Copper, Discovery, Gold, News, Partnerships

First Quantum uncovers copper at Honeymoon

A drilling program carried out by First Quantum Minerals at Boss Energy’s Honeymoon uranium project in South Australia has intersected copper and gold mineralisation.

The mineralisation was uncovered below the Yarramba Palaeovalley along the Honeymoon tenements.

Three holes at the Atlas target, 4km east of Honeymoon, were drilled as part of the campaign, totalling 1029.5m.

Recent assays from Atlas include:

  • 23CURDD002: 16m at 0.27 per cent copper (Cu) and 0.1 grams per tonne (g/t) gold (Au) from 288m
  • 23CURDD006: 47m at 0.19 per cent Cu from 404m, with several narrower zones of 5–6m containing up to 0.5 per cent Cu and 0.12g/t Au.

“The intercepts are proof of process; evidence for movement and precipitation of copper (~gold/~zinc) within the Bimba Formation in the target area,” Boss Energy said.

Two holes equalling 701.6m were also drilled at the Pandora target, located 8km south of Honeymoon.

“One hole intersected an interval of stratiform low grade zinc-bearing stratigraphy, inferred to be the upper portion of the Bimba Formation,” Boss Energy said.

“This zone potentially lies outboard of a lower copper (~gold) zone, at the currently untested base of the Bimba Formation.”

One deep hole totalling 742.3m was also drilled at the Yarramba dome target, located 15km north of Honeymoon. However, no appreciable mineralisation was intersected.

The recent drilling carried out by First Quantum Minerals follows a maiden diamond drilling program carried out by the company along the Yarramba Palaeovalley in October 2023.

Boss Energy first entered into an exploration earn-in agreement with First Quantum Minerals in February 2022. The agreement covers the base metals rights of five tenements at the Honeymoon project.

“With a proven track record in discovering and developing deposits, Boss considers First Quantum Minerals an ideal partner in the exploration and potential development of any base or precious metal discoveries at Honeymoon,” Boss Energy said of the agreement.

After the drilling program’s completion, First Quantum Minerals may choose to earn a 51 per cent interest in its agreement with Boss Energy by spending $6 million on exploration within five years, as well as maintaining minimum annual expenditure on the project of $500,000.

If First Quantum follows this path, it will enter into a joint venture (JV) agreement with Boss Energy.

Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.

Send this to a friend