Encounter Resources (ASX:ENR) announces South32's withdrawal from Carrara Farm-in Agreement

Encounter Resources Limited (ASX:ENR) has announced that South32 has prioritised copper exploration at the Jessica copper project in the Northern Territory (NT). Following the evaluation of the 2023 drilling results and reprocessing of seismic data, South32 has decided to focus on copper exploration at Jessica. This has led to additional granted tenure being added to the Jessica Farm-in Agreement, covering 811km2. Moreover, Encounter has regained 100% control of the Carrara project as South32 has withdrawn from the Carrara Farm-in Agreement. A diamond drilling program of 2,500m at Jessica is scheduled to commence in October 2024.

Executive Chairman Will Robinson comments on upcoming exploration

South32 completed a large maiden diamond drilling program in 2023 following a comprehensive review of new seismic and gravity data in the NT. The first holes drilled at the Zeta target at Jessica intersected red-rock hematite alteration and copper associated with quartz-carbonate veining, interpreted as a distal alteration signature to a potential IOCG style mineral system. The next phase of exploration at Jessica includes a 2,500m diamond drill program testing new targets identified through seismic re-processing and interpretations from the 2023 drilling, as well as a deep seeking MIMDAS geophysical survey at the Zeta target that could focus the follow up drilling.

Encounter Resources (ASX:ENR) future exploration plans

Encounter Resources (ASX:ENR) has announced South32's prioritization of copper exploration at the Jessica project, leading to South32's withdrawal from the Carrara Farm-in Agreement and Encounter regaining 100% control of the Carrara copper-zinc project in the NT. The upcoming exploration at Jessica includes a 2,500m diamond drill program to test new targets identified through seismic reprocessing and interpretations from the 2023 drilling. Additionally, a deep seeking MIMDAS geophysical survey at the Zeta target is scheduled for completion in May 2025. Encounter Resources aims to evaluate the implications of the initial drilling at Carrara and the potential for further drilling in this prospective basin.