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Encounter Resources Ltd.

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Summary

Project:

Yeneena

Deposit:Lookout Rocks
Location:Australia
Commodities:Copper-Cobalt
Date:7/28/2016
Report Code:JORC
Report Type:Exploration/Drilling Update
Project Stage:Pursuing Resources Definition
Report details:28-7-2016: Encounter Resources Ltd. announces an Exploration/Drilling Update report for its Lookout Rocks deposit at the Yeneena project. JV with Antofagasta Minerals - drilling results incl. 9.5m @ 0.14% Cu, 183ppm Co from 185m. The directors of Encounte
Resources:x
CP/QP:[Overall Report]: Peter Bewick (Internal)
ABSTRACT:The directors of Encounter Resources Ltd (“Encounter” or “the Company”) are pleased to confirm copper sulphide mineralisation in the first diamond hole drilled at the Lookout Rocks Project (“Lookout Rocks”). Lookout Rocks includes four tenements (~450km2 ) of highly prospective exploration ground located in the north-west of Yeneena. Exploration at Lookout Rocks is being conducted as part of the US$6m earn-in agreement with a wholly-owned subsidiary of Antofagasta plc (“Antofagasta”) (refer ASX announcement 30 July 2015). The Lookout Rocks project is in the north-west of Yeneena and covers over 30 strike kms of interpreted Broadhurst Formation sedimentary rocks, the geological unit that hosts the Nifty copper deposit. Interpretation of the detailed airborne electromagnetic data indicates the prospective structures and Broadhurst lithologies extend into the project in an area that has seen minimal exploration activity. Chemical assays have confirmed that the first diamond drill hole successfully intersected narrow zones of disseminated copper sulphide mineralisation, up to 1% Cu, at the targeted “first reductant” position (see Table 1 and 2). This copper-cobalt mineralisation is hosted by black, reduced carbonaceous sediments, located directly above an oxidised “red bed” stratigraphic unit, a stratigraphic position similar to that of many major copper deposits of the Zambian Copperbelt. This first diamond hole has confirmed the targeted mineralisation model at Lookout Rocks, focused at a stratigraphic contact “first reductant” interface (see photos 1 and 2). Surface mapping indicates that this stratigraphic contact, which is the focus of the copper-cobalt mineralisation, is relatively flat and extends laterally over a large part of the Lookout Rocks Project. Accordingly, this result has potentially enhanced the scale and near surface explorability of the opportunity. Importantly, this is the first time that this style of mineralisation has been identified within the project and, as such, has promising regional exploration implications.

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