The Company’s analysis of geophysics, geology and newly developing mineralising models has defined a large prospective zone at its Jervois Domain project in the Northern Territory. Core’s four tenements 100% owned surround KGL’s tenements and cover approximately 280 square kilometres in the highly prospective Jervois region 200km north east of Alice Springs, Northern Territory.
The Company is planning a major phase of exploration in a 20km zone that has similar structural and magnetic features to KGL Resources Ltd (ASX:KGL) nearby Jervois prospects.
Recent drilling by KGL Resources Ltd in the centre of the Jervois Block has reported several new high- grade discoveries and the recently announced 25Mt copper resource (combined JORC 2012 compliant Indicated and Inferred Resource of 25.3 Mt @ 1.1% Cu and 22g/t Ag (ASX:KGL 15/09/2014) has substantially upgraded the economic potential of the area which is located within Australia’s new exploration province in the NT. Core’s adjacent EL 29581 is located only 500m west of KGL’s Bellbird drill intersection of 13m @ 5.75% Cu, 23.2g/t Ag, 0.32g/t Au from 20m (hole JOC090) announced by KGL (ASX 21/07/14).
The Company is planning a major phase of exploration at its Jervois Domain Project for 2015 and has utilised the high-powered VTEM Super Max AEM system to define the new drill targets within a large, 20km long prospective zone that has similar structural and magnetic features to KGL’s nearby copper resource at Jervois, both which are hosted in Bonya Schist geology. (Figures 1-2). The AEM survey is strengthening CXO’s exploration model in the Jervois region that considers the mineralised host stratigraphy is repeated under shallow cover on the eastern side of the Jervois Domain as illustrated in the solid geology interpretation, magnetics and electromagnetics. This interpreted repeated stratigraphy runs directly through Core’s tenements