Alderan Resources (ASX:AL8) outlines the potential for a near-surface copper oxide deposit at the New Years prospect in the US, after receiving drilling results.
The phase-one drilling program, comprising three holes for 319m, confirmed copper mineralisation intersected in historical holes drilled in 1964.
It also confirmed that the host rock is tourmaline breccia, the same rock that hosts the neighbouring Cactus copper-gold deposit.
Alderan says geological mapping of the Cactus district and an extension of the New Years soil sampling grid to cover additional magnetic targets is underway, alongside permitting for follow-up drilling.
The follow-up program aims to extend the mineralisation intersected and test geophysical targets.
Managing Director Scott Caithness says lab assays of the drillholes’ show that the New Years prospect has potential for a near-surface oxide copper deposit.
“The holes have intersected thick zones of near-surface copper oxide mineralisation with intercepts of 26m grading 1.31% copper from surface and 30m grading 0.78% copper from 10m downhole,” Caithness says.
Caithness adds that these intersections support visual estimates and portable x-ray fluorescence spot readings on the core and confirm historical intercepts, including 13.7m @ 2.32% copper within 19.8m @ 1.67% copper from 22.9m.
“The detailed re-modelling of the geophysics has identified 12 magnetic anomalies for follow-up and geological mapping of the Cactus district is underway to gain a better understanding of the geological setting of potential deposits,” he says.
“Extending Alderan’s soil sampling grid to cover these anomalies will help to prioritise them for further exploration.”
Following yesterday’s (18 November) announcement, Alderan’s share price advanced 33.33% to $0.004 as of 1.30pm AEDT.
The New Years prospect sits within the Cactus copper-gold district in Utah, US.
Alderan Resources is a junior copper and gold explorer focused on discovering, delineating, and developing critical mineral deposits.
Write to Aaliyah Rogan at Mining.com.au
Images: Alderan Resources
