Antares Metals has confirmed visible copper mineralisation alongside uranium at its Queens Gift prospect within the Mt Isa North project, signalling promising multi-commodity potential.
- Visible copper identified in uranium samples at Queens Gift
- Rock chip samples dispatched for multi-element assay
- Queens Gift uranium resource open at depth and along strike
- Further drilling planned at Surprise and Conglomerate Creek copper prospects
- Company aims to upgrade Queens Gift uranium resource estimate
Exploration Update at Queens Gift
Antares Metals Limited (ASX:AM5) has provided a significant update on its ongoing exploration activities at the Mt Isa North Copper and Uranium Project in northwest Queensland. Recent fieldwork at the Queens Gift uranium prospect has revealed visible copper mineralisation coexisting with uranium, a discovery that could enhance the project's economic potential.
The Queens Gift prospect, located approximately 77 kilometres north-northwest of Mt Isa, is an advanced uranium target with a history of exploration dating back to 1969. Antares’ geologists have been systematically sampling outcrops along a 1.3-kilometre strike, confirming historic uranium mineralisation and identifying chalcopyrite, a copper-bearing mineral, in several rock chip samples. These samples have been sent for detailed multi-element chemical assays, with results expected within 4 to 6 weeks.
Geological Significance and Historical Context
The Queens Gift deposit is hosted within altered basalts of the Eastern Creek Volcanics, exhibiting hematite and albite alteration signatures similar to the nearby Valhalla Uranium Deposit. Previous drilling by Deep Yellow Ltd between 2007 and 2009 delineated a JORC-2004 compliant uranium resource, which remains open at depth. Antares is now re-evaluating the deposit with the goal of extending mineralisation both at depth and along strike, potentially increasing the resource base.
Notably, the presence of visible copper mineralisation alongside uranium is an encouraging development. While copper and uranium are known to coexist in the Mt Isa region, the abundance of chalcopyrite observed was unexpected, suggesting that the project may hold multi-commodity value beyond uranium alone.
Broader Exploration Strategy
Beyond Queens Gift, Antares is advancing exploration at other key prospects within the Mt Isa North project. The company plans a third phase of drilling at the Surprise Copper Prospect and an initial drilling campaign at the Conglomerate Creek Copper Prospect. Additionally, new geophysical surveys are planned for the Calton Hill Prospect to refine targets before drilling.
Antares’ CEO, Johan Lambrechts, emphasised the company’s methodical approach – "Our geologists continue to actively and systematically explore our tenement holdings, and we are very encouraged by the mineralisation encountered so far." He highlighted the potential for multiple advanced prospects within the project area, underscoring the strategic importance of Queens Gift as a flagship uranium target with emerging copper potential.
Looking Ahead
The company is preparing to integrate assay results from the recent sampling campaign into its geological models and resource estimates. An upgrade to the existing Queens Gift uranium resource is under consideration, contingent on forthcoming data. This could mark a pivotal step in unlocking additional value from the project’s mineral endowment.
Antares Metals’ disciplined exploration and multi-commodity focus position it well to capitalize on the Mt Isa North project’s potential. Investors and industry watchers will be keenly awaiting assay results and the outcomes of upcoming drilling programs to better understand the scale and quality of mineralisation.
Bottom Line?
Antares’ discovery of copper alongside uranium at Queens Gift could reshape the project’s value proposition as assay results and drilling progress unfold.
Questions in the middle?
- What will the upcoming assay results reveal about copper and uranium grades at Queens Gift?
- How might the presence of copper influence the economics and development timeline of the Mt Isa North project?
- Will Antares’ planned drilling at Surprise and Conglomerate Creek confirm additional significant copper mineralisation?