Projects
Overview
Wholly owed subsidiary Murchison Copper Mines Pty Limited holds 100% beneficial interests in the Horseshoe Lights and Kumarina Projects, covering 297.1 square kilometres of mining tenements north of Meekatharra in central Western Australia (see figure 1).
The Horseshoe Lights Project includes the closed Horseshoe Lights mine which operated up until 1994, producing over 300,000 ounces of gold and 54,000 tonnes of copper. The mine has an existing in-situ JORC compliant Measured, Indicated and Inferred Mineral Resource of 8.4 million tonnes @ 1.1% copper and 0.14g/t gold containing 91,400 tonnes of copper metal and 36,400 oz of gold. Although the Horseshoe Lights project has a history of mining and exploration of over 50 years the potential remains to delineate additional near mine resources through systematic exploration.
Copper mineralisation was discovered at Kumarina in 1913. Although approximately 580 tonnes of copper metal is reported to have been mined from the Kumarina Project, the current tenement area has been subjected to only limited modern exploration. Consequently, the Kumarina Project is considered to be at a very early stage of assessment with good potential for the discovery of additional copper mineralisation.
The Board believes the Projects are located in a very prospective area as highlighted by the recent discovery of the nearby Doolgunna copper/gold deposit by Sandfire Resources NL (see figure 2). The Doolgunna deposit is located in the Narracoota Volcanics geological unit, the same unit which hosts the Company’s Horseshoe Lights Mine.
