The Starra Au-(Cu) Project, N.W. Queensland

Exploration by Cyprus Minerals Australia Company (formerly Amoco Minerals) has successfully outlined significant Au-(Cu) mineralisation at Starra, 150 kilometres south-east of Mt. Isa. Mineralisation is stratabound and localized in deformed and metamorphosed ironstones (B.I.F?) and iron-oxide bearing schists of the mid-Proterozoic Staveley Formation. Over 90% of the presently outlined potential ore occurs in 4 discrete zones within a strike length of 3.5 kilometres. The inferred geological resource in these zones is approximately 6 million tonnes grading 5 grams per tonne gold and 2% copper. Roughly half of this is open-pittable, but more rigidly applied mining criteria will probably reduce the exploitable tonnage. Detailed infill drilling is in progress and a pre-feasibility study has commenced. The joint venture partners, Cyprus Minerals (75%) and Elders Resources (25%) expect to make a development decision by the end of this year.