Core Exploration (ASX: CXO) has unearthed high grade copper mineralisation of up to 4% in outcrop at the new Choppy Prospect, part of the wholly owned Fitton Project in northern South Australia, from sampling.
The scale of copper, uranium and gold potential is building at Fitton with assays from eight samples delivering peak results of 4.7% copper, 0.75 grams per tonne (g/t) gold and 20g/t silver, as well as 0.25% copper, 1g/t gold and 1.6g/t silver.
In addition to previously noted elevated uranium at the Scott Lee Prospect, also part of the Fitton Project, high gold and silver levels are associated with copper mineralisation at Choppy.
A follow-up mapping and sampling program has already begun at Fitton, with assays due in September. Core is planning to begin its first drilling program at Fitton later in 2012.
Choppy
The Choppy Prospect is located 400 metres southwest of the promising Scott Lee Prospect, where assays of up to 10.5% copper and 0.34% uranium have previously been returned from surface sampling.
The magnetic anomaly at Choppy is of a similar strike length to Scott Lee, doubling the currently defined target size for drilling planned for later this year.
Importantly, there are an increasing number of magnetic anomalies being defined by Core’s recent magnetic surveys, with three new magnetic targets of similar dimensions to Scott Lee and Choppy identified to the east and south.
Further mapping of these areas is currently underway to identify additional surface expressions of mineralisation.
The most significant magnetic anomaly identified to date is a much larger, 1,400 metre long and 250 metre wide, magnetic anomaly 2 kilometres southwest of the Scott Lee Prospect.
As at the Scott Lee Prospect, mineralisation at the Choppy Prospect is associated with a shear zone and is magnetic at a local scale.
Scott Lee uranium potential
Previous surface sampling by Core at Scott Lee has shown significant levels of copper and uranium.
A number of samples contained highly anomalous uranium above 100 parts per million for a strike length of over 800 metres and graded above 1% copper over a strike length of 150 metres.
After finding new outcropping copper mineralisation associated with ground magnetic anomalies, Core has completed infill magnetics at the Scott Lee Prospect.
The Fitton Project in South Australia is strategically located 25 kilometres north of Heathgate Resources’ Beverley uranium mine, Australia’s first operating in situ recovery mine.
Other major uranium mines and large deposits in the region include Alliance Resources’ (ASX: AGS) and Quasar Resources’ Four Mile Uranium Project, which hosts an Indicated and Inferred JORC Resource of 9.8 million tonnes at 0.33% for 71 million pounds of uranium.
Core’s Fitton Project lies just 25 kilometres from operating uranium plant producing and exporting yellowcake in a proven world class uranium mining district, which also hosts the Mt Gee deposit.
Fitton has been shown to host high grade copper and uranium at surface, enhancing the economic prospects of the project.
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