(MENAFN - ProactiveInvestors)
() has upgraded the existing exploration target for copper-gold tailings resources at the Mount Morgan project in Queensland.
The revised target now consists of 32 to 40Mt grading 0.67g/t to 0.79 g/t gold and 0.11% to 0.19% copper.
The upgrade follows an extensive review of the historical database and represents a 25% increase in contained gold and an 11% increase in contained copper.
Results of the historical data review have assisted in the planning of an extensive drilling program at Mount Morgan which will have the objective of converting parts of the exploration target into JORC Resources.
Current JORC Resources remain at 8.35Mt at 1.23g/t gold and 0.15% copper.
The review has also provided initial information on the potential for identification of an unmined base metal sulphide target within the mining leases.
This potential new prospect is being followed up via a separate desktop study.
Carbine agreed to acquire Mount Morgan earlier this year via an earn-in agreement with Raging Bull Mining. The acquisition also included the 1Mtpa Kundana Carbin-in Pulp gold processing plant.
Carbine looks value and leverage capped at under $5 million with $.5 million in cash.
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