(MENAFN- ProactiveInvestors - Australia) Kumarina Resources (ASX: KMR) has delivered an initial Inferred JORC resource for its wholly owned Ilgarari Copper Project in the North Murchison region of Western Australia.
The resource stands at 1.1 million tonnes at 1.89% for 20,940 tonnes of contained copper.
Importantly, Kumarina remains well funded to continue proving up the potential of Ilgarari, with A$7.4 million in cash at the end of September, equating to cash backing of about $0.16 per share compared to the last traded share price of $0.10.
Copper mineralisation at the project extends over 2 kilometres of strike and is composed of two primary zones, the western Main Zone and the eastern Alac Zone.
The Main Zone comprises one continuous mineralised zone which has been drill tested to about 150 metres vertical depth.
A number of the more recent deeper holes tested the Main Zone at depth returning encouraging intersections of 17 metres at 1.27% copper from 145 metres, including 4 metres at 2.17% copper.
These intersections demonstrate the depth potential of the mineralised system.
The Alac Zone comprises up to four individual stacked mineralised zones, extending up to 500 metres in strike.
Mineralisation within a number of these zones is open at depth and to the east and further drilling is planned to test these targets.
Historic copper-gold production
The Ilgarari Project is located 120 kilometres south of Newman in the South Pilbara and has substantial historic copper-gold production.
Previous underground and open pit workings provide Kumarina with advanced drill targets and the opportunity to fast track targeted exploration focused on establishing economic resources.
The historic Ilgarari mine workings are located on a 7 kilometre shear zone substantially untested by drilling. These workings exploited high grade copper oxides.
Initial acid leaching tests completed previously on oxide copper samples taken from the shaft collars and costeans have provided favourable results at above 95% metal extraction.
Manganese potential
The Ilgarari Project is also prospective for manganese, with rock chip sampling over 4 kilometres outlining a substantial manganese target.
Results from rock chip sampling along the outcrop returned assays of up to 51.7% manganese.
Kumarina intends to explore the potential of the manganese beds located at Ilgarari with follow up drilling programs.
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