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Highlights
· Additional significant intersections returned from development study drilling at the Cortadera porphyry discovery , part of the Company's Costa Fuego senior copper development in Chile
· CORMET003 delivered 552m grading 0.6% CuEq (0.4% copper (Cu), 0.2g/t gold (Au), 89ppm molybdenum (Mo)) from 276m depth down-hole, including 248m grading 0.8% CuEq (0.6% Cu, 0.2g/t Au, 179ppm Mo) from 574m depth - confirming further high grade growth potential at Cuerpo 3
· High grade Indicated resources (+0.6% CuEq), currently standing at 156Mt grading 0.79% CuEq for 1.0Mt Cu, 0.85Moz Au, 2.9Moz Ag & 24kt Mo , set to be further expanded in next resource upgrade later this year
· Assays returned for eleven Reverse Circulation (RC) holes drilled into the large-scale Productora Central target, with several intersections requiring follow-up Diamond Drill (DD) tails
· Drilling to commence across shallow high-grade resource growth opportunities at Valentina and San Antonio in the coming weeks and first drill testing across the large-scale Santiago Z target in the coming month
· Further drill results from Cortadera expected in the coming weeks
* Copper Equivalent (CuEq) reported for the drill holes at Cortadera were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. Average fresh rock metallurgical recoveries were Cu=83%, Au=56%, Mo=82%, and Ag=37%.
Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) ("Hot Chili" or "Company") is pleased to announce another strong result from its Cortadera porphyry discovery, as well as first assay results from exploration drilling being undertaken across its coastal range, Costa Fuego copper-gold hub in Chile.
Development study drill holes at Cortadera continue to return impressive assay results, with high-grade intersections reported from all holes in the program so far.
CORMET003 returned a significant intersection of 552m grading 0.6% CuEq (0.4% copper (Cu), 0.2g/t gold (Au), 89ppm molybdenum (Mo)) from 276m depth down-hole, including 248m grading 0.8% CuEq (0.6% Cu, 0.2g/t Au, 179ppm Mo) from 574m depth.
Importantly, the high grade core of the main porphyry (Cuerpo 3) at Cortadera continues to demonstrate further growth potential following the recently announced resource upgrade for Costa Fuego comprising Indicated resources of 725Mt grading 0.47% CuEq for 2.8Mt Cu, 2.6Moz Au, 10.5Moz Ag & 67kt Mo with high grade Indicated resources (+0.6% CuEq) standing at 156Mt grading 0.79% CuEq for 1.0Mt Cu, 0.85Moz Au, 2.9Moz Ag & 24kt Mo ( see announcement dated 31st March 2022).
CORMET001 was drilled into Cuerpo 1 and also returned a strong result of 70m grading 0.6% CuEq (0.5% Cu, 0.1g/t Au and 11ppm Mo) from 86m depth down-hole. CORMET001 also ended in 6m grading 0.6% copper and supplied critical hydrological and geotechnical data that will be used to inform the Costa Fuego Pre-Feasibility Study (PFS) due Q3 2022.
Hot Chili is also pleased to provide an exploration update on drilling and access clearing activities across several large-scale and high grade, satellite targets being tested this year.
Assay results returned for the first eleven drill holes completed at the Productora Central target this year have provided encouragement and further drilling is planned.
In addition, clearing activities are well advanced across Valentina, San Antonio and Santiago Z. Drilling is planned to commence at Valentina and then San Antonio in the coming weeks, and Santiago Z in the coming month.
Further development study drill results from Cortadera are expected in the coming weeks.
Productora Central Exploration Target - First-pass Drill Results
Results have been returned for eleven deep Reverse Circulation (RC) holes drilled across the Productora Central target. Productora Central is a 1.2km by 1.0km geochemical target, located along the western flank of the planned Productora open pit.
Drilling across the target has proved challenging due to issues penetrating an advanced argillic clay zone (alteration zones are known to overlie large-scale porphyry systems), with several drillholes not achieving planned hole depths.
The most encouraging result was returned from drill hole PRF003, located close to the Serrano fault where clay zones mask the target along strike to the northwest. PRF003 recorded an end of hole intersection of 36m grading 0.2% CuEq (0.2% Cu, 0.1g/t Au, 0.5g/t Ag) from 290m, including 12m grading 0.4% CuEq (0.4% Cu, 0.1g/t Au, 0.4g/t Ag).
