29Metals holds a portfolio of exploration interests, including regional tenements surrounding Capricorn Copper and Golden Grove, and a strategic tenement package and exploration project in Redhill located in Chile, the world’s largest copper-producing country. We adopt a systematic and disciplined approach to exploration, seeking to identify, prioritise, test and prove economic mineralisation with the objectives of:
Increasing Mineral Resources and Ore Reserves inventory through drilling activities within our existing operations;
Identifying extensions to, or repeats of, known mineralised structures; and
Discovering new deposits with the potential to be new ore sources for our existing producing mines (to extend mine life, provide additional operating flexibility and/or increase production) or potential new mines.
Exploration opportunities exist in the prospective tenement packages around existing mining operations at Capricorn Copper and Golden Grove, as well as the regional tenement package at Redhill in Chile.
The Golden Grove mine has a history of discovery with mining leases covering approximately 129km².
These mining leases cover all known occurrences of the Golden Grove formation and are also considered prospective for gold within the overlying formations.
Despite the maturity of Golden Grove as a mineral province, the Golden Grove tenements remain relatively under explored, with limited exploration drilling undertaken outside the areas of known mineralisation at Scuddles, Gossan Hill and Gossan Valley and immediate surrounds.
In particular, historic exploration has focused on identifying sulphide mineralisation within 400 metres of the surface (other than at Scuddles, Gossan Hill, Gossan Valley and surrounding areas where drilling associated with known mineralisation has extended to depths up to 1.8 kilometres).