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- Chase Mining’s (CML) investment interest, Red Fox, has commenced mining operations at the Gipsy Creek project in North West Queensland
- Chase Mining owns 40 per cent of the explorer, which focusses on copper-gold-cobalt and silver-lead-zinc exploration activities in the Mt Isa/Cloncurry and Georgetown districts
- According to Red Fox, rig and drill personnel are on the site and the three-hole drilling programme has commenced
- According to Red Fox, these holes aim to test an interpreted a non-magnetic, sulphide dominant, mineralised shear zone
- Chase Mining shares are up 15.8 per cent, trading at 2.2 cents
Chase Mining’s (CML) investment interest, Red Fox, has commenced mining operations at the Gipsy Creek project in North West Queensland.
Chase Mining owns 40 per cent of the explorer, which focuses on copper-gold-cobalt and silver-lead-zinc exploration activities across its seven wholly-owned tenements in the Mt Isa/Cloncurry and Georgetown districts.
According to Red Fox, rig and drill personnel are on the site and drilling has commenced.
Plans have been laid for a three-hole drill programme so far, which is to be funded by a Queensland government one-off funding grant to cover the costs of the copper-gold drill effort.
According to Red Fox, these holes aim to test an interpreted a non-magnetic, sulphide dominant, mineralised shear zone similar to that of the Eloise target.
Eloise is an underground mine 40 kilometres Southeast of Cloncurry with a 3.2-million-tonne resource at 5.5 per cent copper, 1.4g/t gold and 16g/t silver.
Drilling is expected to take approximately three weeks to complete.
More specifically, the three proposed holes are set to test significant chargeability induced polarisation (IP) targets adjacent to a strong conductive zone, which Red Fox interprets to show a sulphide zonation.
Chase Mining shares are up 15.8 per cent, trading at 2.2 cents at 4:31 pm AEST.
