Infinity Mining nabs $2M to lock in eastern copper-gold grab
Infinity Mining has raised $2 million in a placement to lock in deals with two vendors for a suite of promising copper-gold projects based in the eastern states of NSW, Victoria and Tasmania.
The company believes the purchase will complement its existing portfolio of lithium, precious and base metal assets in the Pilbara and Central Goldfields regions of Western Australia.
Management says it purchased GMH Resources, a private company that holds several exploration licences (EL) and applications prospective for copper-gold in the renowned Lachlan Fold region of NSW.
One of the licenced areas it has secured is the large Harden prospect, covering 487 square kilometres of ground encompassing historic alluvial gold workings.
In addition, Infinity Mining has acquired an array of EL’s and applications the company believes has potential for gold-antimony discoveries in Eastern Victoria and Tasmania.
Two of the prospective EL’s sit about 30km east of Southern Cross Gold’s stunning Sunday Creek project, hosting more than 1 million ounces of gold grading near 6 grams per tonne.
Drill intersections at Sunday Creek have posted some truly eye-catching grades including 1m at 2318.4g/t from 684.3m and 3.6m going 391.9g/t from 737.1m.
Infinity expects to settle the transactions shortly now that all conditions have been satisfied and comes “hot on the heels” of its recent move to acquire its now flagship project, the historic Cangai copper mine.
Cangai – previously in production for about 16 years – is in the north-west corner of New South Wales and comes with an existing in-ground mineral resource of 4.4 million tonnes grading 2.5 per cent copper, in addition to a further 200,000 tonnes of mineralised ore sitting in stockpiles going an estimated 1.35 per cent in grade.
Management says it equates to a total of 114,000 tonnes of copper metal, with additional credits for zinc, gold and silver. There are a number of previous drill holes scattered across the site also begging to be followed up, highlighted by copper grades of up to 14.45 per cent.
In further news revealed today, the company has been granted the Bogong copper project, expanding its NSW portfolio to seven granted EL’s.
The project spans a strike length of 16km along the known Mooney-Mooney Fault and lies about 20km from the picturesque town of Tumut, based at the foothills of the Snowy Mountains.
We are excited to secure the Bogong Copper Project, which adds to an excellent portfolio of copper-gold exploration opportunities in New South Wales. Infinity’s eastern Australian asset expansion reflects the company’s commitment to identifying and developing high-value mineral resources for the future.
Bogong sits in the southern part of the Macquarie Arc, that lies within the Lachlan Fold Belt, one of the more mineral-rich regions globally.
The Macquarie Arc is known for its world-class porphyry copper-gold operating mines such as Northparkes, Newmont Mining’s massive Cadia operation and Alkane Resources sizeable discoveries Tomingley and Boda-Kaiser.
The Bogong ground has seen previous solid copper hits of 54.9m running 1.1 per cent from 6.1m and 9.2m slice grading 2.02 per cent from 39.6m.
Management says porphyry-hosted targets have been identified from previous exploration completed by ASX-listed DevEx Resources back in 2018 with diamond-drill hits of 39m at 0.5 per cent copper from 13m which included 12.6m going 1.24 per cent copper from 16.8m. Rock-chip assays highlighted copper sulphide up to 10 per cent and included 0.5g/t gold.
It now plans to compile all historical exploration data from work completed at the site including all drill results, geochemical assays and geophysical surveys which it will then work to verify. The next step will be the additional on and in-ground exploration work designed to highlight a set of high-priority targets which the company will target with a drill campaign set for next year.
Following this latest acquisition, Infinity Mining now has an impressive collection of copper-gold projects in both the east and west of the country – two commodities currently creating most of the buzz in trading rooms around the world.
The gold price is going “gangbusters” setting new highs on an almost regular basis while copper remains most punters tip for long-term outperformance based on expectations of a looming supply crunch to coincide with surging demand flowing from copper’s many green and clean energy applications.
Add to that, an expected return-to-favour for lithium at some point and Infinity would seem perfectly positioned to benefit from the critical and precious metals projects at has sitting at its feet.
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