The Clermont Copper/Gold Project (EPM 17968) is situated around the town of Clermont in central Queensland. The project is prospective for porphyry and stratabound bulk tonnage copper/gold deposits along with mesothermal gold deposits.
The project area covers numerous prospects including the Rosevale Project and the historic Peak Downs Copper Mine.
The three main targets comprise:
- Rosevale Porphyry Corridor, which has potential for porphyry-related copper, gold and molybdenum;
- Structurally controlled gold (vein) mineralisation (western and eastern parts of tenement); and
- VMS-related base metal mineralisation associated with the historic Peak Downs copper mine.
On 5 August 2021, Diatreme announced a farm-out with Metallica Minerals Limited (ASX:MLM) under which Metallica can earn a 25% interest in the project by sole funding exploration expenditure of A$300,000 by 31 December 2021.
Metallica can earn an additional 26% interest by sole funding exploration expenditure of an additional A$700,000 by no later than 12 months after 31 December 2021. After spending this amount, Metallica has the right to sole fund the first A$1 million of joint venture expenditure to earn an additional 24% interest.
Should Diatreme and Metallica make the decision to mine, Diatreme will be granted a 1% net smelter royalty.