Alderan resources and its partner, Kennecott exploration, a subsidiary of Rio Tinto Group, identified three new targets in the Frisco copper mine project in Utah, including a porphyry copper gold molybdenum mine. Field visits will begin before the decision to drill. Kennecott can acquire up to 70% of Frisco's shares by spending $30 million on exploration within 10 years.
The first phase will cost $6 million by November 2023, which will bring Kennecott's ownership of the project to 55%. The drilling carried out by Kennecott in 2020 obtained test results in Frisco, including 1.9% copper of 41 meters, 0.62 g / T gold, 7.1 g / T silver and 62.8 ppm molybdenum.
Another borehole found mineralization with copper content of 0.99%, gold content of 0.14g/t and silver content of 13.3g/t at 34m. The targets of cactus mine (one of Utah's large historical operations), reciprocity and North carbonate mining area are determined by UAV magnetic technology.
Field inspection and surface sampling conducted this quarter will determine whether to drill the site. Frisco has historically conducted exploration, including Alderan, before signing the farm agreement with kennacote in November 2019.
Kennecott has two goals in Frisco: one is porphyry copper gold molybdenum deposit, and the other is high-grade copper mine. Kennecott's parent company, Rio Tinto kennacote, operates Bingham Canyon copper mine in Utah, which is one of the largest copper mines in the United States.
The mine is currently the largest man-made mining mine on earth, and the Utah copper company, the predecessor of Kennecott, began operation there in 1903. Kennecott is located 300 meters southwest of Salt Lake City. The project area contains "numerous" historical copper gold and lead-zinc silver mines, including horn silver mine, cactus and imperial copper mine.
Scott Caithness, general manager of Alderan, said: "The purpose of the drone survey is to better understand the geology and structure of Frisco area. This survey has successfully identified new magnetic targets and improved the resolution of known anomaly points. It is encouraging that Kennecott's exploration work in Frisco continues to achieve results, including porphyry copper gold molybdenum mine that may become the scale of Rio Tinto Group."
Alderan Resources Limited is a copper and gold exploration company focusing on the United States, which was listed on the Australian Stock Exchange in June 2017. Its portfolio includes four high-quality exploration projects in Utah.
The flagship project of Alderan, Detroit, has strong potential for porphyry and Carlin type copper and gold deposits. After consolidating the mining rights and convincing surface exploration results (copper content up to 3.2% and gold content up to 9.1 g / T in rock samples), our focus is on the discovery of copper and gold deposits, which can then be defined and evaluated by the company.
