Source: Alderan Resources [Twitter]
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • New magnetic anomalies were identified over Alderan Resources (AL8) Frisco copper-gold-zinc-silver project in Utah, USA
  • Rio Tinto (RIO) subsidiary Kennecott Exploration is working to earn a 70 per cent interest in the project and completed a UAV drone magnetic survey over the area in June 2021
  • According to the company, the survey successfully identified new magnetic targets and improved the resolution on already known anomalies
  • Field inspections and surface sampling is planned ahead of a decision to drill
  • Shares last traded 7.4 per cent higher at 2.9 cents on January 20

New magnetic anomalies were identified over Alderan Resources (AL8) Frisco copper-gold-zinc-silver project in Utah, USA.

Frisco contains numerous historical copper-gold and lead-zinc-silver mines such as the Horn Silver mine and the Cactus and Imperial copper mines. It is the subject of an option agreement between Rio Tinto (RIO) subsidiary Kennecott Exploration (KEX) and Alderan’s subsidiary Volantis Resources Corp.

Under the terms of the farm-in agreement, KEX can earn up to a 70 per cent interest in the project through spending US$30 million (A$41.5 million) on exploration in three stages over a total of ten years.

In June last year, Kennecott completed a UAV (drone) magnetic survey across the project with the aim of identifying new magnetic targets and providing better resolution of existing targets.

According to the company, the survey successfully identified new magnetic targets and improved the resolution of already known anomalies.

In particular, it has better defined the Cactus Porphyry, Reciprocity and North Carbonate anomalies which have been the subject of the previous exploration.

Kennecott is now planning to undertake field inspections and surface sampling over the targets, ahead of a decision on drilling.

Alderan shares last traded 7.4 per cent higher at 2.9 cents on January 20.

AL8 by the numbers
More From The Market Herald

" Provaris Energy (ASX:PV1) signs MoU with Northern Marine for GH2 Carrier development

Provaris Energy (ASX:PV1) has signed a memorandum of understanding (MoU) with UK-based Northern Marine Management, a…
Aguia Resources (ASX:AGR) - Managing Director, Fernando Tallarico

" Aguia Resources (ASX:AGR) receives first results from Andrade

Aguia Resources (ASX:AGR) has received the first results from a 2000-metre diamond drilling program at the…
Chalice Mining (ASX:CHN) - Managing Director, Alex Dorsch

" Chalice Mining (ASX:CHN) eyes $100m for Julimar

ASX 200 minerals explorer Chalice Mining (ASX:CHN) has received firm commitments to raise roughly $100 million.

" QEM (ASX:QEM) commissions pilot plant

QEM (ASX:QEM) has commissioned its vanadium and oil shale pilot plant, with the plant scheduled to…