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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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This article includes content from Ausquest 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.
Maiden Drill Program Set to Commence at the High-Priority Cangallo Porphry Copper Project
- Maiden RC drill program to commence at Cangallo in mid-December
- Program will test a large-scale, undrilled porphyry copper target
- Assay results expected around the end of January 2025
- Permitting underway for drill programs across other high-priority, large-scale porphyry copper targets at Lantana and Playa Kali
Access and drill pad preparations have commenced with drilling scheduled to start around mid-December. The planned program, which comprises a minimum of eight drill-holes for a total of ~2,500m, will take 3 to 4 weeks to complete with assay results expected around the end of January 2025.
Figure 1: Cangallo Porphyry Copper Prospect showing copper and molybdenum values and permitted drill sites.
Geological mapping and rock-chip sampling has outlined a partially exposed potential copper (+/- gold) porphyry system, within a large-scale (3km x 2km) caldera-like structure containing extensive colluvial and younger sediment cover.
The initial drilling program will test areas containing relatively intense veining (quartz) and porphyritic dykes, where higher copper (up to 0.65% Cu) and gold (up to 0.3g/t Au) values have been found. The possibility of a buried porphyry copper system beneath the extensive cover within the interpreted caldera-like structure will also be tested.
Cangallo is located close to significant infrastructure and is approximately 25km from the town of Chala, and within 10km of the coast.
Commenting on the imminent commencement of drilling at Cangallo, AusQuest’s Managing Director, Graeme Drew, said:
“This is a very exciting time for the Company as we are about to commence the maiden drill program at this high-priority porphyry copper target in Peru which we have been working towards for over 12 months.
Cangallo has never been drilled before and demonstrates classic geochemical and alteration signatures which suggest there is significant potential to discover large-scale copper porphyry mineralisation.
Success at Cangallo has potential to create significant value for our shareholders and we look forward to keeping our shareholders updated as the results become available.”
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This article includes content from AusQuest 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.
Significant Silver and Base Metals in Rock Chips at Lennons Find
HIGHLIGHTS
- Significant gold, silver and base metal results from rock chips, validating historical work at Hammerhead and Tiger deposits.
- Highest values: Gold (5.45 g/t OLRS4), Silver (988 g/t OLRS4), Copper (4.96% OLRS4), Lead (12.07% OLRS2) and Zinc (4.44% OLRS6)
- Planning for further ground works in Q1 2025 underway, in-conjunction with application for Exploration Incentive Scheme (EIS) for co-funding of a deep diamond drill program
Figure 1 – OMX Rock Chip Sample Locations – M 45/368
Rock Chip Sampling
Five rock chip samples were collected during the recent Lennons Find IP survey to validate samples collected by Jabiru Metals Limited in 2005 (Figure 1). Four of the samples were taken on the Hammerhead gossan and one sample from the Tiger deposit. Twenty-four samples were collected by Jabiru Metals Limited in 2005, over a strike length of 4km along the Lennons Find main zone. The highest assay results from the Orange Minerals sample were gold (5.45 g/t OLRS4), silver (988 g/t OLRS4), copper (4.96% OLRS4), lead (12.07% OLRS2) and zinc (4.44% OLRS6). These results correlated well with high grade values in the Jabiru Metals samples. Jabiru Metals assays are reproduced in Appendix 1 and Orange Minerals samples in Table 1. For historical drillhole collars and results see Laconia Resources Limited ASX announcements (9 March 2011, 3 October 2011 and 12 October 2011).
Table 1 – Lennons Find Rock Chip assays
Figure 2: – Lennons Find Location Map
Background Lennon’s Find
In August 2023 a binding term sheet was entered into with Musketeer Mining Ltd, to acquire up to a 75% share in the Lennon’s Find Polymetallic Project 75km south-east of Marble Bar in the Pilbara region, WA. Lennon’s Find includes a Mining Lease with an Inferred Mineral Resource of 1.55 Mt at 5.9% zinc, 0.2% Cu, 1.6% Pb, 0.28 g/t Au, and 84g/t Ag (Optiro 2019).
Orange can earn 51% of the Lennon’s Find Project (M45/368) by spending A$500,000 by 31 March 2026 (which included an upfront payment of A$200,000). Orange may earn up to 75% of the Lennon’s Find Project by spending an additional A$500,000 (A$1.0 million in total) by 31 March 2028.
Figure 3- Lennon’s Find Mining Lease M 45/368
Geological Setting
The Lennon’s Find project is located in the Archean Marble Bar greenstone belt on the SE boundary of the Mount Edgar Batholith. The greenstone rocks are comprised of felsic schists of the Duffer Formation overlain by the Apex Basalt, and both formations are part of the Warrawoona Group. The package dips to the SE beneath, or faulted against, rocks of the Fortescue Group. The Duffer Formation is comprised of three laterally persistent units: a basal quartzo – feldspathic schist (Unit 1), meta sedimentary rocks, mostly psammites and pelites (Unit 2) and an upper quartz – muscovite schist (Unit 3). All the known base metal sulphide deposits occur within the upper part of the Duffer Formation.
Base metal mineralisation at Lennon’s Find is considered to be VMS style and has been mapped over a strike of 4.5km as discontinuous gossans and disseminated sulphide zones (Figure 4). The base metal mineralisation is predominantly Zn – Pb – Cu – Ag – Au, with significant amounts of barite, and occurs as stratiform, lenticular bodies. Five deposits have been identified being Grey Nurse, Tiger, Hammerhead, Mako and Bronze Whaler (Figure 3).
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This article includes content from Orange 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.