Essex Minerals Inc said it has uncovered a “very large” copper-molybdenum target at its Mt Turner project area in Queensland.
According to the Vancouver-based junior, assay results from over 5,500 soil samples have identified a copper-in-soil anomaly that flanks a molybdenum-in-soil anomaly over a 4-kilometer by 4-kilometer area.
The target also includes discrete gold-silver and lead-zinc anomalies that are peripheral to the main copper-molybdenum system.
READ: Essex Minerals reports promising drill results from initial six-hole program at Drummer Fault project
Essex told investors that the type of peripheral gold-silver anomaly is associated with breccia bodies and veins from major faults marginal to the main porphyry center.
Demand for both copper and molybdenum is forecast to increase by up to 300% by 2040, Essex CEO Paul Loudon told shareholders, citing data from the International Energy Agency's report on Critical Minerals in the Clean Energy Transition.
"With such a strong demand outlook, we are very pleased that our initial exploration has demonstrated the potential for the discovery of a large copper-molybdenum (with silver and gold) deposit at Mt Turner,” Loudon said in a statement.
"Having incubated the project with initial exploration expenditure, Essex is now looking to leverage its position in the project by joint venturing the next round of exploration expenditure then spinning out the property into a new critical minerals listing.”
The company said it has started discussions with an unnamed Australian group that has shown an interest in earning into, and acquiring, the Mt Turner property.
"This project incubation then spinout, particularly where we can retain a royalty and a right to provide stream or project finance, is fundamental to the company's business growth model,” Loudon added.
Mt Turner comprises two granted exploration permits totaling approximately 100 square km in the Australian state.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas