Woomera Mining commences dual-focused drilling of high-grade copper-gold zone at Bronze Fox
Woomera Mining (ASX: WML) has launched a dual-focused diamond core drilling program at its Bronze Fox copper-gold project situated in Mongolia’s renowned Southern Gobi copper belt.
The company has deployed two drill rigs to complete up to 3,000 metres of drilling, aiming to extend a historic high-grade structural zone that previously returned 929m at 0.37% copper equivalent.
The campaign is expected to last two months, with results anticipated by January.
Anomaly intersection
The targeted zone is believed to be at the intersection of an induced polarisation anomaly and a structural fault, potentially contributing to higher-grade mineralisation.
The drilling will also include shallow infill and extension work to boost the resource base and support the conversion of the project’s exploration licence to a mining licence.
Woomera managing director Ralf Kriege described the drilling as marking the beginning of a transformative period for the company.
“This is an exciting time for Woomera as we advance Bronze Fox in one of the world’s most prospective copper belts,” he said.
Earn-in agreement
Woomera entered into an earn-in agreement with Kincora Copper (ASX: KCC) in August to secure an initial 80% stake in Bronze Fox, with an option to acquire 100%.
Under the terms, Woomera is required to spend US$4 million over five years to earn the 80% interest, after which the company can purchase the remaining 20% for US$10m in cash, alongside a 1% net smelter royalty.
Alternatively, the two companies could form an 80:20 joint venture, with Kincora being free-carried until a final investment decision.
Woomera will also issue $450,000 worth of shares to Kincora and pay $100,000 in cash as part of the agreement.
Mineral resource
Bronze Fox has an inferred mineral resource of 194.1 million tonnes at 0.2% copper and 0.07 grams per tonne of gold at the West Kasulu prospect, containing 426,000t of copper and 437,000 ounces of gold.
The site also has an exploration target of 100Mt to 300Mt at up to 0.35% copper equivalent, comprising potential mineralisation from 325m to 1,200m below the current resource.
The project spans 175 square kilometres in the under-explored Southern Gobi porphyry belt approximately 450km south of Mongolia’s capital, Ulaanbaatar.
Kincora has previously completed 46,625m of reverse circulation and diamond core drilling at Bronze Fox, defining three large, shallow porphyry complexes that hold potential for further discoveries, resource delineation and early-stage exploration opportunities.