Mincor Resources NL has added a diversified tungsten, uranium, copper and gold exploration opportunity to its growth portfolio after being granted exploration licences in the Gascoyne region, east of Carnarvon in Western Australia.
Mincor Resources NL has added a diversified tungsten, uranium, copper and gold exploration opportunity to its growth portfolio after being granted exploration licences in the Gascoyne region, east of Carnarvon in Western Australia.
The acquisition, at its Gascoyne Project, is a further step in Mincor's recently announced growth and diversification strategy designed to broaden its asset base into other commodities and geographic regions outside its core nickel business at Kambalda.
The Gascoyne project consists of two granted and 100 per cent-owned exploration licences, and two licence applications covering a total area of 756km2.
Mincor's initial focus will be on the Nardoo Well area, where high-grade tungsten mineralisation in the form of scheelite is known to exist over a strike length of at least 500 metres.
The area is poorly tested with limited previous drilling carried out in the early 1980s to shallow depths.
Mincor's managing director David Moore said the company would complete its initial reconnaissance programme and verification of historical data before starting a programme of shallow RC and diamond drilling, expected to be underway by June 2006.
"In addition to drilling at Nardoo Well, we plan to systematically evaluate the numerous other gold, copper and uranium prospects located within the tens of kilometres of prospective strike length with a view to drill testing of priority targets before the end of 2006," Mr Moore added.
The acquisition of the Gascoyne Project represents a further step in Mincor's growth strategy, which recently saw it announce the commencement of exploration at the Lake Cowan Gold Project in Western Australia.
The new opportunities are being developed concurrently with ongoing intensive nickel exploration drilling at Mincor's core nickel operations near Kambalda.
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MINCOR RESOURCES NL (ASX:MCR)
MINCOR ADDS GASCOYNE TUNGSTEN, URANIUM PROJECT TO ITS GROWTH PORTFOLIO
Exploration to Commence Immediately at the Nardoo Well Tungsten-Uranium Prospect
Mincor Resources NL (ASX: MCR) has added a diversified exploration opportunity to its growth portfolio, including known occurrences of tungsten and uranium, as well as copper and gold targets, after today being granted Exploration Licences covering its Gascoyne Project, 350km east of Carnarvon in Western Australia's Gascoyne region.
The acquisition is a further step in Mincor's recently announced growth and diversification strategy designed to broaden its asset base into other commodities and geographic regions outside its core nickel business at Kambalda.
The Gascoyne project consists of 2 now-granted and 100%-owned Exploration Licences (E05/1205 & 1228) and 2 Licence Applications covering a total area of 756km2 containing a number of high priority exploration targets, including uranium occurrences at the Nardoo Well and White Well Prospects as well as tungsten, gold and copper.
Mincor's initial focus will be on the Nardoo Well area, where high-grade tungsten mineralisation in the form of scheelite (WO3) is known to exist over a strike length of at least 500 metres. The area is poorly tested with limited previous drilling carried out in the early 1980s to shallow depths (averaging 15 metres). Sparse visible uranium mineralisation is reported in outcrop and in approximately 5% of the drill holes.
Mincor's Managing Director, David Moore, said the Company would complete its initial reconnaissance programme and verification of historical data before starting a programme of shallow RC and diamond drilling, expected to be underway by June 2006 (subject to rig availability).
"If we can replicate the results of earlier sampling at Nardoo Well and demonstrate that the reported tungsten grades pervade the units of interest, we could be in a position to delineate a significant open-pittable resource, possibly with uranium as a co-product, creating a major strategic growth opportunity for Mincor," Mr Moore commented.
"In addition to drilling at Nardoo Well, we plan to systematically evaluate the numerous other gold, copper and uranium prospects located within the tens of kilometres of prospective strike length with a view to drill testing of priority targets before the end of 2006," Mr Moore added.
The known mineralisation within the Gascoyne Project area is hosted within the Paleoproterozoic Morrissey Metamorphic Suite of the Gascoyne Province. The target area comprises a suite of ortho and para-amphibolites (calcareous metasediments) and numerous skarns, intruded by tungsten-molybdenum-fluorine bearing late stage granites.
"This is a highly prospective area which has seen very little historic exploration, making it an exciting strategic addition to our portfolio of growth projects," Mr Moore commented.
The acquisition of the Gascoyne Project represents a further step in Mincor's growth strategy, which recently saw it announce the commencement of exploration at the Lake Cowan Gold Project in Western Australia.
"We are currently evaluating a number of other prospects, similar to the Lake Cowan and Gascoyne Projects, which offer diversification into gold and base metals with the potential to become long-life growth assets. We expect to make further announcements in this regard in the coming weeks," Mr Moore said.
The new opportunities are being developed concurrently with ongoing intensive nickel exploration drilling at Mincor's core nickel operations near Kambalda.
Mincor is debt-free, with nickel production from its four mines providing a strong cash flow and profit base for the Company. In addition, Mincor expects to receive a cash injection of approximately $15.7 million from the sale of its options in Tethyan Copper Company, which is currently subject to a takeover offer from Antofagasta and Barrick.