New discovery programs
New discovery programs actively explore a pipeline of opportunities globally within the Company’s existing leases.
The Company’s new discovery programs are as follows:
| Project name |
State/province |
Country |
Target metal |
| Curnamona Joint Venture |
South Australia |
Australia |
Copper |
| Kitehawk Joint Venture |
Western Australia |
Australia |
Copper |
| McArthur Joint Venture |
Northern Territory |
Australia |
Zinc |
| Kidman Project |
New South Wales |
Australia |
Copper |
| Huckitta Joint Venture |
New South Wales |
Australia |
Nickel |
| High Lake East |
Nunavut |
Canada |
Zinc |
| Findlay Joint Venture |
British Colombia |
Canada |
Zinc |
| Ontario Nickel Projects |
Ontario |
Canada |
Nickel |
| Boundary Joint Venture |
Idaho |
USA |
Zinc |
| Mid-Continent Rift Program |
Minnesota |
USA |
Nickel |
| Norcan Joint Venture |
Sonora |
Mexico |
Copper |
| Seri Project |
Sonora |
Mexico |
Copper |
| Copiapo Basin |
- |
Chile |
Copper |
| Pierdras Verdes |
- |
Chile |
Copper
|
| Samapleu Investment |
- |
Cote d'Ivoire |
Nickel |
| HKH1 Joint Venture |
- |
Zambia |
Copper
|
| Kalemie Joint Venture |
Sud-Kivu |
Democratic Republic of Congo |
Gold |
| Kaputisan Joint Venture |
Bacan Island |
Indonesia |
Copper |
| Gorontalo |
Sulawesi |
Indonesia |
Copper |
| Wonogiri Joint Venture |
Java |
Indonesia |
Copper |
2011 program highlights
Australia
Project generation efforts in Australia defined and secured three new projects via joint ventures (JV) in a strongly
competitive environment. These include the Curnamona copper project in South Australia (Havilah JV), Kitehawk copper project in Western Australia (Warriedar JV) and Huckitta nickel project in the Northern Territory (Mithril JV). At the Kidman copper project in NSW (Cobar Basin), a nine-hole drilling program tested several airborne VTEM targets. Although no economic mineralisation was encountered, downhole geophysical and ground induced polarisation (IP) surveys identified further targets for follow-up work.
Americas
Project generation was successful in adding eight new projects to the exploration portfolio. These include three zinc projects in the Belt-Purcell Basin (USA-Canada), a district-scale land package for nickel sulphide deposits in Alaska, and four copper opportunities in Mexico and Chile. Of the four existing nickel exploration projects, Amaruk (Nunavut) and Sumach Lake (Ontario) were terminated following definitive exploration programs, while Savant Lake (Ontario) and MCR (Minnesota) projects were advanced during 2011.
Indonesia
Discovery of a large porphyry copper-gold deposit continued to be the core objective of exploration activities in Indonesia. Exploration programs in 2011 stalled due to a freeze in issuing forest use permits under a Forestry Moratorium, blocking exploration on the Bacan Island, East Java and North Sulawesi projects. Continued resource delineation drilling by Augur Resources at the Wonogiri JV project in central Java continued to build the potential for a low-grade (~1g/t gold) bulk-mineable gold deposit. Augur gained majority interest (51%) while the Company retained 39% interest and claw-back rights on any copper resource.
South-central Africa
During 2011, a local operating company was incorporated in Zambia and an exploration office established in Lusaka. The Company’s first exploration tenement in Zambia was granted in 2011 and efforts will continue to expand our land position via joint ventures or tenement application.