Importantly, PRF003 ended in copper mineralisation and a diamond tail is planned to extend the drill hole this quarter.
Results from this first-pass RC programme will be used to refine the Company's three-dimensional geochemical model in advance of follow-up drill design. The next phase of drilling will aim to successfully penetrate the clay zone which is masking an area of elevated molybdenum along the Serrano fault.
San Antonio and Valentina – Drilling to Commence in Coming Weeks
Following the recent Costa Fuego resource upgrade ( see announcement dated 31 st of March 2022 ), Hot Chili have been completing platform clearing across the San Antonio and Valentina high grade copper deposits, located 5 kms northeast of Cortadera.
The Inferred maiden resource for San Antonio ( 4.2Mt @ 1.2% CuEq (1.1% Cu, 2.1g/t Ag) is intended to be upgraded in classification and also tested along strike and at depth. Approximately 13 drill holes are planned and clearing is underway.
Platform clearing across the Valentina historical, high grade, copper mine is well advanced with ten platforms already cleared. Drilling will follow-up previous significant intersections recorded by Hot Chili in 2018 including 12m grading 1.5% copper from 28m down-hole depth (including 6m grading 2.7% copper) in drill hole VAP0001 and 8m grading 2.0% copper from 124m down-hole depth (including 2m grading 4.8% copper) in drill hole VAP0003 ( see ASX announcement dated 5 th September 2018 ).
Drilling is expected to commence at Valentina in the coming weeks and then at San Antonio.
Santiago Z Target – First Access and Platform Clearing Well Advanced
Earthmoving works are in progress at Santiago Z, with a 7km principal access track already constructed and six initial drill platforms expected to be ready for drill testing in late Q2 2022.
Hot Chili's soil results and mapping have confirmed a potentially large copper porphyry footprint measuring over 4km in length and 2km in width at the Santiago Z landholding, located immediately south of Cortadera.
Santiago Z contains a large soil molybdenum anomaly that is twice the size and four times the tenor of the soil molybdenum anomaly related to the Cortadera copper-gold porphyry discovery ( see ASX announcement date 9 th May 2021 ).
Hot Chili's soil programmes over Santiago Z in 2021 confirmed enrichment in copper, gold and silver (Cortadera metal signature) and other element zonation patterns consistent with the presence of a potentially large copper porphyry system at depth.
Mapping by Hot Chili has recognised several areas of outcropping copper-bearing hydrothermal breccia at Santiago Z with no drill testing having ever been undertaken across the target area.
Santiago Z will be a priority target as soon as access is fully established for initial drill testing.
Reported on a 100% Basis - combining Mineral Resource estimates for the Cortadera, Productora and San Antonio deposits. Figures are rounded, reported to appropriate significant figures, and reported in accordance with CIM and NI 43-101. Metal rounded to nearest thousand, or if less, to the nearest hundred. Total Resource reported at +0.21% CuEq for open pit and +0.30% CuEq for underground. Refer to Announcement "Hot Chili Delivers Next Level of Growth" (31st March 2022) for JORC Table 1 information related to the Costa Fuego Mineral Resource estimates.
* Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. For Cortadera and San Antonio (Inferred + Indicated), the average metallurgical recoveries were Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average metallurgical recoveries were Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were Cu=83%, Au=51%, Mo=67% and Ag=23%.
This announcement is authorised by the Board of Directors for release to ASX.
Table 1 New Significant DD Results at Cortadera
Significant intercepts are calculated above a nominal cut-off grade of 0.2% Cu. Where appropriate, significant intersections may contain up to 30m down-hole distance of internal dilution (less than 0.2% Cu). Significant intersections are separated where internal dilution is greater than 30m down-hole distance. The selection of 0.2% Cu for significant intersection cut-off grade is aligned with marginal economic cut-off grade for bulk tonnage polymetallic copper deposits of similar grade in Chile and elsewhere in the world.
Down-hole significant intercept widths are estimated to be at or around true-widths of mineralisation
* Copper Equivalent (CuEq) reported for the drill holes at Cortadera were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. Average fresh rock metallurgical recoveries were Cu=83%, Au=56%, Mo=82%, and Ag=37%.
Table 2 New RC Drill Results at Productora Central
Significant intercepts are calculated above a nominal cut-off grade of 0.1% Cu. Where appropriate, significant intersections may contain up to 30m down-hole distance of internal dilution (less than 0.1% Cu). Significant intersections are separated where internal dilution is greater than 30m down-hole distance. The selection of 0.1% Cu for intersection cut-off grade above is selected on the basis of exploration significance and is not meant to represent potential marginal economic cut-off grade for bulk tonnage polymetallic copper deposits of similar grade in Chile and elsewhere in the world.
