{"id":9613,"date":"2024-05-14T02:50:01","date_gmt":"2024-05-14T02:50:01","guid":{"rendered":"https:\/\/economicherald.net\/?p=9613"},"modified":"2024-05-14T02:50:01","modified_gmt":"2024-05-14T02:50:01","slug":"coppers-strength-draws-scorpion-minerals-attention-to-mt-mulcahy","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=9613","title":{"rendered":"Copper\u2019s strength draws Scorpion Minerals\u2019 attention to Mt Mulcahy"},"content":{"rendered":"<p>Scorpion Minerals demonstrating copper potential of the Mt Mulcahy prospect<br \/>\nMt Mulcahy has proven copper prospectivity with plenty of mineralised hits and existing resource at South Limb Pod<br \/>\nMt Mulcahy includes multiple untested VTEM conductors located within the 13.5km VMS horizon corridor<\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report:<\/em> With copper sentiment on the rise, Scorpion Minerals is turning its attention towards following up on high-grade copper confirmed in historical exploration at its Mt Mulcahy prospect in WA\u2019s Murchison region.<\/strong><\/p>\n<p>The red metal has put on significant weight in the year to date, with copper currently commanding prices of about US$10,000\/t on the spot market.<\/p>\n<p>ANZ\u2019s commodity team believes that while copper prices will remain volatile in the short term due to the \u201cchallenging economic backdrop\u201d, they <a href=\"https:\/\/stockhead.com.au\/resources\/12000-copper-why-anglos-red-metal-assets-make-the-rest-of-it-worthwhile\/\"><strong>remain well supported<\/strong><\/a> due to the \u201chuge under supply of the copper required to feed the emerging energy transition\u201d.<\/p>\n<p>This strength seems to be behind <a href=\"https:\/\/stockhead.com.au\/company\/bhp-bhp\/\"><strong>BHP\u2019s (ASX:BHP)<\/strong><\/a> rejected $60bn bid for Anglo American and it is certainly why <a href=\"https:\/\/stockhead.com.au\/company\/scorpion-minerals-scn\/\"><strong>Scorpion Minerals (ASX:SCN)<\/strong><\/a> is keen to get to exploring at Mt Mulcahy, part of the 1295km2 Pharos project about 60km from Cue.<\/p>\n<p>Mt Mulcahy lies in a similar geological setting to the world-class Golden Grove VMS deposit held by 29 Metals (ASX:29M) and hosts a highly prospective copper-rich VMS horizon over 13.5km long that is open along strike.<\/p>\n<p>A total of 85 historical holes totalling 10,304m have been completed over the South Limb Pod and West Copper zones of mineralisation with diamond drilling at South Limb Pod returning high-grade results such as:<\/p>\n<p>6.8m at 4.9% copper, 3.7% zinc, 0.16% cobalt, 39g\/t silver and 0.19g\/t gold from 112.2m;<br \/>\n10.2m at 4.5% copper, 4.0% zinc, 0.17% cobalt, 33g\/t silver and 0.18g\/t gold from 127m;<br \/>\n12.4m at 3.1% copper, 2.3% zinc, 0.10% cobalt, 28g\/t silver and 0.21g\/t gold from 77.8m; and<br \/>\n11.3m at 4.9% copper, 4.2% zinc, 0.16% cobalt, 44g\/t silver and 0.57g\/t gold from 37.4m.<\/p>\n<p>Unsurprisingly, the South Limb Pod zone of mineralisation already hosts a measured, indicated and inferred resource of 647,000t grading 2.4% copper, 1.8% zinc, 0.1% cobalt and 20g\/t silver.<\/p>\n<p>Over at West Copper, two holes drilled to test historical surface workings returned a top intersection of 3.1m at 1.9% copper, 0.96% zinc, 15g\/t silver and 0.16g\/t gold from 44.9m.<\/p>\n<p>\u00a0<\/p>\n<p>Pharos project showing the Mt Mulcahy copper prospect. Pic: Scorpion Minerals<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Plenty of targets<\/strong><\/h2>\n<p>SCN noted that there are multiple untested VTEM conductors located within the 13.5km VMS horizon corridor at Mt Mulcahy.<\/p>\n<p>It has started a strategic review of options to progress the prospect.<\/p>\n<p>\u201cAmidst the backdrop of a strengthening copper market, Scorpion is pleased to report that it will be advancing exploration activity at its Mt Mulcahy prospect in WA,\u201d chief executive officer Michael Fotios said.<\/p>\n<p>\u201cMt Mulcahy is a truly exciting opportunity for Scorpion, as it hosts a significant copper-zinc-silver-gold-cobalt resource in VMS stratigraphy similar to the world-class Golden Grove asset held by 29 Metals.<\/p>\n<p>\u201cImportantly, Mt Mulcahy has an existing resource within the South Limb Pod zone of 647,000 tonnes at 2.4% copper, 1.8% zinc, 0.1% cobalt and 20g\/t silver, providing a very solid foundation to build upon as exploration increases.<\/p>\n<p>\u201cHistoric exploration at Mt Mulcahy has revealed several high-grade targets along a 13.5km copper rich Volcanogenic Massive Sulphide (VMS) horizon and these will form the basis for our next phase of exploration.\u201d<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Future work<\/strong><\/h2>\n<p>Over the coming months, SCN plans to undertake downhole electromagnetic (DHEM) surveying of existing prepared diamond hole at the base of South Limb Pod.<\/p>\n<p>This will be followed by ground EM surveys guided by the DHEM results, geological mapping and rock chip sampling.<\/p>\n<p>Additionally, the company will carry out auger soil geochemistry aimed at identifying additional copper targets under shallow soil cover before it carries out diamond and\/or reverse circulation drilling of existing targets at depth.<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Scorpion Minerals, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/coppers-strength-draws-scorpion-minerals-attention-to-mt-mulcahy\/\">Copper\u2019s strength draws Scorpion Minerals\u2019 attention to Mt Mulcahy<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Scorpion Minerals demonstrating copper potential of the Mt Mulcahy prospect Mt Mulcahy has proven copper prospectivity with plenty of mineralised hits and existing resource at <a href=\"https:\/\/economicherald.net\/?p=9613\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":9614,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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