Chase Mining Corporation has welcomed the start of drilling by Red Fox Resources Pty Ltd at the Gipsy Creek Copper-Gold Project in the Cloncurry district.
Gipsy Creek is owned by Red Fox with Chase holding 40% of that private company.
In July 2020 Red Fox was awarded a Collaborative Exploration Initiative grant from the Queensland Government to fund drilling at Gipsy Creek.
The grant provides one-off funding of $190,000 for the drilling of three diamond drill holes, with no co-contribution required.
Drilling is expected to take about three weeks to complete.
Red Fox's Ernest Henry Project consists of three Exploration Permit Minerals covering a 200 sq km adjacent to the Ernest Henry Mine.
The project contains a series of untested geophysical anomalies that are drill-ready targets. All of the targets are located under approximately 50-100m of cover rocks.
Ernest Henry South is the subject of a farm-in agreement with Rio Tinto Exploration. Geophysical work by Rio, including MIMDAS surveys, aerial EM and ground gravity surveys have defined several strong conductors.
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