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ActivEX uncovers anomalous copper-gold-molybdenum at Queensland project

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ActivEX (ASX: AIV) has uncovered highly anomalous soil geochemistry results from a Mobile Metal Ion (MMI) soil geochemical survey at Selwyn East copper-gold-molybdenum project near Cloncurry northwest Queensland.

Samples from the survey returned anomalous metal values, in particular copper and molybdenum over the known skarn and gossan outcrops.

Anomalous molybdenum and copper also show up over several of the buried conductors defined by the sub-audio magnetic survey.

While the results show a clear association between copper and both Heathrow and JFK Gossans in outcrop, the MMI survey also shows highly anomalous copper values adjacent to the magnetic anomaly over about 2 kilometres of strike in close proximity to the granite contact.

Gold and uranium distribution is similar to the copper distribution in this area, further supporting the anomalous nature of this zone with anomalous gold values also strongly developed immediately south-east of Heathrow Gossan.

Sampling also turned up one area of anomalous copper-uranium-rare earths, which is not coincident with the radiometrics. This requires follow-up sampling.

The company expects the MMI data to help with the selection of attractive drill targets.

ActivEX is the target of a takeover bid by ASF Group (ASX: AFA), which launched an on-market $0.015 per share cash offer that values the copper and gold explorer at about $5.9 million.

This offer extends to the shares to be issued under ActivEX’s Rights Issue.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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