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FMR Resources (ASX:FMR) has used direct staking to acquire a high-grade copper project in Canada which has hosted programs of drilling stretching back to the 1950s.
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The Goshen copper project – located in New Brunswick – stretches across 10 square kilometres of tenure, with more than five kilometres of prospective strike, across which copper occurrences have been noted.
The company says the site is prospective for both red metal and silver mineralisation.
Discovered in 1925, Goshen was subject to drilling in the ’50s, followed by surface stripping, trenching, drilling, and metallurgical tests in the 1970s and 1980s.
More recently – between 2006 and 2009 – exploration at the Goshen copper project involved a regional soils program. Regional stream sediments, rock chip sampling, and diamond core drilling were undertaken.
There was also a program of IP geophysics, plus ground gravity, drilling, mapping and other exploration completed at the site by a private company.
One crucial discovery made through historic work – especially from soil and mapping work by Cornerstone Resources in 2007 – was the presence of several anomalous copper zones with surface mineralisation.
One of these anomalies measures 1,300 metres by 700 metres, with rock chips indicating recorded details up to 4.0% Cu, 3.9% Cu, and 3.0% Cu.
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Drilling at the main prospect found mineralisation over 200 metres of strike, with results including 7.47 metres at 1.29% Cu from five metres including 1.54 metres at 3.41% Cu, 1.47 g/t silver.
FMR is now assessing all data taken from previous programs of work to guide its future exploration at the site.
FMR has been trading at 17 cents in early Thursday trade.
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