Chinalco Yunnan Copper Resources (ASX:CYU) and Elementos (ASX:ELT) are set to commence drilling at the Millenium copper-cobalt-gold prospect in north-west Queensland in early November.
Chinalco entered into a farm-in agreement with Elementos providing CYU with the right to explore for copper, gold and other minerals and ultimately earn a majority interest in the Millenium Project.
The proposed exploration program involves at least 13 reverse circulation drillholes designed to validate historic results from the 1970’s and early 1980’s,including 10.6 metres at 2% copper and 0.23% cobalt, and 11 metres at 2% copper.
Three initial targets extend over a surface copper mineralised strike length of 1200 metres.
The targets are underpinned by structural features, characterized by “connector” faults joining these structures into a complex inter-woven network.
Specifically, the current program is testing the southerly mineralization wedged between the Fountain Range and Quamby Faults.
This geological setting extends for a further 10 kilometres to the north within the Millenium tenement package.
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