Proto Resources has uncovered a mineral deposit that could lead to the development of several major mines, the company said in a statement to the Australian Securities Exchange.
According to the statement, the junior’s first diamond drill hole at Lindeman’s Bore in the Northern territory revealed a rare type of rock structure similar to that found in Norlisk in Russia.
The rock structure, called a “gabbro mafic intrusion”, contains copper, and potentially nickel, platinum, cobalt, palladium and gold.
A 15m wide zone containing 5% visible chalcopyrite mineralisation (copper) was intersected in quartz sandstones at a depth of 384m. Proto Resources chairman Andrew Mortimer said a mine in the area could employ at least 400 people.
“If the Norlisk-style mineralisation is confirmed, then it could employ over 30,000 people,” he said.