NW QUEENSLAND
EXCO 50%, PARADIGM METALS 50%
Copper, Gold, Rare Earths
In February 2008, Exco and Paradigm Metals (PDM) entered into a joint venture arrangement, to carry out a multi-commodity exploration programme on jointly owned tenements located 50km east of Cloncurry, covering an area of approximately 500km2. The newly formed entity, Toolebuc Resources Pty Ltd (TOR) was initially made up of EPMs 15208 and 16113 (formerly owned by Exco) and EPMs 15325, 15906, 15931, 16073, 16200 and 17306 (formerly owned by Paradigm).
During 2009/10, Exco and Paradigm decided to release the majority of the tenements within this joint venture to pursue exploration on the remaining EPM 16073 which has shown shallow copper potential. On 10 November 2010 Paradigm announced the commencement of a 2,000m air core and percussion drill programme to test several previously undrilled magnetic anomalies to total depths of up to 100m, under shallow sedimentary cover 20-50m thick.
Preliminary results from this programme included a rare earth element (REE) drill intersection of 4m @ 2590 total REE from 37-41m in air core hole LEV002. The Rare Earth mineralisation occurs in a soft carbonate-rich intrusive rock with minor zinc mineralisation, at the contact with younger cover. Further mineralogical testing is being conducted on the drill materials and follow-up drilling will occur as soon as access permits.