Enegex (ASX:ENX) has been granted a new exploration licence covering the Rocky Ridge prospect, as part of the Perenjori Project in Western Australia.
The 53.6km-square licence is considered to be an area of ‘significant’ gold anomalism.
Enegex, which has a market capitalisation of $7 million, sees ‘excellent’ potential for exploration to reveal new bedrock gold mineralisation at the prospect and plans to begin initial on-ground evaluation in the coming weeks.
The company adds the grant further ‘strengthens’ its strategic tenure position in the West Yilgarn metals province of Western Australia, where it continues to secure and test ‘high-value’ gold and copper targets.
While the orientation and style of mineralised structures at Rocky Ridge remains to be determined, the wide distribution of near-surface and oxide gold mineralisation points to exploration potential along the broader Rocky Ridge anomalous trend.
Further, the Three Springs Project remains under exploration licence application and is anticipated to be granted in the coming months.
Enegex says the application covers promising aeromagnetic features that are unexplored for gold beyond a local auger sampling grid that returned spot gold results to 151 parts per billion gold.
This application has several priority gold targets for follow-up auger sampling, and subject to landowner consents, exploration activity is planned shortly after grant.
Enegex is an Australian-based mineral explorer in the prospective West Yilgarn province of Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Enegex
