Chase Mining’s (ASX:CML) Red Fox Received $320,000 in Exploration Grants – The Market Herald

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  • Red Fox Resources, 40% owned by Chase Mining (CML), has received two grants from the Government of Queensland’s Collaborative Exploration Initiative (CEI)
  • Red Fox will use $200,000 to drill six diamond holes at the Eveleigh project to test the potential for Broken Hill-type mineralization
  • The company will then use $120,000 to drill three reverse circulation holes at Ernest Henry West to test high-priority target areas identified during a recent geophysical review.
  • Drilling is expected to be completed in early to mid-2022, with final hole positions to be refined subject to access conditions, including native title clearance
  • Chase is stable in the market with shares trading at 1.4 cents

Red Fox Resources, 40% owned by Chase Mining (CML), has received two grants from the Queensland Government’s Collaborative Exploration Initiative (CEI).

The grants are to fund drilling for the Eveleigh Zinc Project in North East Queensland and the Ernest Henry West Copper-Gold Project in North West Queensland.

Eveleigh Project

Red Fox will use $200,000 to drill six diamond holes, totaling 810 meters, at the Eveleigh project to test the potential for Broken Hill-type (BHT) mineralization.

Two holes will drill into the main zinc lens to intersect the west and east mineralized zones, two holes will drill into the central interpreted copper-lead-zinc vein while the last two holes will drill into the interpreted north lead-silver vein.

Eveleigh contains a lens of zinc mineralization which was mostly drilled in the 1970s with a previous intersection of 24.4 meters grading 2.5% zinc.

If the project is confirmed to have BHT-type mineralization, it will significantly increase the prospectivity of Eveleigh with the possibility of several undiscovered sulphide veins.

Historic drilling was shallow with the deepest intersection to date at less than 70 meters vertical depth.

Ernest Henry West Project

Red Fox will then use $120,000 to drill three reverse circulation holes at Ernest Henry West to test high priority target areas identified during a recent geophysical review.

The holes will target a complex magnetic anomaly that has already been drilled with 3D modeling showing it may not have been drilled deep enough to intersect the anomalous area.

Drilling is expected to be completed in early to mid-2022, with final hole positions to be refined subject to access conditions, including Native Title clearance.

Chase was flat in the market with shares trading at 1.4 cents at 2:46 p.m. AEDT.

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