Alderan Resources (ASX:AL8) has scheduled drilling to begin at the New Years prospect, as part of its Frisco copper-gold Project in Utah in the US for late Q2 2024 following site preparation.
The $5.53 million market capitalisation company says soil sampling will be carried out to rank additional targets in Q2 2024 ahead of drilling, which is the first exploration operation being undertaken since the 1960s.
The company also reports a compilation and review of historical exploration data at Frisco has confirmed the potential for multiple new copper-gold deposits.
Key findings include an additional 12 similar magnetic low anomalies, which characterise both the Cactus and Comet deposits, including the New Year prospect, which sits 600m from Cactus along the same northeast-southwest Cactus Canyon Fault structure.
New Years is double the size of Cactus and demonstrates shallow copper intersections up to 2.32% from drilling, and downhole sample assays up to 5.4% copper.
Managing Director Scott Caithness says: “New Years is an excellent exploration target which has received no exploration since the mid-1960s despite drill hole intersections of plus 10m grading plus 1.5% copper, surface rock samples that grade up to 4.6% copper and soil samples on the margin of the prospect which grade up to 0.31% copper.
Soil and rock sampling grids completed in the 1960s immediately to the south of New Years and Cactus highlight a discontinuous 1.5km long NNW-SSE trending copper anomalous zone which is open to the north and south and trends into New Years. The other 12 magnetic targets are being worked up.”
Alderan Resources is a critical and precious metal explorer with 7 lithium projects in Minas Gerais, Brazil, plus copper and gold projects in Utah.
The Frisco project sits about 300km south-southwest of Salt Lake City and 20km west of Milford in Utah.
Write to Adam Drought at Mining.com.au
Images: Alderan Resources
