Kingfisher Mining Ltd (ASX:KFM) has uncovered high-grade copper rock chips at Ring Well prospect near the Mick Well Project in Western Australia's Gascoyne region with values as high as 20.2% and 21.6% from an outcropping surface zone with at least 44 metres of strike exposed.
KFM zeroed-in on the outcropping copper following a regional evaluation of gossan formations, a type of outcropping iron-rich rock which tends to serve as a signpost of what lies beneath the surface.
The results are particularly promising as this is the first notable exploration to take place over the Ring Well prospect, with a complete absence of historical drilling or any surface geophysics.
Adds to base metal and REE potential
“The rock chips at Ring Well complement the additional base metal opportunities already identified at Kingfisher,” Kingfisher Mining non-executive chair Warren Hallam said.
“These are very high grades in addition to the mineralisation being untested by drilling or ground-based geophysics.
“Moreso, the Ring Well mineralisation occurs 12.3 kilometres from the Mick Well rare earth element (REE) mineralisation and 5.4 kilometres from the Kingfisher base metal mineralisation.
“Work is ongoing, especially in light of the copper mineralisation identified in the recent co-funded diamond drilling to establish the context of the copper seen widely over the Mick Well tenure.”
KFM intends to extend the strike length of the Ring Well Prospect, delving beneath the surface while also determining the copper potential of other areas identified within the same field evaluation.
Shares are 18.97% higher on the ASX intra-day, at A$0.069.