Australian explorer Encounter Resources (ASX:ENR) and JV partner South32 (ASX:S32) are planning to undertake a significant drilling campaign at the Jessica copper project in the Northern Territory this year.
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Operated under a farm-in agreement with S32’s wholly owned subsidiary, the JV is finalising the design of extensive copper-focused drilling and geophysics.
These upcoming programs are expected to be made up of 4,000 metres of RC drilling and around 2,000 metres of diamond drilling to test a number of targets identified from Encounter’s CY25 geophysical surveys.
In the lead-up to drilling, the JV has focused on reprocessing existing seismic data to provide improved resolution of the geology and structure within the upper 1,000m, complemented by a large-scale gravity survey.
Studies to date have identified multiple drill targets, including Zeta, a large, discrete gravity anomaly coincident with a prominent magnetic feature on the margin of a large interpreted intrusive body.
The two companies have also agreed to expand the Jessica farm-in agreement with the addition of 685 sq. km of new acreage.
Encounter’s executive chairman, Will Robinson, said it is a perfect time to be testing large-scale copper targets in Tier One jurisdictions such as Australia.
“Over recent years, South32 and Encounter have completed extensive seismic reprocessing, targeted stratigraphic drilling, and AEM and MIMDAS geophysical surveys, laying the foundations for the exciting large-scale copper-focused drill programs planned for through 2026,” Mr Robinson said.
The Encounter chief continued: “With the addition of new tenure adjacent to planned exploration activities, we look forward to reporting as drilling tests a suite of high-quality AEM, magnetic and IP copper targets during 2026.”
Final design of the 2026 drilling programs is expected to be completed in Q1 CY26, with drilling scheduled to commence in Q2 CY26. The JV is also planning to undertake a regional MT survey in Q3 CY26, covering the Jessica project from north- west to south-east over a distance of more than 191km.
ENR is down -4.17% to 34.5cps. Market cap is $201.2 million.
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