ActivEX Ltd (ASX:AIX) has upgraded a zone of the Inferred Mineral Resource estimate at the Coalstoun copper deposit located in southeast Queensland.
Using the drill program conducted in late 2015, which targeted near surface copper mineralisation, ActivEX now has an Inferred Mineral Resource of 6.1 million tonnes grading 0.5% copper for 29,588 tonnes of copper.
The total Inferred Mineral Resource for the Coalstoun copper deposit was not re-estimated and remains at 26.8 million tonnes grading 0.38% copper for 102,677 tonnes of copper.
The 2015 drilling identified a number of near surface targets for potential open pits and extensions, providing the opportunity to increase the resource.
ActivEX acquired the Coalstoun tenement from Newcrest Mining Ltd (ASX:NCM) in November 2013 with formal transfer completed in late July 2014.
ActivEX is planning to complete sequential copper analysis with the hope of upgrading the classification of part of the deposit to the Indicated level.
The Coalstoun copper deposit has open pit heap leach potential and has significant synergies with the nearby White Horse supergene copper prospect.
At the end of the June quarter, ActivEX had $1.47 million in cash.
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