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AusQuest Limited (ASX: AQD) is pleased to advise that detailed gravity over a regional magnetic/gravity target within its Coober Pedy Project in South Australia has confirmed a potential iron-oxide copper-gold (IOCG) target(s) near the north-eastern margin of the Gawler Craton, approximately 100km north-west of the Prominent Hill Copper-Gold deposit.
- Magnetic and gravity responses highlight the potential for IOCG mineralisation.
- Limited historical drilling data provides evidence for an alteration footprint.
- Project located at northern end of the world-class Olympic Dam IOCG Province.
AusQuest’s Managing Director, Graeme Drew, said the Company was encouraged by the results of the survey, which confirmed the potential for large-scale copper-gold discoveries within a Tier-1 mineral province.
“The recent gravity survey has provided support for the occurrence of IOCG-style mineralisation within our Coober Pedy Project, which is located at the northern end of a world-class IOCG Province which already hosts several major copper-(gold) deposits, including Olympic Dam, Carrapateena and Prominent Hill, as shown in Figure 1,” he said.
Figure 1: Coober Pedy Project Location Plan showing major deposits in the area.
A detailed gravity survey was completed by Daishsat Geodetic Surveyors (400m x 100m grid with selected in-fill lines at 200m) outlining possible targets for drilling. A residual gravity image is provided below showing two anomalous areas within a broader gravity response (~5km x 2km), that are associated with historic drill-holes that were found to contain potassic alteration (Figure 2).
Correlation with available aeromagnetic data shows that the gravity anomalies are offset from the stronger magnetic responses, suggesting the possibility of hematite rather than magnetite as a possible cause for the gravity anomalies (Figure 3).
Figure 2: Residual Gravity Image showing location of gravity stations and historic drill-holes (Vale 2015) containing potassic alteration
Figure 3: First Vertical Derivative magnetic image plus residual gravity contours showing the location of historic drill-holes relative to the magnetic and gravity anomalies.
Analysis of available geochemical data contained within historical company reports provided by Government (PIRSA)*, was used to highlight the presence of potassic alteration within both drill-holes (GAW_RC01 and RC02), and the presence of additional proximity indicator elements, including an enrichment in iron (Fe) within drill-hole GAW_RC01, that suggests the possibility of a nearby IOCG system.
The close association of hematite and magnetite with IOCG mineralisation is well known in the IOCG Province of South Australia, which hosts the world-class deposits of Olympic Dam, Carrapateena and Prominent Hill, and is the main reason why magnetic and gravity surveys are commonly used to identify targets for drilling in these areas.
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Deep Diamond Drilling Commences on Large Copper-Mo Porphyry System
- Diamond Drilling has commenced to target a large copper-molybdenum porphyry system at Minnie Springs.
- The deeper diamond drilling is designed to target beneath a 3km long by 1km wide copper molybdenum soil anomaly.
- Previous drilling at Minnie Springs intersected mineralisation, geology and an alteration halo consistent with the zoning of a large porphyry copper / molybdenum system.
- The drilling is supported by a co-funded drilling grant of up to $110,000 for 700m deep diamond drill holes under the WA Government’s Exploration Incentive Scheme (EIS) for the Minnie Springs prospect.
Andrew Ford, GM Exploration
“The commencement of the diamond drilling marks an exciting time for Augustus, with the first hole testing below the existing molybdenum mineralised zone and targeting a high- grade copper core of a porphyry system”
The diamond program scheduled for completion mid-November.
Minnie Springs
Minnie Springs hosts porphyry related Copper - Mo mineralisation that was previously drilled by Equatorial Mining and Catalyst Metals. A molybdenum Exploration Target has previously been defined by SRK Consulting for the historic drilling area as outlined below (Table 1)1.
Alteration mapping suggests a potential tilting of the Minnie Springs system to the northeast, with untested potential for higher grade Copper - Mo mineralisation below existing drilling within the potassic altered zone (Figure 1).
Table 1. Exploration target size estimate for Minnie Springs Molybdenum depositNote: Based on ~300 ppm Mo cut-off at 100% recovery.
Clarifying Statement: The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resources, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
Figure 1. Schematic cross section looking northwest showing porphyry copper-molybdenum deposit model (Pour and Hashim 2012 – inset at right) rotated 90 degrees and superimposed on existing and planned drilling2.
The program is supported by the WA Government’s Exploration Incentive Scheme (EIS) drilling grant of up to $110,000 for two 700m deep diamond drill holes at the Minnie Springs prospect.
The drilling is designed to provide a 550m deep, geological/geochemical/structural cross- section through the large 3km long by 1km wide copper molybdenum porphyry system.
Previous drilling at Minnie Springs intersected mineralisation, geology and alteration halo consistent with the zoning of a porphyry copper / moly system.
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High-grade REE & P2O5 Trench Results Returned from Tundulu to Assist with Metallurgy
Highlights:
- A total of 63 metallurgical samples were collected from 37 sample locations along high-grade historic trench (TUTR10) at Tundulu
- Sampling results returned up to a high of 3.35% TREO and 27.5% P2O5 over the sampled 83m length of trench TUTR10:
- an exciting component of the sampling results is the average HREO, being 13% of the TREO basket
- undetectable to very low levels of deleterious elements including mercury, lead and cadmium in the phosphorus (P) rich rocks confirms the exceptional grade quality of the phosphate at Tundulu; and
- the sampling is representative of the mineralised Bastnaesite and Apatite carbonatite rock types exposed within the trench
- Selected samples are being collected to form a 150kg composite to be sent for metallurgical analysis
- 5 bioavailability composite samples were also taken across various historical trenches at Tundulu, targeting phosphate-rich rocks, to determine the solubility of phosphate in the samples and understand its potential for direct fertilization
- Majority of samples showed excellent P solubility (using 2% citric acid) of over 40%, with one returning solubility of 81%. This is above the industry threshold of 9.4% P2O5 solubility using Citric Acid as the reagent in the acid leach process
- 9 samples representing predominant lithologies at Tundulu have been collected and will also be sent to RSC Australia for petrographic examination to validate the historical mineralogical and rock composition
- Samples from the Company’s recent reconnaissance soil and rock chip program at the Ngala Hill PGE, Cu & Ni Project have been submitted to SGS South Africa for analysis, with results expected towards the end of the month
Tundulu REE Project
Tundulu is formed of several hills in a ring around a central vent called Nathace Hill where the majority of the historic surface sampling and drilling was undertaken. The predominant geology at Nathace Hill is REE apatite hosting carbonatites and feldspathic breccia and comprises a large inner agglomerate vent. Mineral rich carbonatite also occurs at Tundulu Hill east of Nathace and Makhanga Hill west of Nathace and is previously unexplored and prospective for REEs and niobium mineralisation.
