Forte Energy (LON:FTE) said initial work after its recently acquired controlling stake at the Olympic Domain project in Australia, will centre on the Horse Well target, which it described as "exceptional".
A hole sunk by Western Mining Corp in 1982 hit 235 metres of copper mineralised drill core averaging 0.11% copper, which could represent the edge of a larger system, it said.
"The Horse Well Target remains one of the few high quality magnetic and gravity anomalies that remain to be drill tested in the world class Olympic Dam copper/uranium province," said Forte.
Forte said initial work, expected in coming months, will be a low cost gravity survey followed by a single hole, around 800m, to test the gravity target at depth.
Other targets have already been identified at the project.
Mark Reilly, Forte managing director, said: "This is an exciting development for the company with a number of high quality targets already being identified.
"The company looks forward to updating shareholders in the near term."
Also, in the update, it said further information was being sought from the Slovak Ministry for Environment over the new licence application for the Kuriskova deposit area and expects to update within 14 days.
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