- Recent exploration work at Freehill Mining’s (FHS) El Dorado Project in Chile has reaffirmed the presence of strong copper and gold mineralisation
- The results from a sampling and structural mapping program completed in late August have been received, which outline three key high-grade zones and several potential iron structures
- A 400-metre diamond drill hole was also completed to the northern end of the Yerbas Buenas Project, which sits just south of El Dorado, showing values of up to 0.2 per cent copper
- The company now plans to develop a comprehensive exploration and development plan for both the Yerbas Buenas and El Dorado projects
- Freehill Mining shares are up 3.23 per cent this morning, worth 6.4 cents
Recent exploration work at Freehill Mining’s (FHS) El Dorado Project in Chile has reaffirmed the presence of strong copper and gold mineralisation.
The 750-hectare property sits roughly 500 kilometres north of the capital Santiago, immediately north of the company’s existing 67-million-tonne Yerbas Buenas magnetite project.
Freehill’s latest results relate to a channel sampling and structural mapping program that was completed in late August, and which follows on from a rock chip campaign completed in July.
The sampling work focused on the central portion of the El Dorado Project, testing structural features that may influence mineralisation with a view to generating a better understanding of localised structures.
Three high-grade copper and gold zones have been identified to date, as well as a number of potential iron structures. One of these zones is a northwest-southeast trending structure grading up to 22 grams per tonne of gold and 9 per cent copper.
In addition to the sampling work, Freehill also completed a single 400-metre-deep diamond drill hole to the northern end of the Yerbas Buenas Project. This hole returned several intersections with significant copper sulphide mineralisation and a number of values up to 0.2 per cent copper.
The recent work also included a ground magnetic survey, which was completed over the El Dorado concussion area for a total of 157 line kilometres. This work identified a number of magnetic highs which will be tested during future drilling activities.
Peter Hinner, CEO of Freehill Mining, said the exploration results — particularly regarding the copper mineralisation — expose the company to another major commodity with excellent long-term supply and demand characteristics.
“While we are very much focused on advancing the feasibility study for the magnetite at Yerbas Buenas, these results we have reported today on the copper give us sufficient confidence to now develop a comprehensive exploration and development program for our copper across Yerbas Buenas and now El Dorado,” he added.
Freehill Mining shares are up 3.23 per cent this morning, worth 6.4 cents at 10:57 am AEDT.