Dec 30, 2018

Young Australian to inject $2.84m into Cloncurry site

Young Australian to inject  $2.84m into Cloncurry site

Young Australian Mines has secured $US2 million ($2.84 million) to advance its White Range copper project near Cloncurry.

The company said the funding was obtained from its majority shareholder, Hanlong Mining Investment, as an extension of the shareholder loan already in place.

Young Australian Mines was formerly known as Moly Mines but changed its name in mid-2018 after taking over Queensland Mining Corporation and acquiring the White Range project.

The White Range project, about 40km south of Cloncurry, contains a total JORC compliant resource of 29.3 million tonnes at 0.82 per cent copper, 0.2g/t gold and 0.03 per cent cobalt.

The project consists of three main deposits – Greenmount, Kuridala and Young Australian, as well as smaller deposits at Mt McCabe, Vulcan and Desolation along with numerous advanced exploration prospects.

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