EXPLORATION UPDATE COPPER AND GOLD AT TOTTENHAM Widespread anomalous coppergold intersected in three EM targets five still to be drilled Further encouraging results received from initial drilling at the first three of eight highpriority electromagnetic (EM) targets at the Tottenham CopperGold Project, NSW. All three EM anomalies drilled to date exhibit widespread coppergold mineralisation or anomalism with results including Carolina Prospect 3.35 metres 3.42% copper, 0.79g/t gold in hole TMD7, drilled 200 metres northeast of the previously reported intersection of 2 metres true width 11% copper and 2.77g/t gold in hole TMD2 Orange Plains Prospect 3.21 metres 1.54% copper, 0.47g/t gold in hole TMD6, one of three holes targeting this anomaly, all of which intersected highly anomalous copper and gold mineralisation and Effies Ace Prospect three holes intersected substantial zones of pyrite with copper and gold anomalism. The emerging interpretation is one in which a cluster of Volcanogenic Massive Sulphide (VMS) bodies may be present at Tottenham. These bodies are volumetrically dominated by pyrite (an ironsulphide) but the economic target is zones of highgrade massive chalcopyrite (a coppersulphide) plus gold within the pyrite envelopes. The presence of chalcopyritedominant zones is indicated by the massive chalcopyrite/gold mineralisation in TMD2, and by the widespread coppergold mineralisation/anomalism intersected in every hole within the pyrite bodies. As such the Tottenham Project represents a highquality exploration opportunity. Drilling now underway will follow up the intersection in TMD2 and then proceed with firstpass testing of the remaining five EM anomalies. Mincor controls a 30kilometre strike length of the prospective rock unit at Tottenham in a contiguous whollyowned tenement package totalling 686 square kilometres. Australian nickel miner Mincor Resources NL ( MCR) is pleased to report further encouraging drilling results from its emerging coppergold exploration project at Tottenham in New South Wales, with the latest results suggesting the presence of a cluster of Volcanogenic Massive Sulphide (VMS) bodies including zones of highgrade massive chalcopyrite and gold. Mincor said all three EM targets drilled to date showed either highgrade or strongly anomalous copper and gold mineralisation in extensive sulphide zones within the quartzmagnetite unit.
The quartzmagnetite unit has a strike length of 30 kilometres, all of which is controlled by Mincor. An aggressive drilling program is continuing with a further five EM targets yet to be drilled. Mincor has upgraded the priority of the Tottenham Copper Project within its portfolio of emerging projects in light of the developing geological interpretation and the size and prospectivity of its tenements. Carolina Prospect Mincor has yet to complete direct followup drilling of the previously reported highgrade intersection achieved in drillhole TMD2 (2 metres 11% copper and 2.77g/t gold). However, holes TMD7 and TMD9 were drilled into EM targets some 200 metres north and 96 metres northwest of TMD2 respectively. Both holes intersected coppergold mineralisation, as follows TMD7 (lower zone) 3.35 metres 3.42% copper, 0.79g/t gold and 4.22g/t silver from 311 metres (estimated true width 3.08 metres) TMD7 (upper zone) 3.00 metres 1.22% copper, 1.27g/t gold and 2.05g/t silver from 296.5 metres (estimated true width 2.76 metres) TMD9 3.85m 1.40% copper, 0.65g/t gold and 1.5g/t silver from 164.55 metres (estimated true width 3.54 metres) In both cases the mineralisation was intersected at the same stratigraphic horizon (the quartzmagnetite unit) as the mineralisation in TMD2.
In both cases it is also clear that pyrite had replaced chalcopyrite as the dominant sulphide mineral. This may reflect a metal zonation, which is commonly seen in VMSstyle deposits. Drillhole locations and sections are shown in Figures 3 and 4. Orange Plains Prospect Three holes were completed at the Orange Plains prospect targeting a 500metre long eastwest trending EM anomaly located downdip and east of old workings associated with the nearsurface oxide zone TMD6 3.21 metres 1.54% copper, 0.47g/t gold, 6.96g/t silver from 308.79 metres (estimated true width 2.95 metres) TMD11 1.29 metres 2.7% copper, 0.57g/t gold, 10.72g/t silver from 255.49 metres (estimated true width 1.19 metres) and TMD11 0.75 metres 1.23% copper, 0.27g/t gold, 6.24g/t silver from 284.5 metres (estimated true width 0.69 metre). Once again, the mineralisation at Orange Plains occurs along the stratigraphic horizon of the quartzmagnetite unit. The dominant sulphide in both intersections was pyrite, but the presence of significant copper and gold mineralisation suggests the possible presence of a chalcopyriterich zone.
