The Conversation (0)
Gold Mountain Limited (ASX: GMN) (“Gold Mountain” or “the Company” or “GMN”) is pleased to announce it has received 52 stream sediment samples from the Iguatu North Project in Central Brazil. The anomalies represent a new style of target for GMN in the Iguatu North Project area.
Highlights
Work Undertaken
- Assays received from 52 regional stream sediment samples at Iguatu North Project with widespread coincident Copper-Nickel anomalies supported by Cobalt, Palladium and Chromium anomalies.
- High order Ni-Cu anomalies over 3 km long surrounded by lower order anomalies.
- Geochemical anomalies clearly indicate the priority area for initial follow up work to define mineralised drill targets.
Figure 1. Field technician taking a sample in the Iguatu North region
David Evans, Managing Director, commented:
We are delighted to identify potential for Copper-Nickel-PGE mineralisation within our Iguatu tenements. The proximity of these anomalies to the Pedra Branca PGE deposit, just 25 km northeast, is highly encouraging.
With samples returning copper and nickel values up to two and four times higher than the program's average, respectively, these results also present an opportunity for Gold Mountain to add exciting Copper-Nickel-PGE targets to its existing lithium and rare earth prospects.
Future Workplan
- Iguatu North Ni-Cu anomalous areas will be tested by infill stream sediment and soil sampling followed by IP or other ground or airborne geophysics to define specific drill targets.
- Mapping of the full extent of the mafic intrusives interpreted to be present will be undertaken.
- Drilling will be undertaken on defined targets.
Details
Stream sediment sampling was carried out in a broad network of samples over the Iguatu North tenements, which were initially acquired for their Copper and Lithium potential.
Interpretation of results consisted of determining populations of results considered to be anomalous and then separating anomalous results for copper and carrying out element correlations on the copper anomalous samples.
Table 1 shows the correlation coefficients for a series of elements considered important for mafic intrusive hosted nickel-copper-PGE mineralisation and for IOCG style mineralisation.
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Drilling Commences at the Kanowna East Gold Project
Key Points
- High impact drilling has commenced at Kanowna East, targeting basement gold systems at the Western Tiger and Little Lake Prospects, only 25kms NE of Kalgoorlie.
- Program designed to test prospective structural settings and alteration zones along the Reidy Fault and newly recognised northeast gravity trends.
- Targeting the potential source of widespread paleochannel gold occurrences identified from historical drilling.
- Strong cash position of ~$3 million ensures a well-funded campaign and supports strategic exploration momentum.
Figure 1: Ragland Drilling RC Drill Rig at AX8’s Little Lake Prospect, Kanowna East Project.
The 2,000m reverse circulation (RC) program is testing structurally controlled, basement- hosted gold targets at the Western Tiger and Little Lake Prospects (Figure 2). These targets have been selected based on structural complexity, geophysical modelling, and geochemical signatures indicative of gold-bearing systems.
Figure 2: Western Tiger & Little Lake geology interpretation with planned RC drill hole locations (green triangles).
At Western Tiger, drilling is focused on the undrilled western margin of a felsic intrusive unit interpreted to have been emplaced along the Reidy Fault. Sericite alteration, arsenic- antimony pathfinder anomalies, and recent structural reinterpretations highlight the area as a priority for potential gold discovery.
At Little Lake, newly processed gravity data has defined northeast-trending features interpreted to intersect northwest fault systems—structural zones commonly associated with gold mineralisation in the Kalgoorlie district. These trends correlate with previously intercepted basement-hosted gold and offer a compelling test of the Company’s exploration model.
“Commencing drilling at Kanowna East marks an important milestone in Accelerate’s gold strategy,” commented Chief Executive Officer Luke Meter. “We’re testing targets with geological signatures consistent with major orogenic gold systems in the Eastern Goldfields and success could substantially enhance the value of our gold portfolio near Kalgoorlie.”
With a strong financial position, Accelerate remains well-funded to execute its exploration strategy across multiple growth-stage gold assets in WA.
The Company looks forward to updating shareholders as drilling progresses and assays become available.
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This article includes content from Accelerate 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.
