Alderan Resources Initiates Drilling at New Years Copper Prospect in Utah
ALDERAN RESOURCES LIMITED (AL8) Share Update September 2024 Wednesday 18th
Alderan Resources Begins Drilling at New Years Copper Prospect
Alderan Resources Limited (ASX: AL8) has announced the commencement of drilling at its New Years copper prospect located in the Cactus copper-gold district in Utah, USA.
Instant Summary:
- Three-hole Stage 1 drilling program (340m) underway at New Years copper prospect.
- Objective: Verify historical copper intersections from 1964 and 2002 and understand mineralisation controls.
- Stage 2 drilling to extend mineralisation and test geophysical targets, pending Stage 1 results.
- Historical drill intersections include 13.7m @ 2.32% Cu and 10.7m @ 1.52% Cu.
- New Years prospect features a 400m x 300m copper soil anomaly with grades up to 0.33% Cu.
Drilling Program Details
Alderan Resources Limited has commenced a three-hole, 340-meter Stage 1 drilling program at its New Years copper prospect in the Cactus copper-gold district, Utah. The program aims to verify copper mineralisation found in historical holes drilled in 1964 and 2002 and to understand the controls on mineralisation.
The first hole, NY2024-DDH1, is designed to verify historical hole NYM-1, which was drilled by Newmont in 2002 and intersected 10.7 meters at 1.60% copper and 4.6 meters at 1.3% copper within 42.7 meters at 0.80% copper from the surface. The second and third holes aim to verify 1964 drill holes NY-6 and NY-2, which intersected 13.7 meters at 2.32% copper and 10.7 meters at 1.52% copper, respectively.
Historical Context and Findings
The New Years prospect is part of the historical Cactus copper-gold mining district in southern Utah. Historical production from the Cactus mine between 1905 and 1919 totaled 1.27 million tonnes at a grade of 2.07% copper and 0.33 grams per tonne gold. The New Years prospect lies at the northwest end of a 1.2-kilometer mineralised zone along the Cactus Canyon fault.
Alderan's exploration in the Cactus district includes 3-D modeling of mineralisation at the Cactus and Comet mines, 3-D inversion modeling of drone magnetics over the district, and grid soil sampling over the New Years prospect. Key findings indicate that the Cactus and Comet deposits remain open at depth and to the northwest, and that New Years has historical copper drill intersections of over 10 meters at greater than 1.5% copper.
Next Steps
All drill holes in the current program will be logged and sampled, with samples submitted for lab analysis. While Stage 1 drilling is in progress, archaeological inspections will be conducted over proposed Stage 2 drill sites. Stage 2 drill sites will be finalized following the assessment of initial drilling results.
The commencement of drilling at the New Years copper prospect is a significant development for Alderan Resources. Successful verification of historical copper intersections and understanding of mineralisation controls could lead to an increase in the company's stock value. The potential for both oxide and primary copper mineralisation at the site adds to the project's attractiveness. However, the market will closely watch the results of the Stage 1 drilling program to gauge the project's viability.
Investor Reaction:
Analysts are likely to view the drilling commencement positively, given the historical data indicating significant copper mineralisation. The verification of historical drill results could boost investor confidence in Alderan's exploration strategy. However, the actual impact on the stock price will depend on the outcomes of the Stage 1 drilling program.
Conclusion:
Investors should monitor the progress of Alderan's drilling program at the New Years copper prospect closely. The results of the Stage 1 drilling will be crucial in determining the potential of the project. Successful verification of historical copper intersections could lead to significant gains for the company and its shareholders.