REE mineralisation remains open towards southern and western directions of Nathace Hill and potentially extends beyond the boundaries of the previously established mineralised area over Tundulu Hill. Initial indications of mineralisation appear to be high in valuable MREEs and low measurable radioactive uranium
(U) and thorium (Th). This compares favourably to Lynas Rare Earths’ Mount Weld Central Lanthanide Deposit where Th and U concentrations in the ore are approximately 660 ppm and 25 ppm respectively.1
Figure 1. Map of Tundulu license area (EL0731)
A total of 63 metallurgical samples were collected from 37 sample locations along high-grade historic trench (TUTR10) at Tundulu.
Sampling results returned up to a high of 3.35% TREO and 27.5% P2O5 (average of 0.85% TREO and 8.26% P2O5) over the sampled 83m length of trench TUTR10. The average HREO component of the TREO basket was 13%, with high-value heavy rare earth elements Dy & Tb contributing 2.5%. Undetectable to very low levels of deleterious elements including mercury, lead and cadmium in the P-rich rocks confirms the exceptional grade quality of the phosphate at Tundulu.
The sampling is representative of the mineralised Bastnaesite and Apatite carbonatite rock types exposed within the trench. Select samples are being collected to form a 150kg composite to be sent to for metallurgical analysis.
5 bioavailability composite samples were also taken across various historical trenches at Tundulu, targeting phosphate rich rocks. ‘Bioavailability’ is used for analysis on phosphorous rock sources to determine the solubility of phosphate in soils. This analysis is useful in determining whether a particular phosphate rock type is suitable for direct fertiliser applications where the phosphate would be applied directly to the soil for uptake.
The analysis has been undertaken at Nagrom metallurgical and analytical laboratory in Kelmscott, Western Australia under standard atmospheric conditions using 2% citric acid. The majority of samples showed excellent phosphorus (P) solubility of over 40%, with one returning solubility of 81%. The exceptional quality of the phosphate-rich rocks at Tundulu is manifested by their undetectable to very low levels of deleterious elements including mercury, lead and cadmium.
The metallurgical test work will aim to evaluate historical studies undertaken at Tundulu and assess the findings from a 2017 metallurgical report, completed by the previous operators of the licence. The test work will initially focus on validating the beneficiation results achieved by the previous laboratory.
Conducting test work at this early stage enables the Company to ascertain the preliminary viability of producing two product streams: namely a REE commercially saleable concentrate and a mixed phosphate concentrate containing rare earths.
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This article includes content from DY6 Metals, 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.
Massive Antimony Sulphide Stibnite Confirmed
Mutnica Antimony-Copper Project:
- Fieldwork commenced successfully locating antimony occurrences at the Kreva Prospect
- 5m wide zone of outcropping variable stibnite-arsenopyrite veins observed at Kreva, including a zone of 5-20% massive antimony stibnite minerals
- Surface rock chip and 2023 soil samples submitted to assay antimony and associated metals
Lisa Antimony-Gold Project:
- Engagement of legal team to facilitate fast tracking of licence grant
Figure 1 Photographs of recent Bindi samples at Kreva 1 (left) Sample DM014022 displaying 5-20% massive stibnite (antimony sulphide mineral; st); (right) Sample DM014024 displaying 1-2% disseminated stibnite (st)
NB: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations
Bindi Metals Director, Eddie King said:
“We are pleased to have hit the ground running confirming impressive antimony potential at Mutnica and to continue the work Apollo Minerals started on an interesting copper target. In addition, we have formally engaged with in-country advisors to facilitate granting of the Lisa Antimony-Gold Project which was the focus on the transaction with Apollo and considered our key focus in Serbia.”
Mutnica Antimony-Copper Project Update
A team of local Serbian geologists as well as Bindi’s Australian geologist team are undertaking a field campaign around the historical antimony occurrences at Kreva and regional prospecting on the Mutnica licence. The aim of the work was to relocate the historical antimony occurrences that were reported in 2014 (see ASX BIM announcement dated 19 September 2024) and assess the economic significance of these outcrops. Priority samples have been sent to the SGS laboratory in Bor for rush assay on antimony, multi-element and gold assay.
The results of this fieldwork are highly encouraging and the historical Kreva 1 antimony occurrence was successfully located. The area is characterised by intermittent outcrop of vuggy quartz breccia with visible variable 1-5% stibnite (antimony sulphide) together with arsenopyrite (1%) in places. The outcropping zone appears to be approximately 5m wide in thickness but evidence for further antimony sulphide was exposed over a 50m strike zone of intermittent outcrop and open undercover with a dominant northwest to north strike. A standout outcrop was observed in what appears to be a core area of massive stibnite where 5-20% stibnite was observed (Figure 1).
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This article includes content from Bindi Metals, 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.
