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New Gold with Silver & Base Metals Results Highlight Potential Discoveries in Three Key Areas at Corvette River
The Phase 1 sampling program focussed on three key prospects: Felicie on the Corvette Lithium Trend, which hosts Patriot Battery Metals’ world-class Corvette Lithium Project2, and the West Eade and East Eade claims on the parallel Corvette South Trend (see Figure 1).
The program included mapping and extensive rockchip and channel sampling in areas of previous high-grade gold samples found at West Eade and East Eade, as well as follow up of previous high-grade gold-silver-copper results at the Felicie property. Significant results obtained for each of the key target areas are as follows:
- Felicie Project – New results from the western zone of Felicie included trench sample assays grading up to 3.85g/t gold (Au), 19.8g/t Silver (Ag), 0.14% Copper (Cu), 0.84% Zinc (Zn), 0.5% lead (Pb). These results validate historical rock chip sample results that included grades of up to 4.2 g/t Au, 44.1 g/t Ag, 0.23% Cu, 1.39% Pb and 1.25% Zn3, hosted by a northeast trending shear zone mapped for approximately 200m and open to the NE and SW (see Figure 2, Images 1-4)4.
- West Eade Project – New results grading up to 4.42g/t gold were obtained from rock chip samples, validating gold results from prior programs which have included 11.45 g/t & 8.56 g/t Au (2005), 3.37 g/t Au (2019) & 2.56 g/t Au and 5.5 g/t Au (2020)3. Gold mineralisation has been demonstrated over an east-west trending corridor of over 1000m within a strongly folded and faulted banded iron formation (BIF) up to 300m in width and 2,000 m in length. (see Figure 3, Images 5-8).
- East Eade Project – Trench sample assays revealed broad mineralisation grading >0.3 g/t Au, including 1m @ 0.83 g/t Au associated with quartz veins and up to 15% sulphides within a folded and faulted BIF outcrop. This outcropping mineralised zone extends for >400m, is open to the east and west, and appears to be the source of previous high-grade rock chip samples of outcropping boulders grading 29.7 g/t Au3 and 12 g/t Au3, 160m to the east (See Figure 4, Images 9 - 14).
The new results and extensive field mapping have significantly enhanced focus areas for a Phase 2 program. Planning is underway for an exploration program aimed at further defining and extending the mineralised corridors, including pinpointing priority drilling positions for later work.
Figure 1: Metals Australia’s Corvette River Project – East Pontois, Felicie, West Eade & East Eade Prospects – Newresults, previous peak results & geology and magnetics
Metals Australia CEO Paul Ferguson commented:
“The results we have received from our first phase exploration program at our Corvette River project in Quebec are extremely encouraging, confirming three emerging gold discoveries at our Felicie, West-Eade and East-Eade prospects.
Our sampling program has successfully extended the mineralised zone at Felicie, with the new results validating historical data by demonstrating a broad zone of extensive mineralisation which will now be prioritised for follow-up exploration. While the near-surface gold results are significant, silver, copper, lead and zinc are also consistently present with the gold at highly anomalous levels.
The two Eade prospects cover a combined strike length of over 20km. The program was focused on mapping and trenching to extend areas near historical mineralisation. Focus in West Eade was on a Banded Iron stone (BIF) unit over 2km long which hosts disseminated sulphides that had yielded gold results previously. The program extended those results with a best result of 4.42 g/t gold. We are now seeing good mineralisation across approximately 1km of surface strike length extent. These results also warrant further work in this area.
East Eade also contains a large, banded iron formation of over 3.6km strike-length trending east- west. Gold had been found in veins within the BIF unit previously. Numerous channel and rock chip samples in our program yielded gold results up to 0.83g/t within an over 10m wide mineralised zone. Significantly, a large outcrop ridge was identified of sheared, folded and faulted silicate, oxide and sulphide facies within the BIF that also supports further investigation.
The results further underline the prospectivity of the three zones tested for gold, silver and base metals. All three areas warrant more detailed investigation, and our team is working closely with the local Magnor Exploration team on defining next steps for a follow-up program, including further systematic trenching and targeted sampling.
