Encounter Resources (ASX:ENR) says diamond and aircore drilling has begun at the Yeneena Project in Western Australia, as part of an earn-in agreement with mining giant IGO (ASX:IGO).
The program will include further aircore drilling at the BM5 area to follow-up a laterally extensive copper anomaly uncovered in drilling in September last year.
Encounter Resources, which has a market capitalisation of $275 million, says two diamond drillholes for 1,300m and 39 aircore holes for 5,000m are planned at the Fishhook and BM5 targets at the project during July and August this year.
Drilling at Fishhook will test interpreted first reductant trap sites for copper. This program will be augmented by further aircore drilling at three other nearby copper targets where interpreted first reductant trap sites are located near fold hinges.
Results are expected to be reported in the December quarter of this year.
IGO, which has a market capitalisation of $4.21 billion, will sole fund $15 million in expenditure over seven years to earn a 70% interest in the Yeneena Project.
Executive Chairman Will Robinson says “IGO has commenced a 6,300m program of aircore and diamond drilling to test these targets. This drilling will be completed in August with assay results expected in October-November 2024.”
Encounter Resources is an Australian mineral explorer focused on the discovery of copper, niobium, and rare earth deposits.
Write to Aaliyah Rogan at Mining.com.au
Images: Encounter Resources
