Proactive Investors reported that exploration drilling at Universal Resources Blackard copper deposit in North Queensland has begun by the company’s SEEP JV partner of Xstrata.

As part of the SEEP JV Xstrata’s local subsidiary, Mt Isa Mines will drill 8 diamond drill holes in a tenement area of approximately 174 square kilometers within Universal Resources 1,650 square kilometer Roseby Copper project area, north west of Cloncurry.

The initial part of the exploration program, totaling 1300 meters of drilling will aim to further test the sulphide system underlying the Blackard native copper deposit testing the strike extent of high grade copper intersected last October as well as infill drilling to test the 1,250 strike length of western sulphide mineralization. The remaining 5 drill holes will be subject to the results obtained in the initial 3 holes.

The Seep JV permits Xstrata to earn a 51% interest in the SEEP Area by spending by no later than June 30th 2012 either USD 15 million on exploration within the SEEP Area or USD 10 million expenditure on exploration and a feasibility study of mining and processing mineralization located within the SEEP Area.

(Sourced from Proactiveinvestors.com)