Mamba Exploration kicks off EM survey at prime Kimberley target as copper crunch looms

Explored since the 1970s and drilled in the mid-2000s, Copper Flats is now back on a high priority basis as Mamba Exploration (ASX: M24) begins an airborne electromagnetic survey aimed at identifying copper and silver targets.

This early-stage work comes on the back of a report last week by the International Copper Study Group predicting a supply deficit this year for the red metal, due partly to China’s consumption growing faster than expected.

Trading giant Trafigura has also been sounding warnings of acute future shortages in copper, a metal that is vital to the global energy transition.

Yet Perth-based Euroz Hartley’s analyst Michael Scantlebury last week published a study showing that the world is now discovering less copper per annum than was the case 20 years ago, and average head grades have also been declining among producers.

High-grade copper intercepts two decades ago

Four areas are being targeted for copper and silver targets.

Copper Flats covers 1,025 sq km and is located 125km northeast of Halls Creek, in Western Australia.

As Mamba explains, the Copper Flats area has been explored since the 1970s, with numerous reports of visible copper mineralisation in outcrop and is “an early-stage exploration area with excellent first pass results.”

Between 2006 and 2011, the former Ord River Resources drilled at Copper Flats, reporting several intersections including 8m at 1.65% copper and 7m at 1.53% (both from surface) along with 1m at 3.1% (2m down hole) and 2m at 2.5% copper.

Mamba reports that channel sampling has returned encouraging grades including 15m at 8% copper and 18 grams per tonne silver and 5m at 6.5% and 129g/t respectively.

EM described as ‘effective’

Mamba explains that past explorers have proposed airborne electromagnetic as an effective method of ranking the large number of surface targets that have been generated from past work.

“In addition to EM, better quality/detailed aeromagnetic data may assist in defining regional structures which are associated with the copper mineralisation at Copper Flats project area.”

Managing director Mike Dunbar said the survey is expected to be completed within seven days.

“While the program has been delayed by factors outside the company’s control, the targets have been further refined and the program modified with the additional data,” he added.

The survey has now been refined to 1,545-line kilometres.