Locksley Resources (ASX:LKY) has unveiled an initial, independent resource estimate for the Tottenham Project in central New South Wales, Australia.
Highlights:
- Global inferred resource of 9.86Mt @ 0.7% Cu, 0.2g/t Au, 2g/t Ag for 71kt copper, 66koz gold and 511koz silver
- Resource calculated on two areas, being the Carolina Deposit and the Mount Royal to Orange Plains Deposits
- Deposits remain open laterally and at depth
- Multiple other targets require exploration
“Locksley are pleased to be able to announce the Tottenham Mineral Resource Estimate. The Tottenham Project continues to deliver,” Managing Director Steve Woodham said.
“The MRE supports the company’s strategy of creating a strong resource base at the Tottenham Project. Both the Carolina and Orange Plains deposits continue to grow in size.
“The additional tonnes that have been attributed to the global resource at Tottenham, together with the additional encouraging results on the margins of both deposits, provides the confidence in moving forward with multiple drilling campaigns this year.
“Along with continued resource drilling in order to expand and upgrade the existing Resource, the company will embark on an aggressive work programme for the remainder of the year.
“The Company would like to acknowledge the great work that the exploration team have carried out since listing last year. It is a very exciting time for the company and we look forward to updating the market as results of the upcoming work programmes come to hand.”
Project History
Recent exploration commenced when Arimco Mining Pty Ltd conducted an extensive geophysics and drilling program between 1996 and 1998. Straits Resources Limited (Straits) entered a joint venture into the Project in 1998 and initiated further soil geochemistry, geophysics, and drilling.
By 2001, 88 reverse circulation (RC) holes had been drilled, with many holes intersecting shallow copper mineralisation.
Fifty-eight RC holes were drilled at the Mount Royal–Effies Ace trend, 25 RC holes were drilled at the Carolina prospect, and five RC holes were drilled at the historical Ace mine workings. These holes concentrated on the testing of shallow oxide copper mineralisation amenable to heap leach processing.
The joint venture was terminated due to Arimco’s liquidation and Straits’ focus at the Girilambone and Tritton mines.
Mincor Resources NL acquired EL6592 and EL6656 in 2006 and subsequently spent more than A$6 million on the Project, with widespread soil sampling; drilling; detailed airborne magnetics and EM, culminating in Mineral Resource estimations.
In late 2015, Mincor obtained EL 8384 to the northwest of Tottenham and adjacent to Helix’s Collerina copper discovery. Mincor suspended exploration in 2016 due to depressed metal prices. Bacchus Resources Limited (Bacchus) entered a joint venture with Mincor in early 2017 with the view to drill the prospects, investigate mineral resource estimates and renew the tenements. In 2021, Locksley acquired 100% of the Tottenham Project from Bacchus and Mincor.
For further information please visit: https://locksleyresources.com.au/