An AUS$5 million budget for the Cloncurry project in Queensland has been approved.
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Copper Mountain Mining Corp. has announced that the Board has approved an AUS$5 million budget for its Cloncurry project located in Queensland, Australia.
Planned work programmes will include follow-up drilling on discoveries made in 2017, testing of new targets and supporting works for the active Full Feasibility Study on the proposed Eva Copper Mine, which is compliant with NI 43-101.
Copper Mountain's acquisition of Altona Mining Ltd (Australia) was completed in April 2018 (see news release dated 18 April 2018). This transaction resulted in the acquisition of 100% of Altona's assets including AUS$30 million in cash, a permitted development project (Eva Copper Project) and a substantial exploration tenement portfolio (397 000 hectares) located in the highly prospective Mount Isa area in Queensland. This province is one of the world's premier base metal camps with mining continuing uninterrupted since discovery of copper and gold near Cloncurry in the 1860s.
Altona Mining's 2017 exploration drilling programme, which was shallow and reconnaissance in nature, tested several significant copper-in-soil anomalies at the Companion, Veiled and Quamby prospects (as released by Altona Mining Limited on 8 February 2018). These prospects add to an emerging cluster of copper-gold discoveries located 30 km south of the Company's proposed Eva Copper Mine.
2018's exploration campaign includes drilling at the Companion and Veiled prospects and will aim to extend previously encountered mineralisation and begin towards definition of an NI 43-101/JORC Code compliant Mineral Resource. Additional drilling is planned for the as yet untested Matchbox prospect, located approximately 10 kilometres north of the Companion prospect. The company's regional drilling objectives will aim to evaluate prospects which remain untested by drilling.Ground based Induced Polarity (IP) geophysical surveys will be deployed to guide future drilling at the Reaper, Brolga and Harvest prospects. Systematic regional and detailed soil geochemistry will be executed across regional tenure to develop a new pipeline of targets.