EV Resources (ASX: EVR) is investigating what it says is previously unknown porphyry copper potential at its Khartoum project in Queensland after unveiling a strong new suite of rock chip results.
The company says the bumper grades going up to 71 per cent copper and 874 grams per tonne silver hint at the potential for large-scale copper, molybdenum and silver porphyry targets.
Management is now reviewing its extensive database of more than 5000 rock chip samples to better inform its geophysical targeting of copper mineralisation at the project where five initial key target areas for copper-moly-silver mineralisation has been highlighted.
EV its Hayes Creek porphyry target as its highest priority. The magnetic signature lying beneath recent high-grade copper rock chip anomalism indicates a magnetic “hole” within the rocks that the company says is comparative to the Red Chris porphyry orebody – a copper, gold, silver, lead, zinc and molybdenum deposit in British Columbia that is operated by Newcrest Mining.
Red Chris is one of Newcrest’s major assets in its impressive global portfolio. The project has an estimated measured and indicated resource of 1.035 billion tonnes going 0.35 per cent copper, 0.35g/t gold, and 1.14g/t silver and was 70 per cent-acquired by Newcrest in 2019 for US$806.5 million (AU$1.21 billion).
Despite the very large number of historic mines, very little exploration has been carried out in the area. Our surface geochemistry compilation indicates that Copper-Silver-Gold-Moly mineralisation is pervasive, strongly suggesting that porphyry mineralisation is very likely to occur here. EV Resources is now on the hunt for that porphyry at Khartoum.
EV Resources executive director Adrian Paul
The Khartoum project consists of five exploration permits covering an area of 98 square kilometres and sits about 100km south-west of Cairns. It is considered highly-prospective for magmatic arc porphyry and epithermal copper and moly-style mineralisation.
EV says it is the spatial association and extend to which copper, moly and silver is spread across the project that is particularly important in the search for large porphyry systems. The company will now begin field work programs in a bid to confirm its historic rock chip samples and expand the sampling areas and gauge just how big its footprint truly is. Full geophysical interpretation of the project will also kick off with a new focus on uncovering main porphyry styles associated with island arc geology.
Recently, the Queensland Department of Resources, the University of Queensland and James Cook University – as part of that State’s New Economy Minerals Initiative – launched studies on the area where EV’s Khartoum project lies. The studies highlight the company’s Khartoum project as sitting in the centre of a significant area several times the size of the project itself and containing mineralisation styles with the potential to host critical minerals listed by the Australian Government.
EV also has its hands on two major sites in the South American nation of Peru at its flagship Parag and Don Enrique operations. The Parag project is some 145km north of the Peruvian capital of Lima and the Don Enrique copper-silver play sits about 260km east of Lima.
Parag delivered a recent intersection returning 18m at a peak grade of 1.7 per cent copper and 0.4 per cent moly from just 11m, contained within a wider 32m section going 1.2 per cent copper and 0.4 per cent moly from just 3m below the surface. The prospective porphyry projects feature considerable moly grades comparative to many of the globally-significant high-grade operating deposits.
The metal has now climbed to a dizzying US$22.89 (AU$33.99) per pound – or US$50,635 (AU$75,191) per tonne. It is more than five-times that of the also strongly-performing copper price that sits near all-time highs.
EV also plans to drill a 2000m program at Don Enrique, beginning next month. The company recently picked up an additional 1000 hectares at the exploration license after identifying a chargeability high up to 1500m in length and some 300m in width.
Importantly, the chargeability high increases in strength at depth and dips to the west into the new tenements.
EV’s latest high-grade copper rock chips have yet again identified more porphyry prospectivity for a company that now has big porphyry-type copper targets in both Australia and Peru. Multiple chances at scoring a big prize such as a copper and moly porphyry deposit is a mouth-watering concept likely to have the market watching on to see how the multi-continent copper story progresses.
Is your ASX-listed company doing something interesting? Contact: office@bullsnbears.com.au