Encounter Resources (ASX:ENR) has unveiled new ‘large-scale’ targets from a wide Falcon airborne gravity survey at the Aileron Copper-Gold-Rare Earth Element (Cu-Au-REE) Project in Western Australia.
The targets were uncovered in the central and eastern areas of the more-than-100 km-wide project and defined a ‘large’, high-amplitude gravity anomaly.
Additionally, the anomaly encompasses the company’s Caird target and the adjacent Luni discovery by WA1 Resources (ASX:WA1), which is interpreted as a major alkaline intrusive complex prospective for carbonatite-hosted critical minerals and base metals.
Encounter Resources shares have spiked 21.43% to $0.26 just before midday AEST on 12 May 2023.
Commenting on the survey results, Encounter Resources Managing Director Will Robinson says: “The project-wide Falcon gravity survey is a major undertaking by Encounter to provide fundamental data to target IOCG and carbonatite-hosted critical mineral deposits in the West Arunta region.
“We had ideal flying conditions, and the survey data is high-quality and revealing”
We had ideal flying conditions, and the survey data is high-quality and revealing. The survey has unveiled some extraordinary new density features that are interpreted as potential alkaline intrusions highly prospective for carbonatite-hosted critical minerals and base metals.
We are delighted with the initial outputs of the survey as it has provided important geological context, key structural information and high-quality new targets. We will interpret and integrate these new datasets and are already planning programs to test these exceptional targets.”
Encounter says the interpretation and integration of the new data will be completed in the coming weeks, with planned exploration activities including surface geochemistry and drilling.
The company also notes diamond drilling is progressing at the Caird, Crean, and Worsley targets, which were defined in prior geophysical surveys. The results are expected in June-July 2023.
Encounter Resources is a mineral exploration company focused on discovering major copper dominant deposits in Australia. The company’s wholly owned projects include the Aileron, Sandover Copper, Junction Lithium, and Lamil Copper-Gold projects.
Images: Encounter Resources Ltd
