Encounter Resources (ASX:ENR) announced updates regarding its Jessica and Carrara copper projects in the Northern Territory.
The projects have been explored under farm-in agreements with a subsidiary of South32 (ASX:S32).
Following extensive diamond drilling totalling 7,200m in 2023, and additional seismic data analysis, South32 has chosen to prioritise copper exploration at the Jessica Project.
Consequently, South32 has withdrawn from the Carrara farm-in agreement, and Encounter has regained full control of the Carrara Copper-Zinc Project.
Executive Chairman Will Robinson stated, “South32 completed a large maiden diamond drilling program in 2023 following a comprehensive review of new seismic and gravity data in the NT.
The next phase of exploration at Jessica includes a 2,500m diamond drill program testing new targets identified through seismic re-processing and interpretations from the 2023 drilling.”
The Jessica Project covers approximately 8,700km2 along key structural corridors and is prospective for sediment-hosted copper and IOCG style deposits.
Reprocessed seismic and gravity data has identified several targets, including the Zeta IOCG target, which showed zones of hematite alteration and quartz carbonate veining with chalcopyrite and bornite.
A 2,500m diamond drilling program at Jessica is set to commence in October.
A deep-seeking MIMDAS geophysical survey at the Zeta target is scheduled for May 2025.
Further evaluations at Carrara will continue under Encounter’s management to determine the potential for further drilling.
Encounter Resources is a mineral exploration company focused on discovering major copper and niobium/ rare earth element deposits in Australia. It controls a portfolio of 100% owned projects in Australia's exciting mineral provinces that are prospective for copper and critical minerals.