DiscovEx to offload WA gold-copper project

DiscovEx Resources is set to offload its Gooroo project in WA’s Murchison region after entering into an option agreement to sell off the prospective gold and copper tenure to fellow explorer Cooper Metals.

Cooper Metal’s strategic acquisition neighbours its own tenure in the Gullewa Greenstone Belt in the Murchison Province of the Yilgarn Craton. The under-explored greenstone belt houses Silver Lake’s Deflector copper-gold deposit with a resource base of 2.67 million tonnes grading 12.5 grams per tonne gold and 0.7 per cent copper for 1.03 million ounces of gold and 16,800 tonnes of copper.

Recent exploration undertaken by Cooper at Gooroo unearthed multiple intriguing gold-in-soil anomalies sited along a series of significant north-east trending structures considered important in the formation of orogenic copper and gold deposits.

Interestingly, the most significant of these anomalies lies on the fence with DiscovEx’s tenure.

Under the agreement, Cooper will issue DiscovEx with $50,000 in shares for a 100 per cent interest in the tenement upon completion of due diligence.

With the tenement obligations for the Gooroo project neatly packaged up for Cooper Metals, DiscovEx frees up precious time to focus its exploration efforts across its portfolio of precious and base metal projects that are scattered across the state.

The company is gearing up to complete further exploration at its Sylvania and Edjudina projects following a spate of encouraging results.

Results from recent air-core drilling at its Spartan prospect in the company’s Edjudina project in Western Australia’s Eastern Goldfields have confirmed bedrock gold mineralisation, generating three high-priority drill targets – Spartan East, Spartan West and Colossus.

Those three targets displayed elevated gold results close to the bottom of hole and also show scale potential. DiscovEx says the bottom-of-hole mineralisation is particularly encouraging because it alludes to the potential for primary gold mineralisation in the fresh rock below.

Best results from the significant intersections within the bedrock include 4 metres going 1.24 grams per tonne gold from 82m, including 1m at 3.42g/t gold from 82m.

In the Pilbara, DiscovEx is eyeing off a suite of geophysical and geochemical targets at its Sylvania project which already host a resource of 2.98 million tonnes at 4.94 per cent zinc, 1.59 per cent lead and 15 g/t silver.

The explorer’s priority geophysical and geochemical targets are slated for an upcoming drilling probe following heritage clearance and relevant approvals.

Elsewhere, DiscovEx is enjoying the spoils of success in Queensland after its JV partner, Carnaby Resources struck a 6m parcel grading a sky-high 6.7 per cent copper and 1.2 grams per tonne gold from 77m at the emerging Burke n’ Wills discovery at the duo’s Greater Duchess project in the Mt Isa region.

The results follow a program of six shallow RC holes plunged across the Burke n’ Wills prospect at the back end of 2022. The campaign was aimed at testing a clutch of near-surface workings sitting under alluvial cover where a number of shallow historic shafts presented an inviting target.

Over the past 12 months or so, the joint venture has made three significant copper-gold discoveries at the Greater Duchess project. The list includes the Nil Desperandum discovery in December last year, Lady Fanny in January 2022 and the Mount Hope discovery about three months ago.

DiscovEx holds a free carried 17.5 per cent interest in the Southern Hub tenements –part of the Greater Duchess Project - after cutting a deal with Carnaby Resources about two years ago. The result not only removed the future burden of any exploration costs associated at the site for DiscovEx, it also left the company with significant upside exposure to the project.

It's a recurring theme for the ASX-listed project incubator and one that could pay handsome dividends for DiscovEx should Cooper Metals stump up a similar discovery.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au