Join our daily newsletter At The Bell to receive exclusive market insights
- Chase Mining’s (CML) 40 per cent-owned company Red Fox Resources has been awarded two Collaborative Exploration Initiative (CEI) grants from the Queensland Government
- Red Fox will use $200,000 to drill six diamond holes at the Eveleigh Project to assess the potential for Broken Hill Type mineralisation
- The company will then use $120,000 to drill three reverse circulation holes at Ernest Henry West to test the high-priority target areas identified in a recent geophysical review
- Drilling is expected to be carried out in early to mid-2022, with the final hole positions to be refined subject to access conditions, including Native Title clearance
- Chase is steady on the market with shares trading at 1.4 cents
Chase Mining’s (CML) 40 per cent-owned company Red Fox Resources has been awarded two Collaborative Exploration Initiative (CEI) grants from the Queensland Government.
The grants are to fund drilling at the Eveleigh Zinc Project in northeast Queensland and the Ernest Henry West Copper-Gold Project in northwest Queensland.
Eveleigh Project
Red Fox will use $200,000 to drill six diamond holes, totalling 810 metres, at the Eveleigh Project to assess the potential for Broken Hill Type (BHT) mineralisation.
Two holes will drill into the main zinc lens to intersect the western and eastern mineralised zones, two holes will drill into the interpreted copper-lead-zinc central lode while the final two holes will drill into the interpreted lead-silver northern lode.
Eveleigh contains a lens of zinc mineralisation that was primarily drilled in the 1970s with a previous intercept of 24.4 metres at 2.5 per cent zinc.
If the project is confirmed to have BHT-style mineralisation, it will significantly increase the prospectivity of Eveleigh with the possibility of multiple undiscovered sulphide lodes.
Historical drilling has been shallow with the deepest intersection to date less than 70 metres vertical depth.
Ernest Henry West Project
Red Fox will then use $120,000 to drill three reverse circulation holes at Ernest Henry West to test the high-priority target areas identified in a recent geophysical review.
The holes will target a complex magnetic anomaly that has had one previous hole drilled with 3D modelling showing it may not have been drilled deep enough to intersect the anomalous zone.
Drilling is expected to be carried out in early to mid-2022, with the final hole positions to be refined subject to access conditions, including Native Title clearance.
Chase was steady on the market with shares trading at 1.4 cents at 2:46 pm AEDT.
