08/05/2006 - 11:10

Mincor expands exploration program into copper

08/05/2006 - 11:10

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Western Australian-based nickel producer Mincor Resources NL has announced a further step in its growth and expansion strategy by lodging tenement applications for the Tottenham copper project in northern New South Wales.

Mincor expands exploration program into copper


Western Australian-based nickel producer Mincor Resources NL has announced a further step in its growth and expansion strategy by lodging tenement applications for the Tottenham copper project in northern New South Wales.

The Tottenham project is located 120 kilometres south of Girilambone in the prolific Lachlan Fold Belt.

The tenement application, which is expected to be granted within 3 months, represents a further step in Mincor's growth and expansion strategy aimed at growing the company's core nickel business, while simultaneously expanding into commodities and geographic regions outside Kambalda.

Mincor's Managing Director, Mr David Moore, said Tottenham represented an advanced exploration opportunity in one of Australia's oldest and richest copper mining districts.

"We understand that, apart from a limited number of holes, previous exploration focused on the near-surface oxide potential of the area and there has been very little deeper drilling," Mr Moore said.

"Given the project's location in a productive copper mining area, and the fact that previous drilling achieved ore grade copper intersections, the Tottenham Project clearly offers the potential to become a growth asset in copper for Mincor."

The application for the Tottenham Project represents the third major step this year in Mincor's new strategy.

In recent weeks, the Company has also secured the Lake Cowan Gold Project and the Gascoyne Project (targeting tungsten, uranium, gold and copper), both located in Western Australia.

Concurrently with the evaluation of these new opportunities, Mincor is undertaking intensive exploration drilling in and around its Kambalda nickel operations.

 

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MINCOR ADDS TOTTENHAM COPPER PROJECT TO GROWTH PORTFOLIO
Tenement Application Submitted for Quality Copper Play in Historic Mining District

Nickel producer Mincor Resources NL (ASX: MCR) today announced a further step in its Growth and Expansion Strategy after lodging tenement applications to secure the Tottenham Copper Project, 120km south of Girilambone in New South Wales.

The 209 km2 Tottenham Project is located in the prolific Lachlan Fold Belt. The geological setting is similar to that of the Girilambone group of mines, including the operating Murrawombie (formerly Girilambone) and Tritton copper mines. Tottenham is also located 160km southeast of the CSA copper-silver mine and Peak gold mine near Cobar.

The tenement application, which is expected to be granted within 3 months, represents a further step in Mincor's Growth and Expansion Strategy aimed at growing the Company's core nickel business while simultaneously expanding into commodities and geographic regions outside Kambalda.

Mincor's Managing Director, Mr David Moore, said Tottenham represented an advanced exploration opportunity in one of Australia's oldest and richest copper mining districts.

Drilling in the late 1990s by copper producer Straits Resources Limited targeted shallow oxide mineralisation and returned significant results at Tottenham including 20 metres at 2.1% copper (from 10 metres) at the Caroline Prospect, and 7 metres at 1.5% copper (from 29 metres) and 10 metres at 1.4% copper (from 43 metres) at the Orange Plains Prospect.

"We understand that, apart from a limited number of holes, previous exploration focused on the near-surface oxide potential of the area and there has been very little deeper drilling," Mr Moore said.

"Given the project's location in a productive copper mining area, and the fact that previous drilling achieved ore grade copper intersections, the Tottenham Project clearly offers the potential to become a growth asset in copper for Mincor," he added.

Mineralisation in the region is associated with shallow-dipping zones of massive sulphides within silica and magnetite altered Girilambone sediments and volcanics.

"Potential exists for both oxide and sulphide mineralisation along strike and down-dip of known occurrences," Mr Moore said.

The application for the Tottenham Project represents the third major step this year in Mincor's new strategy. In recent weeks, the Company has also secured the Lake Cowan Gold Project and the Gascoyne Project (targeting tungsten, uranium, gold and copper), both located in Western Australia.

Concurrently with the evaluation of these new opportunities, Mincor is undertaking intensive exploration drilling in and around its Kambalda nickel operations.

Mincor is a debt-free nickel mining company with four operating mines in the Kambalda District providing it with a strong cash flow and profit base. Mincor's strategy is to grow its highly successful nickel business while simultaneously expanding its interests across a broader range of mineral opportunities.


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