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- New magnetic anomalies were identified over Alderan Resources (AL8) Frisco copper-gold-zinc-silver project in Utah, USA
- Rio Tinto (RIO) subsidiary Kennecott Exploration is working to earn a 70 per cent interest in the project and completed a UAV drone magnetic survey over the area in June 2021
- According to the company, the survey successfully identified new magnetic targets and improved the resolution on already known anomalies
- Field inspections and surface sampling is planned ahead of a decision to drill
- Shares last traded 7.4 per cent higher at 2.9 cents on January 20
New magnetic anomalies were identified over Alderan Resources (AL8) Frisco copper-gold-zinc-silver project in Utah, USA.
Frisco contains numerous historical copper-gold and lead-zinc-silver mines such as the Horn Silver mine and the Cactus and Imperial copper mines. It is the subject of an option agreement between Rio Tinto (RIO) subsidiary Kennecott Exploration (KEX) and Alderan’s subsidiary Volantis Resources Corp.
Under the terms of the farm-in agreement, KEX can earn up to a 70 per cent interest in the project through spending US$30 million (A$41.5 million) on exploration in three stages over a total of ten years.
In June last year, Kennecott completed a UAV (drone) magnetic survey across the project with the aim of identifying new magnetic targets and providing better resolution of existing targets.
According to the company, the survey successfully identified new magnetic targets and improved the resolution of already known anomalies.
In particular, it has better defined the Cactus Porphyry, Reciprocity and North Carbonate anomalies which have been the subject of the previous exploration.
Kennecott is now planning to undertake field inspections and surface sampling over the targets, ahead of a decision on drilling.
Alderan shares last traded 7.4 per cent higher at 2.9 cents on January 20.
