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Iceni Gold Limited (ASX: ICL) (Iceni or the Company) is pleased to provide anexploration update on the Everleigh Well Target Area.
Highlights
- An integrated geophysics campaign at Everleigh Well has identified previously unknown gold structures.
- The significance of these structures is that they correlate with:
- Everleigh diamond drillhole FMDD0032, which previously revealed numerous anomalous gold intercepts along the entirety of its ~900m length (ASX releases 14 and 20 October 2022)
- High grade rock chips and gold nuggets discovered at Everleigh (ASX release 22 March 2023)
- UFF+ soil samples, specimen stones and historic workings
Ongoing exploration fieldwork has identified new outcrop on a structure named by Iceni as the Northern Reflector, on which concentrations of gold nuggets, historic workings and gold bearing rock chip samples have been discovered.
Fieldwork continues at the Everleigh Well area to further define target locations for follow up drilling.
Technical Director Dave Nixon commented:
“The Everleigh geophysical campaign and new geophysical interpretation consolidate our knowledge of the geology and increase our confidence on the controls on gold mineralisation in the Everleigh target area.
Most of the structures identified by geophysics are hidden beneath transported cover, however, field validation of what the geophysical model was indicating to us has located outcrop of one of these structures, known as the Northern Reflector.
At the location where the Northern Reflector outcrop was discovered, concentrations of gold nuggets, historic workings and gold bearing rock chip samples have also been found.
The Northern Reflector structure is interpreted to be intersected by hole FMDD0032, which is exciting because it supports the association of this structure with the Castlemaine Fault and gold mineralisation.
Similarly, the 200m long high-grade gold vein at Everleigh is associated with a modelled contact, so searching along this contact will have an increased probability of discovering extensions of the high-grade gold vein.
The seismic work directly detecting structures associated with gold mineralisation is a highly positive outcome.
Geological fieldwork is continuing at the Everleigh target area, gathering data to further validate the exploration model and to identify targets for follow-up exploration”.
Figure 1. Coincident outcrop of the Northern Reflector and combined gold anomalies along the trace of the Northern Reflector identified by the seismic survey at Everleigh. Combined gold data sets include UFF+ soils, rock chips, drilling, nugget finds and historical workings showing the distribution of gold.
Figure 2. At ~475m in FMDD0032 a structural zone was intersected that may correlate with the Northern Reflector. Numerous anomalous gold intercepts were reported over a broad interval in the footwall of this structure.
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This article includes content from Icenic Gold, 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.
High grade Massive Sulphide Intercepts Confirmed at Oval
HIGHLIGHTS:
- OVD027 confirms the continution of high grade massive sulphide from OVD0211 with an intercept of 6.1 metres of 4.16% Cu, 3.51% Ni, 0.G3g/t E3, and 0.13% Co from G8.2 metres encountered between broader high grade zones of:
- A dense disseminated intercept - 26.2 metres of 0.44% Cu, 0.52% Ni, 0.12g/t E3, and 0.03% Co from 72.0 metres and
- A net textured intercept - 15.3 metres of 1.15% Cu, 0.79% Ni, 0.35g/t E3, and 0.04% Co from 104.3 metres;
- A high grade broad intersection is confirmed at the central part of the Oval area by OVD026. It includes a massive sulphide intercept in hole OVD026 of 1.8 metres of 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co from 105.0 metres within broader mineralisation of:
- 19.8 metres of 1.23% Cu, 0.98% Ni, 0.36g/t E3, and 0.05% Co from 91.2 metres.
OVD026 is located 100 metres northwest of the previously announced 8.8 metres of massive sulphide identified in drillhole OVD021.
On completion of the Phase 2 exploration work and receipt of all assays, Managing Director Gan-Ochir Zunduisuren, commented:“The 2024 Phase 1 and 2 drilling and exploration programs have confirmed the broad presence of high-grade mineralisation in the Oval gabbroic intrusion. The grades intercepted in some of the drillholes are exceptional and may be indicative of broader potential over a larger area, given Oval is a greenfields discovery.
The 2025 exploration program will focus on obtaining information on the size/metal content potential of the Oval Cu-Ni-PGE mineral system as well as targeting the possible deeper magmatic sources at Oval. Broader exploration is also planned at potential extensions of Oval and nearby look-a-like prospects. We look forward to updating shareholders on progress, with drilling expected to commence in around 8 weeks”.
Summary of Phase 2 exploration drilling at Oval Cu-Ni-PGE project
The Company’s recent drilling work has predominantly focused on finding high-grade mineralisation in the olivine-amphibole gabbro at the Oval project. The multiple intercepts of massive sulphide mineralisation with different ratios of metal contents throughout the Oval gabbroic intrusion is highly encouraging for the presence of one or more deeper sources of high grade mineralisation in the opinion of ABM.
Figure 1. Plan view of drillhole locations on high resolution magnetics map (RTP)
Drillhole OVD02c
Drillhole OVD026 was designed to test the Down-Hole Electromagnetic (DHEM) conductor plate identified as OVD007_L2_B (reinterpretation of OVD007_L2_A2 by Southern Geoscience Consultants), which exhibits a conductance of 1,000 siemens. The drilling intersected a total of 1G.8 metres of mineralisation with 1.23% Cu, 0.G8% Ni, 0.36g/t E3, and 0.05% Co from G1.2 metres including;
- 4.8 metres of @ 0.45% Cu, 0.43% of Ni, 0.14g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 91.2 metres,
- 6.6 metres of @ 1.56% Cu, 0.G0% Ni, 0.50g/t E3, and 0.04% Co of net textured mineralisation from G6.0 metres,
- 2.4 metres of @ 1.52% Cu, 1.3G% Ni, 0.43g/t E3, and 0.07% Co of semi massive sulphide mineralisation from 102.6 metres,
- 1.8 metres of @ 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co of massive sulphide mineralisation from 105.0 metres, and
- 4.2 metres of @ 0.57% Cu, 0.45% of Ni, 0.21g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 106.9 metres (Table 1 provides a detailed breakdown of mineralisation intervals).
OVD026 is located in the Oval area, which is approximately 100 metres northwest of the previous intersection identified in drillhole OVD0213. This intercept may represent an extension of the known massive sulphide mineralisation in the Oval area and highlights the potential for further expansion of massive sulphide zones within the broader prospect area (Figures 1 and 3).
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This article includes content from Asian Battery Metals PLC, 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.
