Western Australia-focused rare earth explorer RareX (ASX: REE) revealed its joint venture partner at the Trundle copper-gold project in New South Wales has struck broad mineralised zones.
TSXV-listed Kincora Copper owns 65% of the project and RareX is free-carried to completion of a scoping study.
While drilling the Trundle Park prospect at Trundle, partial results have demonstrated Kincora intercepted at least two “significant” zones, including the broadest mineralised sections seen to-date.
Assays were 87.7m at 0.65 grams per tonne gold and 0.19% copper from surface, including 16.4m at 1.51g/t gold and 0.19% copper from surface; and 19m at 0.43g/t gold and 0.21% copper form 388m, including 4m at 0.94g/t gold and 0.57% copper.
Potential for high-grade core
Meanwhile, drilling at the project’s Mordialloc prospect returned what RareX describes as “encouraging” results, which indicate potential for it to be close to a higher-grade core that has not been discovered due to limited drilling.
Drill hole six at Mordialloc uncovered zones such as 306m at 0.10% copper, 0.06g/t gold and 19.4 parts per million molybdenum from 144m; 98m at 0.11% copper, 0.07g/t gold and 17.6ppm molybdenum from 466m; and 42m at 0.07% copper, 0.04g/t gold and 7.43ppm molybdenum from 62m.
In attempting to pinpoint the high-grade core, Kincora is proposing to reopen and extend a previous drill hole.
“Interpretation of the alteration and assay results suggests these may represent the halo of a mineralised porphyry intrusion system,” RareX noted.
Kincora will also undertake further drilling using a similar exploration approach that led to key discoveries including Alkane Resources’ (ASX: ALK) Boda deposit, and Newcrest Mining’s (ASX: NCM) Cadia-Ridgeway operation and Northparkes Mines’ deposits.
In addition to holding a 35% free-carried interest in Trundle, RareX has an almost 8% shareholding in Kincora, providing upside to any copper and gold discoveries Kincora makes.
RareX also pointed out Kincora’s leadership team has a track record of “world class” discoveries including the Cadia gold-copper deposit and the Reko Diq deposit in Pakistan.