Core Exploration (ASX:CXO) has found new copper mineralisation at its recently recognised Paradise Well prospect, boosting the scale potential of its copper resource at the Alabarta project in the Northern Territory.
The latest copper mineralisation has been found at surface during Core’s first exploration work at Paradise Well as malachite in veins and fractures over a distance of approximately 140 metres.
A best result of 1.6% copper was recorded and the new mineralisation is only 2 kilometres from a previously sampled area that identified up to 3.8% copper.
Core plans to undertake detailed soil sampling over the prospect to ascertain the extent of surface copper mineralisation that could help in refining an exploration target.
The Paradise Well copper prospect sits on a regional northwesterly trending structure within the highly prospective iron oxide copper gold zone and the strong copper mineralization and massive magnetite veining highlights the IOCG potential.
Core’s Albarta Project covers over 2,000 square kilometres of the newly recognised, highly prospective IOCG Aileron Province, 100 kilometres northeast of Alice Springs.
The company's tenements include a number of significant copper, gold, silver, uranium and rare earth element mineral occurrences.
Core had $1.72 million cash in hand as at 31 December 2012.
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