- Chase Mining’s (CML) 40 per cent-owned company Red Fox Resources applies for three exploration permits in northwest Queensland
- The additional permits adjoin Red Fox’s Mt Carol tenement in the Selwyn district and increase its landholding in the area to 331.5 square kilometres
- Encouragingly, the new application areas lie within a highly prospective zone that contains anomalous lead, copper, zinc and cobalt
- Red Fox expects the tenement applications to be granted early next year when on-ground assessments can commence
- Chase Mining’s shares are trading 5.88 per cent down at 1.6 cents at 2:31 pm AEDT
Chase Mining’s (CML) 40 per cent-owned company Red Fox Resources has applied for another three exploration permits in northwest Queensland.
The additional permits adjoin the privately owned mineral explorer’s wholly owned Mt Carol tenement in the Selwyn district of Cloncurry and increase Red Fox’s landholding in the area from 108 square kilometres to 331.5 square kilometres.
The Mt Carol tenement and the new application areas are located in a highly prospective zone that stretches from 10 kilometres southeast of the Selwyn, Mt Dore/Merlin and Mt Elliot deposits to an area eight kilometres north of the Osbourne copper-gold mine.
Mt Carol contains multiple targets with anomalous copper, lead, zinc and cobalt in soils, rocks and gossans. The host sequence of black shales extends south-southwest from the Mt Carol area for about 40 kilometres.
Red Fox expects the tenement applications to be granted early next year when on-ground assessments can commence.
Chase Mining’s shares were trading 5.88 per cent down at 1.6 cents at 2:31 pm AEDT.