Queensland Mining Corporation (ASX:QMN) has demonstrated the potential of the Young Australian project with new drilling encountering high-grade copper and confirming a mineralised trend more than 1 kilometre long.
The latest drill program at the site returned 26 metres at 1.56% copper from 59 metres, including 18 metres at 2.1% copper from 66 metres and 10 metres at 2.95% copper from 69 metres.
Other holes marked 13 metres at 1.08% copper from 52 metres and 20 metres at 0.45% copper from 105 metres, including 4 metres at 0.96% copper from 105 metres.
This work confirmed a mineralised trend more than a kilometre long and up to 100 metres wide.
Young Australian consists of four mining leases and six surrounding sub-blocks with a permit area owned by private company Chinova Resources. Queensland Mining has the exclusive rights to explore for mineralization over a period of five years until June 2017.
The prospect also forms part of the company’s White Range project and had been explored by QMC from 2008 to 2012. The recently completed drill program was mainly designed to test new targets within the optioned area with endeavour to make discovery which can significantly increase the existing resources in Young Australian.
White Range holds a resource of 30.2 million tonnes grading 0.8% copper for 244,150 tonnes of contained copper metal, with the Young Australian area endowed with 2.1 million tonnes at 1% copper for 21,3000tonnes of copper metal.
White Range’s biggest deposit is Greenmount, with 94,062 tonnes of copper metal resources only 36 kilometres south of Cloncurry.
Earlier this year, the company raised $3.7 million through a rights issue for exploration at the project.
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