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Cyclone Metals Limited (ASX: CLE) (Cyclone or the Company) is pleased to announce that soil geochemical sampling has successfully identified a series of gold anomalies within the Macraes South PP 60700, located 40km north of Dunedin in the Otago Province of New Zealand (Figure 1). Cyclone applied the Ionic LeachTM technique following the success of an orientation sampling program announced to the ASX on 2 May 2022.
Highlights
- Strong coherent and continuous geochemical responses over projected structural positions of gold lode zones at Macraes South
- Anomalous responses up to 350m wide in orientation sampling line 4 resolved into 3 parallel lode systems
- Potentially >5 mineralised lodes for drill testing identified at the Swampy Hill Prospect within the Macraes South project
- Rock chip sampling of lodes up to 3.47g/t Au
- Identified lode dipping 50o to northeast subparallel to Hyde-Macraes shear system
- Anomalism open to Northwest, Southeast and northeast
Commenting on the results of exploration in New Zealand, Cyclone Metals Chairman Tony Sage said:
“The results from the soil sampling program have generated highly prospective drill targets over multiple lodes, located only 15km from the Macraes Gold Mine, operated by Oceania Gold Limited. The Swampy Hill Prospect area with limited previous exploration, is being applied for to convert to an Exploration Permit and has significant upside if drill testing later in the year is successful. The remainder of the Macraes South project is being applied for to remain as a Prospecting Permit, and will have further soil sampling programs to identify drill targets.”
Geochemical Sampling Discussion
Following on from the Ionic leach trial soil sampling (ASX release 2 May 2022 and 1 June 2022) within Macraes South, an expanded program was designed and completed in December 2022. The slow return of results was in part due to slow shipping during the Christmas period and lab backlogs.
A soil grid program was planned and executed around the significant results returned from orientation traverse line 4, at the Swampy Hill prospect, within the Macraes South tenement. The planned program was for approximately 500 samples to be collected on a 200m north-south line spacing with a 50m samples spacing. The original orientation line was orientated north-northeast so the grid lines crossed the orientation line 3 times providing a detailed cross-check on both sets of results.
Naturally, the prospect is now called Swampy Hill.
The anomalies are defined both on raw geochemical values or on a times background basis usually used to express Ionic LeachTm results. The anomalies tend to be narrow and lenticular in nature consistent with the probable style of mineralisation being in relatively narrow elongate shear zones.
Anomalous zones (Figure 2) defined using Ionic LeachTM which show >25x background values have empirically been found in proximity to mineralisation; using this rationale there is potentially >2,000m of mineralised strike in the Swampy Hill prospect area. Table 1 lists the sample locations, the raw Au ppb values and the calculated ratio to background value (Response Ratio – RR).
The Figure 3 photograph shows the nature of the mineralised zone in a small gouging; this zone assayed 3.47g/t over 0.6m and consists of weathered sulphidic siliceous shear zone material dipping at 45o northeast and striking northwest-southeast (140o-320o). This is very similar to the Lot’s Wife area also in the footwall of the Hyde-Macraes Shear and are probably best described as moderate angle reverse faults rather than thrust faults such as in the Macraes low angle system.
Their origin and character are assumed to be due to the same thrust regime which generated the Hyde- Macraes Shear with the change in dip angle being due to rotation of the fault planes occurring in the footwall zone.
The southernmost anomaly adjacent to the Swampy Hill Trig station strikes 110o-290o, the same as the subvertical quartz hosted Nenthorn gold mineralisation.
An application for an extension of term has been lodged for the Macraes South PP 60700; it is proposed a small EP area covering Swampy Hill and surrounding area be lodged; once granted and an access agreement signed with the landowners a drilling program will be undertaken to test the defined anomalies.
Figure 1: Location of Soil Sample Grid in Macraes South PP60700
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This article includes content from Cyclone Metals 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.
CLE:AU
High grade Assay Results Continue at Youanmi
- The latest batch of assays have been received from the 11,000m drilling program (both diamond core and reverse circulation) at the high gold-grade Youanmi Gold Project, located centrally in Western Australia’s prolific gold fields
- The recently-completed infill/exploration program aimed to improve resource confidence and open up corridors for resource growth; to underpin the Definitive Feasibility Study (DFS), and, additionally, provide sample material for ongoing metallurgical optimisation test-work for the DFS program
- Latest highlights from the program include:
- RXDD131: 4.38m @ 19.07 g/t Au from 387.98m,
- incl. 1.73m @ 41.43 g/t Au from 389.96m
- RXDD119: 4.56m @ 14.60 g/t Au from 220.64m
- RXDD115: 2.99m @ 21.11 g/t Au from 249.88m
- RXDD119: 4.0m @ 7.37 g/t Au from 162.0m
- RXDD132: 7.19m @ 3.90 g/t Au from 263.61m
- RXDD133: 2.83m @ 6.53 g/t Au from 431.00m
- RXDD128: 3.82m @ 4.51 g/t Au from 364.59m,
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- RXDD122: 0.95m @ 13.50 g/t Au from 204.44m
- §These results further demonstrate the continuity of high- grade gold mineralisation along the Youanmi greenstone belt belt, and the potential for resource growth both at depth and along-strike, with discovery potential to the south
- 35,000m Step-up drill campaign well underway with the plan to bring forward ounces and increase the mine plan
The program focused on converting Inferred stopes at Pollard, United North and Youanmi Main to higher confidence Indicated classification and providing material for metallurgical testing for the upcoming Definitive Feasibility Study (DFS) – on track for H2 CY25.
This final consignment of diamond assay results are the fourth batch of assays results returned from the drill program and have been entirely drilled from the Pollard, Youanmi and United North areas (Figure 1).
Rox Resources’ Chief Executive Officer, Phillip Wilding, commented:
“It’s pleasing to round out the 11,000m RD and DD drilling program with another batch of excellent intercepts.
“More importantly, the program has significantly improved our knowledge of the high grade and underexplored Youanmi ore system, and shown that mineralisation remains open at depth.
“Next steps are to convert Inferred areas of the Resource to the higher confidence Indicated classification, and finalise key intercepts of sample material for metallurgical test work to feed into the Youanmi DFS.
“We are excited to have commenced the 35,000m Step-up program to potentially bring forward ounces in the mine plan and significantly increase the size of the Pollard ore zone.”
Youanmi Major Growth Drill program
Resource drilling has focused on converting selected Inferred stopes in the current Mineral Resource of 16.2Mt at 4.4g/t Au for 2.3Moz (Indicated: 10.7Mt at 4.5g/t Au for 1.6 Moz : Inferred 5.5Mt at 4.2g/t Au for 0.7 Moz) 1 to higher confidence Indicated classification at Pollard, United North and Youanmi Main as shown in plan on Figure 1. The drilling has also provided both sample material for metallurgical testing and valuable geological data for the pending Definitive Feasibility Study (“DFS”) planned for second half of 2025.
Figure 1: Plan view of the Youanmi Gold Project featuring drill hole collar locations and 2024 Resource outline overprinted on aerial photography
Outside of the immediate resource area, drilling was also conducted on near-mine exploration and focused on the Youanmi South prospect area, or Paddy’s Lode, first reporting high-grade intercepts in 20232. The drilling at Paddy’s has complimented the Company’s exploration strategy moving south along the Main Lode Shear Zone (MLSZ) and adding additional gold ounces to the Resource. Youanmi South has the potential to grow the Resource above the 103kozpa Production Target outlined in the recently completed Pre-Feasibility Study (“PFS”)3.
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This article includes content from Rox Resources 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.
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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This article includes content from Alice Queen 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.
