General Mining Corporation inks JV agreement for Mongolian copper project
(MENAFN - ProactiveInvestors - Australia) General Mining Corporation (ASX: GMM) has secured a joint venture agreement covering a highly prospective copper project adjoining its existing licences on the Khangai Fault in the northwest of Mongolia.
The Khangai Fault is a prominent fault which lies within the much larger Mongol-Okhotsk suture zone that stretches 3,000 kilometres into Russia and is up to 200 kilometres wide.
General Mining, through its wholly owned Mongolian subsidiary Golden Cross, can earn up to a 60% interest in the Oyut Tolgoi copper project â€" not to be confused with Oyu Tolgoi in the south of Mongolia â€" by meeting certain expenditure obligations before February 2013.
Surface exploration and diamond drilling in the mid -1970s at Oyut Tolgoi identified extensive copper mineralisation hosted in gabbroic rocks, with several of the historic holes returning mineralised intervals over tens of metres down hole.
Exploration included geological mapping, trenching and diamond drilling resulting in the discovery of a sizeable copper system.
Mineralisation consists of chalcopyrite and bornite with secondary covellite and chalcocite, hosted within gabbroic intrusive rocks associated with a major regional fault system.
The addition of the joint venture agreement to General Mining's portfolio now gives the company exposure to 154,610 hectares along the Khangai/Bulnay Fault.
Khangai Fault Project
General Mining is targeting nickel, copper and platinum group elements within gabbro-mafic-ultramafic intrusions along the Khangai Fault where it holds five granted licences.
The Khangai Fault Project is considered prospective because of its proximity to Oyut Tolgoi where there is the presence of copper-nickel-cobalt-platinum group elements mineralisation along the Khangai Fault, with highlight intercepts of more than 100 metres at 1% copper.
The project lies along a largely unexplored deep fault in a region that hosts several world class nickel-copper-platinum group elements and copper-molybdenum-gold deposits.
The Khangai Fault is a prominent fault which lies within the much larger Mongol-Okhotsk suture zone that stretches 3,000 kilometres into Russia and is up to 200 kilometres wide.
General Mining, through its wholly owned Mongolian subsidiary Golden Cross, can earn up to a 60% interest in the Oyut Tolgoi copper project â€" not to be confused with Oyu Tolgoi in the south of Mongolia â€" by meeting certain expenditure obligations before February 2013.
Surface exploration and diamond drilling in the mid -1970s at Oyut Tolgoi identified extensive copper mineralisation hosted in gabbroic rocks, with several of the historic holes returning mineralised intervals over tens of metres down hole.
Exploration included geological mapping, trenching and diamond drilling resulting in the discovery of a sizeable copper system.
Mineralisation consists of chalcopyrite and bornite with secondary covellite and chalcocite, hosted within gabbroic intrusive rocks associated with a major regional fault system.
The addition of the joint venture agreement to General Mining's portfolio now gives the company exposure to 154,610 hectares along the Khangai/Bulnay Fault.
Khangai Fault Project
General Mining is targeting nickel, copper and platinum group elements within gabbro-mafic-ultramafic intrusions along the Khangai Fault where it holds five granted licences.
The Khangai Fault Project is considered prospective because of its proximity to Oyut Tolgoi where there is the presence of copper-nickel-cobalt-platinum group elements mineralisation along the Khangai Fault, with highlight intercepts of more than 100 metres at 1% copper.
The project lies along a largely unexplored deep fault in a region that hosts several world class nickel-copper-platinum group elements and copper-molybdenum-gold deposits.
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