Chase Mining Corporation Ltd (ASX:CML)’s investee Red Fox Resources (ASX:FXR) Pty Ltd has kicked off its 2022 field season with work at the Eveleigh zinc-lead-silver and Butchers Bore gold projects in northern Queensland.
The privately-owned resources company, in which Chase holds a 40% stake, is focused on acquiring high-quality, polymetallic exploration targets in well-defined mineralised regions, and two of its key assets will form the basis of this year’s field campaign.
Red Fox will use mapping and geochemical sampling to explore the Eveleigh and Butchers Bore projects, and results from both programs are expected later this month.
All of the CML investee’s projects are either drill-ready or need a small amount of low-cost groundwork to be advanced, meaning there’s potential to rapidly increase value without spending years on early-stage exploration.
Chase Mining invested $600,000 to secure its 40% stake in Red Fox back in late 2020, increasing its exposure to seven wholly-owned, granted exploration tenements across the Mt Isa/Cloncurry and Georgetown mineralised districts.
Exploring Eveleigh
Fieldwork at the Eveleigh project in northeast Queensland’s Georgetown district will consist of mapping and geochemical sampling.
The mapping program is out to define and extend the project’s lode horizon, while pXRF geochemistry aims to extend the known mineralised zones to the east and west, as well as refine drill targets using multi-element geochemistry.
Red Fox hopes to complete a diamond drilling program — consisting of six holes for 810 metres — at the zinc-lead-silver project in mid-2022.
The drilling is supported by a $200,000 government grant, which was secured under Business Queensland’s Collaborative Exploration Initiative.
Drilling will assess the potential for BHT (Broken Hill Type) mineralisation at Eveleigh, which has not been confirmed at this project as of yet.
Building data at Butchers Bore
Meanwhile, fieldwork at Red Fox’s Butchers Bore asset — in northwest Queensland’s Cloncurry district — will include further sampling and mapping activity, centred on the GW Gossans prospect.
The program is designed to refine and extend the anomalous zones identified in last year’s field campaign.
Highlights from the 2021 work program included:
- Uncovering up to 3.86 g/t gold in rock chip samples;
- Defining a soil anomaly over 700 metres; and
- Determining soil anomalies were open to south, west and east.