New Frontier Minerals (ASX:NFM) has delineated 14 priority prospects as it ramps up work at its NWQ copper project near Mt Isa. A major focus of the company is exploration activity around the Big One deposit ahead of the award of a mining lease and proposed RC and diamond drilling programs.
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Amid that ramp-up, NFM is also assessing priority mining areas and historical stockpiles outside the current mineral resource estimate.
“The exploration targets underscore the substantial potential scale and depth of opportunity across NWQ. Moreover, they clearly demonstrate significant potential beyond the Big One deposit,” chairman Gerrard Hall declared.
Mr Hall told shareholders today that New Frontier’s initial focus is to secure a mining lease over Big One and to formalise a copper ore processing agreement with Austral Resources to utilise its Mt Kelly facility.
“In due course, the development pathway comprises fully developing the Big One deposit, then explore the remaining 13 prospects to determine their potential to host copper deposits,” he explained.
He continued: “Collectively, this work highlights the NWQ copper project’s potential to have multiple copper deposits with a clear production pathway that could generate significant value for shareholders.”
Big One currently has a mineral resource estimate of 2.1 million tonnes at 1.1% copper for approximately 21,000 tonnes of copper metal. NFM is planning for RC and diamond drilling campaigns at the Big One and Big One North deposits to potentially extend known mineralisation and upgrade the resource.
The geology team is also prepping 14 other under-explored priority prospects to ascertain their potential to host deposits. The project is in a region of Queensland considered rich in significant exploration potential.
NFM is steady at 1.8c early today. Mkt cap $31.19M.
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