
November 08, 2022
Copper producer Austral Resources Australia Ltd (ASX:AR1) (“Austral” or the “Company”) is pleased to announce its planned development and exploration program for the remainder of calendar 2022 (CY22) and the 1st half of calendar 2023 (H1CY23).
Key highlights:
- Drilling of prioritised phase 1 Anthill 2.0 copper oxide exploration targets within the existing ML are currently in progress.
- Drilling of phase 1 McLeod Hill and Lady Annie copper oxide exploration targets scheduled to be completed in 2022, both targets on existing ML’s.
- Copper Oxide Targets in 2023 include the Drifter trend where recent surface rock chip samples assayed at 16.05% Cu, highly prospective known targets adjacent to the Anthill open pit mine and targets within the Glencore JV.
- Copper Sulphide targets in 2023 include Lady Colleen where Austral continues to define a high- grade zone, Enterprise where Austral reported a Maiden Mineral Resource, Flying Horse, Lady Annie, Investigator and Neptune.
- Flying Horse and Lady Annie have existing Mineral Resource estimates. In 2023 Austral will explore for additional high-grade oxide and sulphide copper mineralisation, including lower-tonnage higher-grade zones within the sulphide mineralisation.
- Austral continues leveraging off the material existing legacy datasets to accelerate the exploration to discovery pipeline.
- $10m budgeted for exploration over 2023 and JV discussion continue with multiple parties.
Austral’s Exploration Strategy Progressed
As previously reported, Austral has committed to an annual exploration and development budget of $10M1.
Austral’s current total JORC compliant Mineral Resource Estimate of 60Mt @ 0.7%Cu, hosts 420,000t of contained copper2. Within this headline number, mineralisation by type is approximately 50% sulphide, 25% transitional and 25% oxide. Austral is constantly reviewing this resource inventory, with the dual aims of expanding and commercialising it.
The Company’s key exploration activities continue to be:
- Extend mine life beyond the current four years at Anthill by discovering additional copper oxide ore;
- The focus in 2022 and 2023 are targets on existing mining leases and/or within 50km of the Mt Kelly SX-EW plant
- Increase the current JORC compliant Mineral Resource estimate of 420kt of contained copper
- Monetise Austral’s current JORC compliant sulphide Mineral Resources of 210kt of contained
- copper
- Explore for primary copper and base metal sulphide mineralisation within the Company’s vast 2,100km2 of exploration tenure.
CY22 copper oxide exploration has systematically progressed
Lady Annie has an existing JORC Compliant resource of 12.2Mt @ 0.76% Cu at a 0.3% Cu cut-off2. Phase 1 exploration drilling is targeting geophysical targets (Figure 1). Exploration program details:
- Lady Treska - geophysical VTEM anomaly occurs with a coincidental gravity anomaly offset 100m to the west. This feature is comparable with the adjacent Lady Annie VTEM anomaly
- Big Nose - the largest geophysical gravity anomaly on ML displays a coincidental spatial distribution of high amplitude gravity with anomalous Cu in soils >500ppm
- Planned drilling in 2022 of prioritised 13 holes for 1,450m. All CHC & CCA in place. Access and drill pads are being developed.
Click here for the full ASX Release
This article includes content from Austral Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
AR1:AU
INN Article Notification
The Conversation (0)
09 April
Commencement of Work at KCB, Botswana
Aterian plc (LSE: ATN), the critical minerals exploration and development company, is pleased to announce the commencement of a soil geochemical programme over its licence PL2622/2023 ("Project") within the Kalahari Copperbelt ("KCB") located in the northwestern region of the Republic of... Keep Reading...
09 April
KGL Secures US$300 Million Streaming Deal with Wheaton for Jervois Project
KGL Resources (ASX:KGL,OTCPL:KGLLF) has entered into a US$300 million precious metals purchase agreement with royalty and streaming company Wheaton Precious Metals (TSX:WPM,NYSE:WPM). The move will help fund the development of KGL's Jervois copper project in the Northern Territory.The agreement,... Keep Reading...
08 April
McEwen Copper Taps Lenders, US Federal Agencies for US$4 Billion Argentine Mine
McEwen Copper, a subsidiary of McEwen Mining (TSX:MUX,NYSE:MUX), is in negotiations with global lenders and United States federal agencies to secure US$4 billion for its Los Azules project in Argentina.The developer is targeting a capital structure comprising 30 to 40 percent equity, with debt... Keep Reading...
07 April
Q1 2026 Rwanda Trading Update
Aterian plc (LSE: ATN), the critical minerals exploration and development company, is pleased to provide an update on its Rwandan mineral trading operations for the first quarter ended 31 March 2026.The Company continued to deliver strong growth in its trading activities during the period,... Keep Reading...
Latest News
Interactive Chart
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00




