Elysium Resources (ASX: EYM)
Operating in the world class East Lachlan Fold Belt in New South Wales has its advantages. This is an area revered as one of Australia’s largest mining regions.
So it is no wonder that one ASX junior is seeking to capitalise on the history of the region as well as current commodity prices, at its flagship copper and gold project.
Copper and gold are two currently well performed commodities, but there is zinc in the mix as well, which makes this polymetallic play one to keep an eye on.
The company is now full steam ahead in its search for a polymetallic nirvana and recently completed its first round of drilling.
Today’s company recently completed just under 1200m of RC drilling of five exploration holes, with assay results for all holes just weeks, if not days away.
Ultimately, the company is aiming to define a 10 million tonnes at 2% copper equivalent Resource – around 40,000 tonnes of copper metal.
It also hopes to increase the current 32,000oz gold resource to around 500,000oz at around 2-4g/t gold.
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With $1 million in the bank, but a market cap of just $4.3 million, there could be a lot of blue sky ahead for this company as it looks to strengthen its foothold one of the most prolific mining regions in the country.