Core Exploration (ASX: CXO) has identified a number of high‐priority, potential drill targets from a detailed magnetic survey on the Yorke Peninsula Project in South Australia.
The targets are in a comparable geological setting to Rex Minerals (ASX: RHM) Hillside Project which has an Inferred Resource of 170 million tonnes (Mt) at 0.7% Copper on the adjacent tenement.
Core will commence surface geochemical and gravity geophysical surveys in the next few weeks to prepare for drilling in May‐June 2011.
The Yorke Peninsula Copper Project (EL 4177) covers 243km2 of the Olympic Dam world class copper‐gold‐uranium province of the Gawler Craton.
Core was admitted to the ASX after a successful IPO offered 25 million shares at $0.20 to raise $5 million on February 10.