0.88 grams per tonne (g/t) gold and 0.35 per cent copper from a depth of 34m.