Core Exploration secures key Roxby Downs exploration licence near Olympic Dam 

(MENAFN - ProactiveInvestors - Australia) Core Exploration (ASX: CXO) now holds 400 square kilometres of granted, wholly owned tenements near BHP Billiton's (ASX: BHP) Olympic Dam with the granting of a key Roxby Downs exploration licence.

Importantly, this is a major step forward for the company as it is now able to advance the Roxby South project and begin discussions with potential joint venture partners.

The Roxby South project is one of the few remaining projects covering the highly prospective geology between BHP's Olympic Dam mine and OZ Minerals' (ASX: OZL) Carrapateena project not currently held in partnership with a major mining company.

Given the high level of corporate activity and the size of the players in the region, Core's Roxby South project is likely to attract a number of companies interested in joint ventures or acquisitions.

The Roxby South project is located around 40 kilometres south of the Olympic Dam copper-gold-uranium mine and within kilometres of known IOCGU mineralisation at the Wirrda Well, Acropolis and Horse Well prospects.

Core's geophysical modelling and review of previous exploration has identified high priority drill targets, which require further definition and drill testing.

Drill targets on the highly prospective northern section of the Roxby Downs exploration licence include targets covering part of the same gravity feature as BHP's Olympic Dam mine and Acropolis prospect.

Copper sulphide bearing breccias have been drilled within 3 kilometres of one of the drill targets on the southern tenement.


Cash-backed

Core is trading around cash backing with a market cap. of just 3 million and cash reserves at the end of the March quarter of 3.1 million.