The Corvette River results also demonstrate the value our work programs are generating across our suite of projects in known mineralised zones in Canada and Australia. Our short to near term pipeline of news flow remains strong, with Warambie drilling samples now in the laboratory, drilling at Big Bell North project set to commence this month and Warrego East in the Northern Territory also approaching drill-ready status. Our flagship Lac Carheil project continues to develop as one of the leading graphite projects in North America today, with excellent progress being made across key studies to advance it towards prefeasibility.
Few companies our size have such a portfolio of high-quality projects and even fewer have the technical and financial capability to progress them as we are doing. This places us in an enviable position to be able to unlock significant value from multiple parallel workstreams in the near term.“
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This article includes content from Metals Australia Ltd, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Drilling to Commence at Big Bell North Gold Project
HIGHLIGHTS
- Up to 4,500m aircore drilling program set to commence testing priority greenstone-splay, fault-hosted gold targets interpreted under cover at Big Bell North, along strike from the 5Moz Big Bell Mine and Garden Gully Projects in Western Australia’s world-class Murchison Gold Province.
- The Big Bell North tenements cover an extensive 337km2 area where little previous exploration has been carried out due to extensive regional soil cover and the historic lack of recognition of greenstone lithologies.
- Interpretation of recently completed aeromagnetic and gravity surveys has defined greenstone-splay fault priority drilling targets on both the eastern and western zones of the Big Bell North tenements.
- Drilling will initially focus on the Eastern Zone over a 9km north-south trend interpreted to be a faulted greenstone corridor (interpreted to be 700-1,400m wide) splaying from the regional scale Chunderloo Shear Zone. This setting is identical to the Garden Gully highgrade gold project, immediately along strike to the northeast, held by Ora Gold Ltd (OAU).
- The Eastern Zone drill targets have been further refined to align magnetic lows from the aeromagnetic survey with strong positive gravity survey responses, indicative of denser greenstones (dominated by prospective mafic rocks) in the interpreted shear zone. Shear zones associated with magnetic lows commonly coincide with quartz veining/alteration2.
- Soil sampling is also underway across the Western Zone target. Subject to results, a drilling program will follow to test bedrock targets for buried gold deposits at the Western Zone, where shallower cover exists.
- Anomalous gold results in the aircore drilling programs will be followed up with deeper RC drilling to test across the gold-anomalous structures.
Figure 1: Metals Australia - Critical Minerals and gold exploration projects in world-class mineral terranes (adapted from Geoscience Australia, Australian Mineral Deposits)
Metals Australia Ltd CEO Paul Ferguson commented:
“The drilling program we are set to commence at our highly prospective Big Bell North gold project in Western Australia’s prolific Murchison Gold Province is the latest step in the Company’s aggressive push to unlock value from our suite of gold and critical mineral projects, which are all located in wellestablished mining regions in Australia and Canada.”
Our Big Bell North project, where there has been no modern-day exploration, has advanced rapidly during 2024 on the back of a methodical, phased exploration approach from our geological team. This started with an extensive fixed wing aeromagnetic survey covering over 5,200-line km which yielded two interpreted shear zones of significance.
We followed this up with detailed gravity survey work, which revealed the likelihood of greenstones within the shear zones. This is significant because gold mineralisation within the Murchison domain is often concentrated within such greenstone belts and is structurally controlled, thus enhancing the potential of the targets we are now set to drill.
In addition to Big Bell North, we continue to advance plans for an extensive soil survey and follow-on drilling program at the Warrego East copper-gold project in the Northern Territory, which is on track to commence later this year, ahead of the wet season, once permitting and land access arrangements are finalised.
We are also awaiting results and interpretation from two other recently completed exploration programs at Warrambie in the Pilbara, where our aircore drilling program has been completed; and our Corvette River project in Quebec’s James Bay region in Canada, where assay results from the phase one field program are imminent. Exploration at Corvette River is extensively focused on gold, silver, base metals (Cu-Pb-Zn) and lithium.
At our flagship Lac Carheil high-grade flake graphite project in Quebec, positive dialogue continues as we seek to build alignment on the project’s benefits with all stakeholders. Our significant cash reserves leave us well-placed to accelerate our various exploration programs as we continue striving to unlock the true value of our suite of projects in Australia and Canada.”
Click here for the full ASX Release
This article includes content from Metals Australia, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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