Rio Tinto arm identifies three new targets at Alderan Resources’ Frisco copper project

Rio Tinto Kennecott Exploration new targets Alderan Resources Frisco copper project Utah
Field inspections and surface sampling over new targets at Frisco will occur in the current quarter ahead of a decision to drill.

Alderan Resources’ (ASX: AL8) and its farm-in partner Rio Tinto (ASX: RIO) subsidiary Kennecott Exploration have identified three new targets the Frisco copper project in Utah, with a field program to begin ahead of a decision to drill.

Kennecott can earn up to a 70% stake in Frisco by spending US$30 million on exploration over 10 years.

The first stage requires US$6 million to be spent by November 2023, which will take Kennecott to 55% ownership of the project.

Drilling by Kennecott in 2020 returned assays at Frisco including 41m at 1.9% copper, 0.62 grams per tonne gold, 7.1g/t silver and 62.8 parts per million molybdenum.

Another hole intersected mineralisation over 34m at 0.99% copper, 0.14g/t gold and 13.3g/t silver.

Drone magnetics found mineralised targets

The targets at the Cactus Mine (one of Utah’s large historic operations), Reciprocity and North Carbonate prospects were identified by drone magnetics.

The field inspections and surface sampling taking place in the current quarter will determine whether the ground will be drilled.

Frisco was explored historically, including by Alderan, before the farm-in agreement with Kennecott was signed in November 2019.

Kennecott has two objectives at Frisco: one, porphyry copper-gold-molybdenum deposits and, two, high-grade copper deposits.

Kennecott’s parent, Rio Tinto Kennecott, operates the Bingham Canyon copper mine in Utah, one of the largest copper mines in the US.

The mine is now the largest man-made excavation on Earth, and with operations starting there in 1903 by Kennecott’s predecessor, the Utah Copper Company.

Alderan says potential for ‘Rio Tinto-scale’ deposit

Frisco is located 300m southwest of Salt Lake City, and the project area contains “numerous” historical copper-gold and lead-zinc-silver mines, including the Horn silver mine, the Cactus and Imperial copper mines.

Alderan managing director Scott Caithness said the drone survey was aimed at gaining a better understanding of the geology and structure of the Frisco area.

The survey, he added, successfully identified new magnetic targets and improved the resolution on already known anomalies.

“It is encouraging that Kennecott’s exploration at Frisco continues to deliver results including potential for a Rio Tinto-scale porphyry deposit,” he said.

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