Join our daily newsletter At The Bell to receive exclusive market insights
- Alderan Resources (AL8) has identified new gold and copper targets at its Detroit Project in Utah
- The project lies within the Detroit Mining District which contains multiple historical copper, gold and manganese mines
- The prospective targets were identified after undertaking sampling, magnetic survey work and compiling exploration data
- Alderan is now conducting soil sampling and an induced polarisation survey to refine targets ahead of a drilling program
- Alderan’s shares are down 2.86 per cent and are trading at 6.8 cents
Alderan Resources (AL8) has identified several new gold and copper targets at its Detroit Project within the Drum Mountains region of Utah.
The project lies within the Detroit Mining District which is about 175 kilometres southwest of Salt Lake City and contains a number of historical copper, gold and manganese mines.
While the district has been explored by the likes of Newmont, BHP and Kennecott, none were able to build a significant land position to enable district-wide modern exploration.
Alderan compiled previous exploration data and completed a stream sediment sampling program which suggest potential for significant copper and gold mineralisation.
The ASX-lister also completed a high-resolution ground magnetic survey to identify intrusive bodies and structures which have potential to control and/or host copper and gold.
Pleasingly, this work identified multiple targets including the Basin Complex, Copperhead, Joy Fault and more.
“Alderan’s ground magnetics and rock chip sampling at Detroit supports the earlier stream sediment results and past rock sample results and reinforces our confidence that the project has excellent potential for a buried copper, gold and molybdenum rich porphyry deposit plus skarn and carbonate replacement copper and gold deposits related to intrusives and structures,” Managing Director Scott Caithness said.
The company is now conducting grid soil sampling and an induced polarisation survey to refine drill targets. Drilling is expected to begin in the September quarter.
Alderan’s shares are down 2.86 per cent and are trading at 6.8 cents at 2:21 pm AEST.
