GCX Metals (ASX:GCX) has begun a co-funded 1,500m diamond drilling program at its Onslow Copper-Gold Project in Western Australia to define ‘large-scale’ iron-oxide-copper-gold (IOCG) targets.
The $9.9 million market capitalisation company says drilling has been designed to test 3 ‘large-scale’ magnetic, gravity, and geochemistry targets in the northern portion of the project.
GCX reports drilling is co-funded through the Western Australian government’s Exploration Incentive Scheme (EIS).
The scheme allows the company to apply for a total refund of $204,050 from up to 50% of incurred direct drilling costs, including mobilisation charges.
GCX notes the targets have been defined through a combination of first-principals ‘traditional’ systematic exploration and the use of innovative 3D inversion modelling and machine-learning-based prospectivity analysis.
Targets include the Coral Bug, Hammerhead, and CT3 anomalies, which all demonstrate copper, gold, and IOCG geochemical indicators and are interpreted to represent potential drift from the source through the cover sequence.
GCX Metals is an explorer and developer focused on developing its portfolio of critical minerals projects.
The company’s core projects include the Dante nickel-copper-platinum group element project in the West Musgraves and the Onslow IOCG Project near the northwestern extension of the Capricorn Orogen.
Onslow comprises 3 tenements which cover a landholding of 567km-square and is wholly owned by GCX Metals.
As of 30 September 2023, GCX Metals had $2.82 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: GCX Metals