Emerging copper explorer Alderan Resources may have a company-maker on its hands with the discovery of a giant mineralised porphyry copper system at the Frisco project in Utah.
Results from 3D modelling of the IP survey has discovered a large scale 2.5-kilometre porphyry copper system at Frisco.
News of the discovery sent Alderan’s share price soaring 17 per cent, or 24.5c, to close at $1.675.
The location and scale of the prospect – called Perseverance – supports Alderan’s view that it may be the main causative intrusion for mineralisation within the Cactus Corridor, host to the Cactus Mine, and also the large and heavily mineralised Accrington Skarn.
According to Alderan, results show Perseverance may host a mineralised porphyry intrusion similar in size to Bingham Canyon – a world-class porphyry copper deposit and one of the world’s largest mines.
Bingham Canyon porphyry system – similar in size to Perseverance covering 2-2.5 kilometres – has produced over 19Mt of copper from over 2.8Bt of ore across more than 100 years of continuous production with remaining reserves of almost 10Mt of copper.
Alderan is currently re-assessing drill planning for the Accrington project to possibly incorporate deeper drilling towards the Perseverance target.