All three intersections also contain elevated levels of zinc, possibly further evidence of VMSstyle metal zonation. Drillhole locations are shown in Figures 5 and 6. Effies Ace Prospect Three holes were completed at Effies Ace, located along strike to the east of Orange Plains. TMD4 and TMD10 tested a broad EM anomaly similar to that at Orange Plains while TMD5 was drilled into a shallower anomaly updip from TMD4. These holes intersected massive to semimassive pyrite, highly anomalous in copper and gold TMD4 1.60 metres 1.17% copper, 0.36g/t gold, 4.41g/t silver from 221.3 metres (estimated true width 1.47 metres) TMD5 0.55 metre 1.86% copper, 0.35g/t gold, and 7.02g/t silver from 102.97 metres (estimated true width 0.51 metre) TMD10 Assays pending The results again suggest a pyritedominant massive sulphide system with potential for an inner zone of highgrade coppergold mineralisation.
Drillhole locations are shown in Figure 5. Provisional Interpretation Mincors provisional interpretation suggests the presence of a cluster of Volcanogenic Massive Sulphide (VMS) bodies. Like most such bodies, these are dominated by the common ironsulphide pyrite. Typically, copper mineralisation (/ gold) occurs within these broad pyrite halos, where the dominant sulphide becomes chalcopyrite. The chalcopyrite zones are believed to be the areas most proximal to the source of the fluids that formed the bodies perhaps black smokers erupting from the sea floor, driven by underlying igneous activity. Mincor believes that at least two, and perhaps many more, such VMS systems are present on its Tottenham tenements.
The exploration challenge is to find the core copper zones within the pyrite systems. Massive pyrite and massive chalcopyrite cannot be distinguished using geophysical techniques such as electromagnetic surveys. Therefore, while such surveys can identify the location of the VMS bodies, the economic mineralisation within them requires intensive drilling combined with geochemical and geological studies. Mincors immediate drilling program is to directly followup the highgrade mineralisation intersected in hole TMD2, after which firstpass drilling of the five as yet untested EM targets will take place. Simultaneously geological and geochemical studies will continue, with the goal of identifying vectors to mineralisation within the sulphide bodies. Mincor will also carry out a detailed groundbased EM survey over the Carolina Prospect, extending to the north where a large magnetic feature is present, and to the south beyond the recentlyidentified outcrop of gossan which yielded rockchip results of 13.75% copper and 0.37g/t gold as previously announced (see ASX Announcement 17 February 2011). Background Note Mincors 100%owned Tottenham Copper Project tenements cover an area of 686 square kilometres just north of the mining and farming community of Tottenham, in the geographic centre of New South Wales. Geologically, the area is dominated by a quartzmagnetite unit that has been folded into an anticline and along which numerous copper occurrences are present.
Many of these have been the subject of smallscale mining in the past. In broad terms, the rocks which lie above the quartzmagnetite unit are felsicdominated schists, probably representing alternating layers of felsic volcanism and sedimentation, now metamorphosed. The rocks below the quartzmagnetite unit are maficdominated schists and basalts, possibly representing the ancient seafloor in this area although locally around Orange Plains felsic schists appear to dominate. The quartzmagnetite unit itself could represent exhalative sedimentary deposits on the ancient seafloor the classic setting for volcanogenic massive sulphides (VMS). Mincors initial work at Tottenham focused on the nearsurface copper oxide potential of the exposed quartzmagnetite units.
Drilling during 2007/8 outlined a Mineral Resource estimated at 3.7 million tonnes 1.1% copper. This resource is contained in nearsurface oxide material at the Mount Royal Deposits (Mt Royal, Chris Watson and Orange Plains) and at Carolina. Historical Note Copper may have been discovered in the Tottenham area as early as 1872, but was certainly being produced by 1880. Numerous small mines were worked through the 1880s and 1890s, but the production heyday was between about 1905 and 1919. The town of Tottenham was proclaimed in 1907 and the railway line reached the town in 1916.
Copper production continued through to 1930 and to some small degree until as late as the 1970s. The current population of the town is just over 300, in a district of around 1000 people, many of whom are descendants of the original pioneering copper miners of the 19th Century. Information referenced from Unearthed The Story of Copper Mining in Tottenham and Albert, NSW, by Keith Berryman and others, published in 2005 by the Tottenham Historical Society Inc. Mincor is a leading Australian nickel producer. The Company is listed on the Australian Securities Exchange and forms part of the benchmark SP/ASX 200 Index.
Mincor operates two mining centres in the world class Kambalda Nickel District of Western Australia, and has been in successful production since 2001. ENDS Released by On behalf of Nicholas Read Mr David Moore, Managing Director Read Corporate Mincor Resources NL Tel (08) 9388 1474 Tel (08) 9476 7200 www.mincor.com.au.