Coppermoly (ASX:COY) has engaged privately held Echo Vista Exploration to begin IP sounding surveys over the Foxtails and Shuffleton prospects in Mount Isa, Queensland.
The Queensland-focused copper gold exploration company reports the proposed IP sounding surveys are designed to test targets generated from remodelling of historical airborne EM survey data.
At the Foxtails prospect, up to 6 lines are planned, with the first 3 lines to be completed in one week.
At the Foxtails prospect, up to 6 lines are planned, with the first 3 lines to be completed in one week
At the Shuffleton prospect, 6 survey lines are planned to test 2 EM anomalies with additional survey lines targeting a possible downdip of the known copper ore body at the Mt Kalkadoon Mine.
More IP sounding surveys will be carried out immediately at other EM and geochemical anomalies in the company’s tenement area after completion of the current surveys if this technique is demonstrated to be effective in this region.
As part of the commercial terms with Echo Vista Exploration, the company will grant 10 million options exercisable at $0.03 per share and expiring within 24 months subject to achieving a milestone of at least 20Mt JORC resources at the targets delineated from this survey agreement.
The grant of options will be subject to shareholder approval.
Write to Adam Orlando at Mining.com.au
Images: Coppermoly