Down-hole significant intercept widths are estimated to be at or around true-widths of mineralisation
* Copper Equivalent (CuEq) reported for the drill holes at Productora were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. Average fresh rock metallurgical recoveries used were: Cu=89%, Au=58%, Mo=60%, and Ag=0%
Significant intercepts are calculated above a nominal cut-off grade of 0.1% Cu. Where appropriate, significant intersections may contain up to 30m down-hole distance of internal dilution (less than 0.1% Cu). Significant intersections are separated where internal dilution is greater than 30m down-hole distance. The selection of 0.1% Cu for intersection cut-off grade above is selected on the basis of exploration significance and is not meant to represent potential marginal economic cut-off grade for bulk tonnage polymetallic copper deposits of similar grade in Chile and elsewhere in the world.
Down-hole significant intercept widths are estimated to be at or around true-widths of mineralisation
* Copper Equivalent (CuEq) reported for the drill holes at Productora were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. Average fresh rock metallurgical recoveries used were: Cu=89%, Au=58%, Mo=60%, and Ag=0%
Figure 2. Location of development study diamond drill holes at Cortadera
Reported on a 100% Basis - combining Mineral Resource estimates for the Cortadera, Productora and San Antonio deposits. Figures are rounded, reported to appropriate significant figures, and reported in accordance with CIM and NI 43-101. Metal rounded to nearest thousand, or if less, to the nearest hundred. Total Resource reported at +0.21% CuEq for open pit and +0.30% CuEq for underground. Refer to Announcement "Hot Chili Delivers Next Level of Growth" (31st March 2022) for JORC Table 1 information related to the Costa Fuego Mineral Resource estimates.
Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. For Cortadera and San Antonio (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%.
** Note: Silver (Ag) is only present within the Cortadera Mineral Resource estimate
Competent Person's Statement- Exploration Results
Exploration information in this Announcement is based upon work compiled by Mr Christian Easterday, the Managing Director and a full-time employee of Hot Chili Limited whom is a Member of the Australasian Institute of Geoscientists (AIG). Mr Easterday has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a ‘Competent Person' as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). Mr Easterday consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.
Competent Person's Statement- Costa Fuego Mineral Resources
The information in this report that relates to Mineral Resources for Cortadera, Productora and San Antonio which constitute the combined Costa Fuego Project is based on information compiled by Ms Elizabeth Haren, a Competent Person who is a Member and Chartered Professional of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Ms Haren is a full-time employee of Haren Consulting Pty Ltd and an independent consultant to Hot Chili. Ms Haren has sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Ms Haren consents to the inclusion in the report of the matters based on her information in the form and context in which it appears. For further information on the Costa Fuego Project, refer to the technical report titled "Resource Report for the Costa Fuego Technical Report", dated December 13, 2021, which is available for review under Hot Chili's profile at www.sedar.com.
Reporting of Copper Equivalent
Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. For Cortadera and San Antonio (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%.
For further information please visit www.SEDAR.com
About Hot Chili
Hot Chili Limited is a mineral exploration company with assets in Chile. The Company's flagship project, Costa Fuego, is the consolidation into a hub of the Cortadera porphyry copper-gold discovery and the Productora copper-gold deposit, set 14 km apart in an excellent location – low altitude, coastal range of Chile, infrastructure rich, low capital intensity.The Costa Fuego landholdings, contains an Indicated Resource of 391Mt grading 0.52% CuEq (copper equivalent), containing 1.7 Mt Cu, 1.5 Moz Au, 4.2 Moz Ag, and 37 kt Mo and an Inferred Resource of 334Mt grading 0.44% CuEq containing 1.2Mt Cu, 1.2 Moz Au, 5.6 Moz Ag and 27 kt Mo, at a cut-off grade of 0.25% CuEq.The Company is working to advance its Costa Fuego Project through a preliminary feasibility study (followed by a full FS and DTM), and test several high-priority exploration targets.
Certain statements contained in this news release, including information as to the future financial or operating performance of Hot Chili and its projects may include statements that are "forward‐looking statements" which may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, and capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Hot Chili, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements.
