• Kincora Copper has secured the Wongarbon project in the gold-copper-rich Macquarie Arc, in central NSW
  • Eastern Metals meanwhile targets high priority base metal zones in the Cobar region
  • And Earths Energy energises with a new, geothermal-expert CEO 

 

Here are some of the biggest resources winners in early trade, Monday June 3.

 

Kincora Copper (ASX:KCC)

Copper-gold hunter Kincora has some head-turning news today, sending KCC in the right direction as we type.

Essentially, the company has secured a new, wholly owned exploration licence covering the Wongarbon project, which the company believes to host one of the last remaining untested and large intrusive complexes of the Macquarie Arc – which is a porphyry-related, rich gold and copper mineralised zone in NSW.

The company notes that the remaining untested intrusive complexes of the Macquarie Arc porphyry geology are a “globally significant exploration opportunity”.

Also, recently KCC signed a $50m earn-in and joint venture agreement with a unit of the NYSE-listed AngloGold Ashanti for KCC’s Northern Junee-Narromine Belt (NJNB) copper and gold project in New South Wales.

This, too, is located in the Macquarie Arc.

AngloGold will have the right to spend up to $50 million to earn a 80% interest through:

• $25 million of exploration expenditure to earn a 70% joint venture interest (Phase I) including a minimum A$2 million expenditure obligation, with Kincora the initial operator for a 10% management fee.

• Completion of a Pre-Feasibility Study (PFS) or funding of a further $25 million of expenditure to earn a 80% joint venture interest (Phase II).

Kincora notes that a “wide range of virgin, large intrusive-related copper-gold targets will be drill tested” under the new agreement.

Adds KCC: Cadia and Northparkes, Australia’s largest and second largest porphyry mines, have been the focus of change of control acquisitions.

Speaking to all this, both John Holliday, the company’s technical committee chair, and Peter Leaman, VP of exploration, said:

“The next Cadia-scale deposit in the Macquarie Arc will likely be found in the covered and underexplored parts of this proven Tier 1 terrane and jurisdiction.

“This is virgin territory and a major opportunity with huge upside, which is being increasingly recognised as evidenced by recent significant deals and increasing investment by industry heavyweights.”

 


 

Eastern Metals (ASX:EMS)

Base and precious metals explorer Eastern Metals is up more than 33% today after announcing some positive news regarding its Browns Reef project in the southern Cobar Basin of NSW.

Fieldwork programs across the EL6321 site have, according to the company, identified new, high priority zones of anomalous base metal mineralisation in the northern portion of the project area.

We’re talking zinc, lead, copper, silver and gold here.

The fieldwork programs were completed in April 2024 and May 2024 and focused on the Woorara Fault, to the north of the known high-grade Pineview and Evergreen zones at the project.

Eastern Metals’ strategy at Browns Reef is to identify areas where higher-grade zones of base metals mineralisation may occur.

Mapping and pXRF traverses along the Woorara Fault, have identified the new anomalous zones north and south of Evergreen, which have been named ‘Kelpie Hill’ and ‘Windmill Dam’ respectively.

Planning is now underway to update and extend the existing drilling approvals for Evergreen to include these prospects.

Source: EMS

 


 

Earths Energy (ASX:EE1)

EE1 has a new CEO, with the company announcing the appointment of the highly experienced Josh Puckridge, who moves over from geothermal player Steam Resources.

At the latter enterprise, Puckridge spent the past two years assembling one of the largest geothermal exploration and development portfolios in the world.

We spoke to Puckridge not long ago about that, and why the time is right for an Australian geothermal comeback, which you can read more about > here.

EE1 plans to utilise Puckridge’s geothermal expertise to further accelerate its strategy of pursuing multiple modern geothermal technologies “to create maximum value from its portfolio of geothermal assets”.

The company notes that next-generation geothermal technologies are the key to unlocking Australia’s vast untapped geothermal potential.

Meanwhile, government and investor support globally continues to build for geothermal as a low cost, low emissions form of baseload power.

Puckridge said: “I view EE1 as strongly positioned to lead Australia in advancing the nation’s geothermal energy production via new technologies and practices that have been refined around the world over the last 10 years.”

 


 

Infini Resources (ASX:I88)

Infini is up today after announcing the strategic consolidation of its Yeelirrie North uranium project via the successful purchase of the Bellah Bore East Uranium Project in WA.

The project is located adjacent to Cameco’s Yeelirrie North uranium project.

Terms of the acquisition comprise of a cash payment to the seller of $47,500 + 1% net smelter royalty.

 

 

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