- Alderan Resources (AL8) has announced the final drill results from the first drill hole at the Cactus Canyon Prospect in Utah
- Rio Tinto’s (RIO) subsidiary and Alderan’s earn-in partner, Kennecott Exploration, drilled four holes at the overarching Frisco Project to test the possible continuity of mineralisation between the Cactus and Comet prospects
- Grades peaked at 1.9 per cent copper, 0.62g/t gold and 7.1g/t silver
- Results from the remaining three holes are expected in the coming weeks
- Alderan is up a healthy 18.2 per cent and shares are trading for 13 cents each
Alderan Resources (AL8) has announced the final drill results from the first drill hole at the Cactus Canyon Prospect.
Cactus Canyon lies within the company’s Frisco copper-gold-silver project in Utah, U.S.
Rio Tinto’s (RIO) subsidiary and Alderan’s earn-in partner, Kennecott Exploration, drilled four holes at Frisco to test the possible continuity of mineralisation between the Cactus and Comet prospects, as well as a large induced polarisation (IP) anomaly at Reciprocity.
Kennecott has the potential to earn a 70 per cent interest in Frisco by spending US$30 million (around A$41.6 million) on exploration.
Best results include 41 metres at 1.9 per cent copper, 0.62g/t gold and 7.1g/t silver from 252 metres within 74 metres at 1.1 per cent copper, 0.35g/t gold and 4.5g/t silver from 219 metres.
Results from the remaining three holes are expected in the coming weeks.
“We are highly encouraged by the results from this first hole drilled by Kennecott under the earn-in agreement, which is the best received to date in this prospect,” Managing Director Peter Williams said.
“We look forward to results from the other holes in the program which will provide further validation of the prospectivity of this and other prospects targeted,” he added.
Alderan is up a healthy 18.2 per cent and shares are trading for 13 cents each at 11:03 am AEST.