SOLDIERS CAP & TRINGADEE PROJECT AREAS - NW QUEENSLAND
EXCO 20%, IVANHOE 80%
Copper, Gold, Uranium
In May 2007, Exco and Ivanhoe Cloncurry Mines Pty Ltd, a subsidary of Ivanhoe Australia (ASX:IVA) (“Ivanhoe”) entered into a joint venture agreement over a number of Exco’s tenements in the Soldiers Cap and Tringadee Project areas. Under the terms of the agreement, as amended, Ivanhoe were required to spend $5.5m by May 2011 to earn an 80% interest in the joint venture tenements.
On 6 April 2011 Ivanhoe informed Exco that as of 31 March 2011 it had expended more than $5.5m on exploration. Accordingly, Ivanhoe exercised its option to acquire a 80% interest in the joint venture tenements.
Exploration has been ongoing with geophysics, surface sampling, mapping and drilling throughout the joint venture EPMs. The work to date has outlined a number of drill targets and additional geophysical surveys are scheduled to commence in October.
Aircore drilling is planned on EPMs 13709, 13741, 16177 and 14223 to close down the grid spacing from previous surveys to allow sufficient data for RC and diamond drilling. In particular a 2.2km long copper anomaly (800ppm-1200ppm Cu) within EPM13741 represents a significant new target.
RC drilling is planned for EPMs 12285,12290 and 11676. A programme of approximately 2,500m is proposed for EPM11676 over uranium bearing shear zones at the U4 prospect.
Diamond drilling is planned for EPM11169 to test a north west trending shear zone where previous drilling has intersected 44m @ 0.5%Cu. A large overlapping magnetic gravity anomaly will also be tested.