Encounter Resources (ASX:ENR) is planning further drilling to target the base of the copper anomalous carbonate unit in 2024 at its Yeneena Project in Western Australia.
The $118.66 million market capitalisation company says this specific target position within the Broadhurst Formation is adjacent to a major regional fault and is an analogous geological setting to that of the Nifty copper deposit that lies 50km north-west.
Encounter reports aircore drilling at Yeneena recently intersected a laterally extensive iron-manganese horizon with ‘strong’ copper-silver anomalism.
Managing Director Will Robinson says aircore drilling completed in September uncovered the extensive anomaly that was interpreted to be leakage along a fault from a primary position at depth.
“Exploration at the Yeneena project, located south of the Nifty copper mine, is completed in partnership and funded by IGO under a farm-in agreement.
Planned drilling will target primary copper mineralisation deposited at the base of a thick carbonate unit interpreted from geophysics.”
The company completed 9 holes targeting the upflow source of a recently discovered hydrochemical anomaly.
Results of the ‘significant’ copper and silver anomalism include hole 23PTAC0109 with 15m @ 0.17% Cu, 21.8 grams per tonne Ag from 69m, including 10m @ 0.23% Cu from 73m.
The Yeneena project covers a more than 1,450km-square area in the Paterson Province. IGO can sole fund $15 million in exploration spending over 7 years to earn a 50% interest in the project.
Encounter Resources is an Australian mineral explorer focused on copper, niobium, and rare earth deposits.
As of 31 December 2023, the company had $7.458 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Encounter Resources