Hot Chili disclaims any intent or obligation to update publicly or release any revisions to any forward‐looking statements, whether as a result of new information, future events, circumstances or results or otherwise after the date of this news release or to reflect the occurrence of unanticipated events, other than as may be required by law. The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward‐looking statements.
All forward‐looking statements made in this news release are qualified by the foregoing cautionary statements. Investors are cautioned that forward‐looking statements are not a guarantee of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Investor Relations
Graham Farrell
+1 416-842-9003
Graham.Farrell@harbor-access.com
Investor Relations
Jonathan Paterson
+1 475-477-9401
Jonathan.Paterson@Harbor-Access.com
Managing Director
Christian Easterday
https://www.hotchili.net.au/investors/
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News Provided by TheNewsWire via QuoteMedia
The Measured Resource comprises 730,000 tonnes of lake clay at a grade of 25.8% alumina (aluminium oxide, Al2O3) for a contained 189,000 tonnes of alumina (Table A). It is part of a much larger resource that includes Indicated and Inferred Resources within a unique deposit of high-grade alumina hosted in extremely fine-grained evaporite and clay minerals in the top two metres of two small dry salt lakes in the Lake Hope playa system (West Lake and East Lake, Figure 3 and ASX Release March 21st 2023).
The Measured Resource will underpin a maiden Probable or Proven Reserve Statement for an initial mine life of at least 15 years at the proposed benchmark production rate of 10,000 tonnes per annum of High Purity Alumina. The Reserve Statement is subject to further mining, metallurgical test work and economic studies that are part of the ongoing PFS (ASX Release October 9th 2024).
The larger resource underpins a potentially much longer mine life of at least 25 years, as reported in the Scoping Study on Lake Hope. The study showed that the project had very robust economics, with an after-tax Net Present Value (NPV8) of A$1.3 billion and one of the lowest operating costs per tonne of HPA globally (ASX Release November 9th, 2023). Impact confirms that all material assumptions underpinning the production target and forecast financial information in the Scoping Study continue to apply.
Figure 1. Location of Lake Hope Project E63/2086
The Mineral Resource estimate is shown in Table A and is reported in accordance with the requirements of the JORC Code 2012 by resource consultants H and S Consultants Pty Ltd (HSC) of Brisbane, Queensland. All details relevant to the Resource Estimate are given below and in the JORC Tables 1, 2 and 3 at the end of this report. Drill hole information and assay data have been reported previously (ASX Release 19th June 2023).
Table A. Lake Hope Alumina Mineral Resources.
About 60% of the Measured Resource lies within West Lake, over which Impact recently pegged a Mining Lease Application (ASX Release August 12th, 2024). When required, further low-cost push-tube sampling of the lake can significantly increase the size of the measured resource (Figure 2).
Figure 2. Lake Hope showing the push tube sampling method used to drill out the resource and an example of the lake clay from the push tube showing excellent sample recovery.
The alumina block grade distribution for the resources is shown in Figure 2. The grade increases towards the centre of the lakes, offering an opportunity for preferential mining of the higher-grade material in the early stages of any future mine development. Initial geometallurgical studies examining the variability of the mineral assemblages across the lakes have also been completed, and these are being incorporated into the mining schedules being prepared for the PFS.
Figure 2. Percentage (%) Alumina Block Grade Distribution for the Lake Hope Mineral Resources (Drill hole collars are shown as circles.)
The new Mineral Resource Estimate will be incorporated, as per the JORC 2012 Code, into the Pre- Feasibility Study for Lake Hope, which is nearing completion. Final reports from the engineering and design studies, mining schedules, and mining cost estimates, as well as from other contractors and consultants, are awaited. Some of these are expected in mid-December, and accordingly, the PFS is expected to be completed in Q1 2025.
Early Access to the CRC-P Research and Development Grant Funding
Impact recently announced that, in collaboration with CPC Engineering and the Mineral Recovery Research Centre (MRRC) at Edith Cowan University, it had been awarded a $2.87 million grant to commercialise its innovative process for producing High-Purity Alumina from Lake Hope (ASX Release October 22nd, 2024).
The grant is provided under the Federal Government’s Cooperative Research Centres Projects (CRC-P) program and is part of a more extensive research and development project designed to
provide Impact with the relevant information required to complete a Definitive Feasibility Study. A vital component of the grant funding will be to construct a pilot plant, which is an essential milestone for 2025, and this will provide consistent HPA samples for off-take and qualification trials.
