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Mount Hope Mining (ASX:MHM) has continued to increase its exposure to the historic Cobar region of New South Wales with the addition of two new permits.
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The company has been granted new exploration licences EL9874 and EL9875, adding around 194 sq. km of highly prospective ground to the company’s broader Cobar Basin landholding of ~606 sq. km.
The strategic new licences secure ground along major regional structures prospective for Cobar-style mineralisation, with EL9875 located along strike from Peel Mining’s Wagga Tank–Southern Nights mineralised trend.
Mount Hope’s MD and CEO, Fergus Kiley, said both licenses contain early-stage targets generated from historical surface geochemical sampling in areas where only limited historical drilling has been undertaken.
“Importantly, the new tenure captures ground along major regional structural corridors and includes early-stage targets defined from historical surface geochemistry, but with only limited historical drilling completed,” he said.
“EL9875 is particularly compelling given its position along strike from the Wagga Tank–Southern Nights trend at the intersection of the Thule and Dusty Tank structures, further demonstrating the prospectivity of this part of the basin.”
The company is building a commanding exploration position in the southern Cobar Basin through opportunistic pegging of prospective ground as it becomes available.
EL9874 is located some 32 kilometres east-northeast of Mount Hope, while EL9875 is located ~42 kilometres north of Mount Hope.
The company considers the EL9875 licence to be strategically important given its position along strike from the Wagga Tank–Southern Nights mineralised corridor, where the project is estimated to contain a resource of 9.99 million tonnes at 0.35% copper, 0.41 grams per tonne gold, 52 g/t silver, 1.19% lead, and 2.78% zinc.
Mr Kiley said Mount Hope is preparing a staged program designed to prioritise targets for drill testing. The next phase of work will focus on further desktop assessment, field mapping and surface sampling, followed by geophysical surveys to better define areas of interest ahead of first-pass drilling.
Earlier this month, Mount Hope completed a controlled-source audio-frequency magnetotellurics geophysical survey at the nearby Mt Solitary project in the Cobar Basin.
The survey was designed to map controlling structures and further refine future targeting at Mt Solitary and used deep-penetrating geophysical exploration to successfully resolve the structural architecture to depths of over 500 metres.
Mr Kiley said the March survey results support and evolve the company’s geological model for the Mt Solitary prospect and will eventually help define the next phase of exploration at Mt Solitary, which has already demonstrated itself to be a high-grade and structurally controlled gold system.
MHM will open at 15cps today. Mkt cap $7.11M.
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