Copper Mountain has announced that the board has approved a $5 million budget for its Cloncurry project located in Queensland, Australia.
Planned work programs will include follow-up drilling on discoveries made in 2017.
Copper Mountain's acquisition of Altona Mining Ltd (Australia) was completed in April 2018.
This transaction resulted in the acquisition of 100% of Altona's assets including $30 million in cash, a permitted development project (Eva Copper Project) and a substantial exploration tenement portfolio (397,000 hectares) located in the highly prospective Mount Isa area in Queensland. This province is one of the world's premier base metal camps with mining continuing uninterrupted since discovery of copper and gold near Cloncurry in the 1860's.
Altona’s program highlighted copper mineralization along with gold, silver and cobalt. Altona Mining’s 2017 exploration drilling program, which was shallow and reconnaissance in nature, tested several significant copper-in-soil anomalies at the Companion, Veiled and Quamby prospects. These prospects add to an emerging cluster of copper-gold discoveries located 30km south of the company’s proposed Eva Copper Mine.