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This article includes content from Impact Minerals, 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.
Highlights
“The Dufay Project offers Olympio significant strike exposure to one of the world’s premier mineralised structures, the famed Cadillac Break. The Project offers a range of underexplored exploration targets, including high-grade copper showings that have never been drilled and compelling porphyry Cu-Au geophysical targets that remain untested.
“The Project is adjacent to numerous large gold-copper mineral resources, with a major highway through the project directly to the Rouyn-Noranda copper smelter 35km to the east. The Project has significant potential to host porphyry Cu-Au mineralisation, with exploration drilling planned to commence during the upcoming Canadian winter field season.”
This terrane bounding structure is associated with world class endowments of VMS and orogenic gold and copper mineralisation1. The Project is located 35km west of the Rouyn-Noranda mining centre and copper smelter in southwest Québec (Figure 3 and Figure 4).
Figure 1 Rock chip sampling and IP geophysical survey over 1VD regional magnetics
The Dufay Project contains numerous historical showings of chalcopyrite-rich quartz veining, including the Chevrier working (refer Figure 1 and Figure 2), which was mined briefly in the late 1920s. There has been limited drilling on the Property, with the majority of holes drilled pre-1945 and no drilling for the last 36 years.
Numerous high grade copper rock chips samples across many prospect locations within the tenure, including up to 7.66% at the Papitose Prospect and up to 6.78% at the Chevrier Prospect (Figure 1, Table 1).
Table 1 Copper results of selected rock chip samples (See Table 2 attached for full summary of sampling)
There are numerous elongated exposures of syenite porphyry mapped in the Dufay Project (Figure 1). The Dufay Project syenite occurs <4km south of the Renault Bay Syenite, which is directly associated with the >1.4 Moz Au-equivalent Galloway Project 4km to the north3 (Fokus Minerals) (Figure 2). An Induced Polarisation (IP) ground survey over the area was completed in 20114, and recorded a large (>1200m long), high conductivity anomaly typical of copper sulphide mineralization immediately adjacent to the syenite porphyry. Importantly, this compelling copper target has never been drilled.
The extensive IP anomaly, the Chevrier Prospect and the Papitose Prospect are immediate priority drill targets with the approvals process already underway for drilling planned to start in January 2025.
Figure 2 Dufay Project local mineralisation context. Hendricks drill intercept source5
Figure 3 Copper and Gold mineralisation along the Cadillac Break, southern Abitibi Sub-Province
Figure 4 Dufay Project Location
TECHNICAL INFORMATION
The Dufay Copper-Gold Project is located immediately south of the Cadillac-Lake Larder Fault Zone, or the Cadillac Break, a major crustal discontinuity separating the Archean Abitibi Greenstone sub-province to the north from the Pontiac sub-province to the south.
The gold endowment of the orogenic deposits located along the Cadillac Break totals approximately 111 Moz1. Multiple >1Moz gold projects occur within 5km of the Dufay Project , including Kerr-Addison (11 Moz2) and the recently increased Galloway Au-Cu mineral resource (Fokus Minerals, >1.4 Moz Au-equivalent3) (Refer Figure 2 and Figure 3). The Pontiac Sub-Province sediments host numerous gold mineral resources peripheral to the Cadillac Break, including the nearby Granada mineral resource (>1.0Moz)6 and the >10Moz Malartic deposit7.
The Cadillac Break is also linked to the Noranda Volcanic Complex, which hosts numerous VMS deposits (Cu-Au-Zn-Ag) including the Horne deposit (>1Mt Cu, 0.5Mt Ag, 9Moz Au production8; Refer Figure 3).
The Project is highly prospective for porphyry Au-Cu mineralisation and shear-hosted quartz- carbonate-pyrite lode gold mineralisation. The nearby Galloway gold deposit (<4 km to the north, Fokus Minerals) is strongly associated with a syenite intrusive, similar to those mapped within the Dufay tenure.
Dufay hosts numerous quartz vein-sulphide hosted copper-gold-silver prospects with strike extents to hundreds of metres. The Archaean host geology includes a wide variety of rock types, including metasediments, ultramafic talc-chlorite schists, porphyry/syenite, felsic to intermediate intrusives and gneisses, and Proterozoic dolerite dykes. Disseminated chalcopyrite mineralisation is widespread in selected areas examined by Olympio to-date, suggestive of a large pervasive mineralising system.
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This article includes content from Olympio Metals Limited, 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.
