Core Exploration (ASX: CXO) has intersected anomalous copper and high levels of silver from its first air-core drilling program on the Yorke Peninsula project in South Australia.
The drill results from two separate prospects have provided the company with valuable data for the ongoing minerals search.
Results include anomalous elements including copper 182 parts per million(ppm), gold (0.02 g/t), silver (6.7 g/t), barium (1.45%), bismuth (30.7 ppm), molybdenum (412 ppm), lead (332 ppm) and strontium (1569 ppm).
A number of the rare earth elements were also elevated. Anomalous elements such as these are often associated with IOCG and/or metasomatite/skarn mineralisation.
Six semi coincident gravity and magnetic targets were subjected to the first-pass aircore drilling in August.
These large-scale gravity and magnetic drill targets are hosted in an analogous geological setting to Rex Minerals’ (ASX: RXM) Hillside Project (Inferred and Indicated Resource of 217Mt at 0.7% copper and 0.2g/t gold)) on the adjacent tenement.
Core has scheduled a follow-up drilling program to commence as soon as the cropping season is completed, expected in January 2012, aiming to follow up the anomalous results and to drill the targets not tested fully by the shallow air-core drilling.
Core is also planning an airborne electromagnetic survey to directly target mineralisation within the Palace target zone as defined by the gravity and magnetics.
The Yorke Peninsula Copper Project covers 243 square kilometres 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, 2011.