Infinity Expands Copper-Gold Portfolio with Achilles Project in New South Wales

December 05, 2024 07:08 PM AEDT | By Team Kalkine Media

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Infinity Expands Copper-Gold Portfolio with Achilles Project in New South Wales — Image source: Shutterstock

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Highlights

Infinity Mining acquires the Achilles copper-gold project in the Devonian Cobar Basin.

The project lies near successful neighboring drilling activities by other companies.

The acquisition strengthens Infinity’s position in the region's copper and gold exploration.

Infinity Mining (ASX:IMI) has enhanced its copper-gold exploration efforts with the addition of the Achilles Project in New South Wales, a key development that positions the company to capitalize on the metal-rich opportunities in the Devonian Cobar Basin. The project was officially granted to Infinity on September 16 under exploration licence EL9700 for a three-year period.

The Achilles Project is located in a highly prospective area, known for its rich history of base and precious metal deposits. The region is home to significant mining operations, including MAC Copper Ltd’s CSA Copper Mine and Aurelia Metals Ltd’s Peak Gold Mine. The Achilles site itself spans five kilometers along the Achilles Shear Zone, a geological feature that plays a pivotal role in the mineralization of the area.

Infinity Mining's acquisition of the Achilles project adds to its expanding portfolio in New South Wales, which already includes several other exploration licences. Among these are projects such as the Bogong, Gundagai, and Harden projects, as well as the flagship Cangai Project. These projects collectively reinforce the company's growing presence in the region’s copper and gold sectors.

The strategic location of the Achilles Project is especially noteworthy. Recent drilling activities by Australian Gold and Copper Ltd at its nearby Achilles 3 project have returned impressive results, including 16.9 g/t gold, 1,667 g/t silver, and 15% lead and zinc over five meters. This success highlights the potential for further discoveries in the area. Similarly, Eastern Metal Ltd's nearby Brown’s Reef project, which features polymetallic VHMS (volcanogenic massive sulfide) mineralization, has yielded strong results such as 4.3 g/t gold and 0.3% lead over seven meters.

Joe Phillips, Executive Chairman of Infinity Mining, expressed enthusiasm over the acquisition, noting that the Achilles Project aligns well with the company’s ongoing strategy of exploring copper and gold deposits in highly prospective geological zones. Phillips emphasized that the area’s rich mineral occurrences and proximity to successful projects further strengthen the company's outlook for new discoveries in the region.

As of 14:27 AEDT, Infinity Mining's shares were trading at 1.4 cents, reflecting a decrease of 17.65% since the market opened earlier in the day. Despite this, the Achilles acquisition marks an important step forward in Infinity’s expansion plans, reinforcing its commitment to increasing its footprint in the competitive copper-gold market.

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