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Infinity Mining (ASX:IMI) has been granted the Achilles copper-gold project in New South Wales, boosting its portfolio in these metals in a territory considered highly prospective, the Devonian Cobar Basin.
The company was granted Achilles – which lies on exploration licence EL9700 – on September 16 for a total of 3 years.
It had already been granted six other ELs in NSW, including those associated with the Bogong), Gundagai), and Harden projects, and the three which comprise Infinity’s flagship
Cangai Project.
When it comes to Achilles, location is the supreme focus: With the project stretching five kilometres along a shear zone of the same name, which is itself part of the metal-rich Devonian Cobar Basin, home to a number of precious and base metal ore deposits such as the MAC Copper Ltd’s CSA copper mine and Aurelia Metals Ltd’s Peak gold mine.
Close to the Achilles tenement, there has been recent and impressive drilling work by Australian Gold and Copper Ltd at its Achilles 3 project – such as five metres at 16.9 g/t gold, 1,667 g/t silver, and 15% lead and zinc from 112 metres – and and Eastern Metal Ltd’s Brown’s Reef project.
The latter – which hosts polymetallic VHMS (volcanogenic massive sulfide) mineralisation – reported seven metres at 4.3 g/t gold, 2.7 g/t silver, and 0.3% lead from 50 metres and one metre at 4.17 g/t gold and 2.7 g/t silver from 82 metres.
Executive chairman Joe Phillips said the acquisition was an important addition to the company’s strategy.
“Acquiring the Achilles Project amid recent neighbouring discoveries is an exciting milestone for Infinity,” he said.
“Hosting Copper and Gold mineral occurrences within prospective geological host rocks,
Infinity’s Achilles Project holds great promise for further copper-gold discoveries in the region.”
At 14:27 AEDT, Infinity shares were trading at 1.4 cents – a fall of 17.65% since the market opened.
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