Cloncurry North (CYU 90%, YEX 10%)
In 2011 CYU farmed out the Cloncurry North projects to Yunnan Copper Mineral Resources Exploration and Development Co. Ltd (YEX) and under the terms of that Farm-in Agreement YEX could earn up to a 55% interest in the Cloncurry North project.
Late in 2012 YEX received the analytical results from the YEX drilling which targeted a number of anomalies defined by the deep-penetrating EH4 geophysical survey undertaken in late 2011, on the FC4 prospect, approximately six kilometres north of Ernest Henry. Two deep diamond core holes, ZK01 and ZK02, were each drilled beyond 750 metres and totalled 1519.1 metres. The best result from these holes was in ZK01 which returned 104m @ 0.1% copper from 474 metres.
In May 2013, YEX issued a notice to CYU formally withdrawing from this Farm-in Agreement and electing to retain the 10% interest in the Cloncurry North Project which it had earned up to the time of withdrawal.
Mt Isa East (CYU 80%, YEX 20%)
In June 2013, CYU farmed out the Mt Isa East projects to YEX and under the terms of that Farm-in Agreement YEX could earn up to a 45% interest in the those tenures.
YEX mobilised its field crew to site during July 2013 to commence field activities following geophysical anomalies generated last season and on additional regional targets in the project. YEX conducted a series of activities at both the Mt Colin and Little Isa projects. Further EH4 geophysics lines were run across both project areas, but only shallow and weak anomalous zones were detected. YEX also drilled one diamond hole at Mt Colin (MCZK01), which failed to identify any significant mineralisation.
YEX has undertaken some soil geochemistry and ground magnetic survey work on the Little Isa project. On 23 September 2013, YEX notified CYU that it had completed exploration activities to the value of $300,000, thereby triggering its entitlement to acquire a 20% interest in the Mt Isa East Project.
