The best drilling results from the Oonagalabi copper-zinc project, north-west of Alice Springs, have shown up to 1.26 per cent copper and 1.22 per cent zinc, while rock chip samples from nearby Paradise Well returned 8.9 per cent copper.

Comet Resources managing director Matthew O’Kane said strong market outlook for copper has made the acquisition even more valuable.

“With copper prices recently touching record high, it’s a great time for us to add this portfolio of both advanced and early-stage copper, gold and base metals targets to our existing copper exposure,” O’Kane said.

“Industry analysts believe copper prices will continue to strengthen as a result of increased global infrastructure spending and the transition to clean energy.

“We look forward to getting onto the ground in the Northern Territory shortly to review the projects and make plans for the commencement of field exploration activities.”

The price of copper hit a record $US10,724.50 ($13,682) on the London Metal Exchange (LME) in May, encouraging junior copper explorers and miners to join the hunt for prosperity.

Kincora Copper president and chief executive officer Sam Spring talked to Australian Mining and said the combination of dwindling copper supplies overseas, and increased demand for copper-heavy electric vehicles has created a perfect storm.

“It’s a tailwind for the junior sector,” he told Australian Mining. “The improving copper price increases investor sentiment and that filters down to the junior miners who increase exploration with brownfield and greenfield projects.”

As further encouragement, the Australian Government has extended the Junior Minerals Exploration Incentive (JMEI) by four years with an additional $100 million in funding.

The JMEI extension aims to deliver more jobs for future miners and has supported 85 junior mining companies since it was first introduced in 2018.

Junior explorers in Australia discover up to 70 per cent of deposits that create new projects.