ActivEX Limited (ASX:AIV) is acquiring the Coalstoun Lakes copper-gold project in Queensland from Newcrest Mining (ASX: NCM) for $200,000.
Coalstoun Lakes, located 100 kilometres northwest of Gympie in south-east Queensland, is a porphyry copper-gold project with significant near surface supergene enrichment – open pit heap leach target.
This is similar to the company’s White Horse supergene target in the same district.
It is confident of bringing both prospects to resource stage quickly and is looking at potential synergies in a combined project development.
Coalstoun Lakes porphyry has peripheral gold dominant breccia and structural targets that have had limited previous drill testing, giving the company immediate drill targets.
The project covers 189.9 square kilometres between Gayndah and Biggenden and has been explored for porphyry copper style mineralisation since discovery in the 1970s.
In recent years, Newcrest has principally focussed on exploring large tonnage gold-copper and gold dominant breccia and epithermal targets which lie adjacent to, and are associated with, the Coalstoun Lakes copper porphyry.
Australian & China focused ASF Group (ASX: AFA) has a 42.75% interest in ActivEX.
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