The Tottenham Copper-Gold Project is located in the Lachlan Fold Belt of New South Wales where the geological setting is similar to that of the Girilambone group of mines, including the Murrawombie (formerly Girilambone) and Tritton copper mines operated by Straits Resources and located approximately 120 km to the north-northwest.
Tottenham is an historic copper mining district with small-scale production dating back to the 1880s. Mineralisation occurs in volcano-sedimentary rocks of the Girilambone Group, which in the Tottenham area are folded into a broad antiform. Mineralisation located at or near a prominent quartz-magnetite marker horizon generally occurs at the interface between overlying sedimentary rocks and underlying mafic volcanic rocks.
In addition, EL8384 was granted along strike of Helix Resources’ Collerina prospect located approximately 35 km northwest of Tottenham. The Collerina prospect has returned several high quality Cu-Au-Zn intersections.
Mincor and Bacchus Resources Pty Ltd have enterred into a binding term sheet for an earn-in and joint venture agreement over the Tottenham Copper-Gold Project (see Mincor's ASX release dated 17 February 2017 - click here). Under the Agreement, Bacchus can earn a 30% interest in the project by spending $700,000 on exploration, with a minimum expenditure of $200,000 to earn approximately 11%. Minor contributing expenditure by Mincor may dilute these percentages. Should Bacchus elect to withdraw from the project after the minimum expenditure condition has been met, Mincor has a right to clawback Bacchus' equity for 50% of Bacchus' expenditure.
Regional location of the Tottenham Copper-Gold Project and Mincor’s tenement holdings
Magnetic intensity image showing priority prospect areas