Chase Mining Corporation Ltd (ASX:CML) welcomes the news that Red Fox Resources (ASX:FXR) Pty Ltd, in which Chase holds a 40% stake, has been granted exploration permits (EPMs) across all tenements at the Selwyn Project, south of Cloncurry in northwest Queensland.
The three newly granted five-year EPMs over the tenements – Mt Carol West, Camel Dam and Mt Carol West 2 – along with the granted Mt Carol tenement, increase Red Fox’s holdings from 108 square kilometres to 331.5 square kilometres.
Selwyn Project covers a highly prospective zone starting 15 kilometres southeast of the Selwyn, Mt Dore/Merlin and Mt Elliott deposits, and extends south towards the Osbourne copper-gold deposit.
Several developing targets
The multi-commodity Selwyn Project contains several developing targets. The Mt Ulo/Perisher-Camel Bore area contains 13 kilometres of anomalous lead and zinc in streams.
A prospective black shale unit highlighted by electromagnetic surveying extends over 40 kilometres of strike, partly under cover, where several gossans have been found.
Historical drilling is shallow and incomplete with best results including 3.05 metres at 2.08% lead and 16 g/t silver at Mt Ulo and 30 metres at 0.42% lead and 8.6 g/t silver at Perisher.
The Wallaby prospect contains gold in soils and shallow historical drilling, with the best drill result being 12 metres at 1.17 g/t gold, and the company is yet to test a deep coincident magnetic and electromagnetic feature.
Historical drill data positive
At the Jasper Ridge prospect, drilling in the 1980s by CSR returned encouraging mineralised zones with anomalous copper (up to 6.7%), lead (up to 2.47%), zinc (up to 1.53%), silver (up to 300g/t) and cobalt (up to 1,950 parts per million or ppm) values.
Historical drilling intersections in two holes include 18 metres at 0.42% copper, 0.55% zinc, 6 g/t silver and 252 ppm cobalt (from 62 metres), and 7.8 metres at 0.97% copper, 0.39% lead, 22 g/t silver and 684 ppm cobalt (from 32 metres). Both holes ended in mineralisation.