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Mincor reports higher resource estimate at Tottenham copper-gold JV

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Mincor reports higher resource estimate at Tottenham copper-gold JV

Mincor Resources NL said Sept. 10 that it updated mineral resources at the Mount Royal and Carolina deposits of the Tottenham copper-gold joint venture in New South Wales, Australia, with Bacchus Resources Pty. Ltd.

Total indicated and inferred resources increased to 86,100 tonnes of copper and 90,600 ounces of gold contained in 7.37 million tonnes grading 1.2% copper and 0.4 g/t of gold, using a 0.4% copper cutoff grade. This increased from the June 2017 estimate of 85,300 tonnes of copper contained in 6.93 million tonnes grading 1.2% copper. Gold was not reported in the previous estimate.

Data from 12-hole drilling program conducted at the Orange Plains prospect of the Mount Royal deposit over the last 12 months was incorporated in the resource estimate update. The drilling program is part of a deal for Bacchus Resources to earn up to a 30% joint venture stake.

Bacchus Resources secured an initial stake in the venture in November 2017 and elected to proceed with the second option to increase its interest to 30% by spending A$700,000 on exploration.