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Belararox Ltd (ASX: BRX) (Belararox or the Company), an advanced mineral explorer focused on high-value clean energy metals, has further characterised six (6) of eleven (11) prospective targets at the Toro- Malambo-Tambo (“TMT”) Project based on ASTER and Sentinenal-2 data and imagery processed by Fathom Geophysics. Independent Technical Consultant, Dr. Steve Garwin, completed the interpretation of the potential for high sulphidation epithermal and porphyry systems.
KEY HIGHLIGHTS
- Field work has commenced in the southern portion of the Toro target, with the mapping of breccias, other rock units, and key features such as mineralisation and alteration.
- Surface sampling has progressed in parallel with mapping activities. The initial focus has been the confirmation of earlier work completed by previous holders of the tenure.
- The preliminary results are under evaluation and appear to align with the geological observations made by previous tenure holders.
- Dr. Steve Garwin has travelled to Argentina to conduct mapping and sampling of specific high- priority targets, collaborating with a field team of local geologists experienced in porphyry exploration techniques.
- Six (6) of the eleven (11) targets generated at the TMT Project from Satellite Aster and Sentinel 2 analysis by Dr. Steve Garwin have undergone further review before heading to Argentina to visit the TMT Project to map and sample selected targets.
- The TMT Project’s targets: Tambo North, Tambo North 2, Tambo VI, Malambo 3, Malambo 4, and Lola Targets have now been characterised in additional detail.
- The targets are interpreted to represent surface expressions of high-sulphidation epithermal and/or porphyry-style mineral systems.
Dr. Steve Garwin arrived in Argentina on the 28th of October, mobilising to the TMT Project soon after arriving in the country. Dr. Steve Garwin will map and sample selected high-priority targets with a field team of in-country Geologists experienced in porphyry exploration methods.
Exploration Director - Argentina, Jason Ward, commented: “The commencement of field work at the TMT Project will focus on geological mapping and systematic geochemical sampling at the porphyry and breccia targets at Toro. This will allow us to have a better understanding of where we are in the system in order to vector in on our target. We shall also investigate some of the targets generated from our remote sensing studies and structural interpretation.”
Belararox’s Managing Director, Arvind Misra, commented: “At TMT Project, our current fieldwork is a major step forward. We’re actively mapping in the southern Toro target, examining breccias, rock formations, and key geological features related to mineralisation and alteration. Dr. Steve Garwin, along with a skilled local team, is spearheading the mapping and sampling efforts. The comprehensive analysis of targets, including Tambo North, Tambo North 2, Tambo VI, Malambo 3, Malambo 4, and Lola Targets, yields valuable insights as they represent surface indicators of high-sulphidation epithermal and porphyry-style mineral systems.”
The TMT project is located in an area where exploration activities have been closing an underexplored gap between [i] the El Indo Metallogenic Belt, which contains the Veladero and Pascua Lima deposits, and (ii] the [Maricunga Metallogenic Belt, which contains the Filo del Sol and Josemaria deposits [refer Figure 1].
Figure 1: The location of the Toro-Malambo-Tambo (“TMT”) project relative to theEl Indo Metallogenic Belt and the Maricunga Metallogenic Belt[1][1] = Source data (Filo Mining Corp., 2020), (E& MJ Engineering and Mining Journal, 2021), & (Barrick Gold Corporation, 2023)
ASTER AND SENTINEL-2 SATELLITE SPECTRAL STUDY
The completed remote sensing studies [ (Garwin, 2023.a), (Garwin, 2023.b)] utilised two (2) different multispectral spaceborne datasets [i] Advanced Spaceborne Thermal Emission and Reflection Radiometer (“ASTER”) and [ii] Sentinel-2. Multispectral image sensors simultaneously capture image data within multiple wavelength ranges (bands) across the electromagnetic spectrum. Each band is commonly described by the band number and the band wavelength centre position. Geological interpretation is then based on the responses displayed in the imagery against known surface hydrothermal alteration and/or surface geology associated with key mineral deposits. Fathom Geophysics (Core & Core, 2023) processed the ASTER and Sentinel-2 data for use in the interpretation of potential mineralisation.
Eleven (11) prospective targets were identified from the satellite spectral imagery with geological interpretation completed on the TMT project by Independent Hydrothermal Systems Specialist Dr Steve Garwin. The 11 prospective targets have been ranked for prospectivity based on spectral response and geological interpretation, resulting in the delineation of prospective targets that show potential for high- sulphidation epithermal mineral systems and/or porphyry-style mineral systems. The selected targets have been ranked for prospectivity across six (6) categories with the A-class category considered to be of higher potential than the B-class; the targets within each class are prioritised from 1 (highest) to 3 (lowest) [refer to Figure 2 on page 3].
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BRX:AU
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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New High-Grade Antimony Discovery South of Ricciardo
HIGHLIGHTS:
- Drillhole AZRC003 from current RC drilling at the Golden Range Project was fast- tracked to the lab after significant antimony pXRF readings and visible stibnite.
- Assays for drillhole AZRC003 returned high-grade antimony including:
- 8m @ 2.17% Sb from 106m
- 2m @ 1.92% Sb from 122m
- Represents new antimony discovery approx. 250m north of the historic St Tropez pit, which is part of the group of historic pits now called ‘Azure Coast’ and which are located approx. 4km south of the main Ricciardo gold and antimony deposit.
- As with Ricciardo, gold was the sole focus of historical exploration at Azure Coast; antimony potential now to be assessed via systematic evaluation of historical data.
- Highlights clear potential for high-grade antimony mineralisation to be far more extensive (ie multiple deposits) along the main 70km-long shear at Golden Range.
- Ricciardo maiden antimony Mineral Resource Estimate underway.
- Current RC drill program is now complete with all residual assays pending.
The assays reported in this release are results for the first RC hole (AZRC003) of a nine-hole scout program (for 1470m drilled) along the group of five historic pits at Azure Coast. The existing gold Mineral Resource Estimate (MRE) for this area is named Monaco-Sprite (refer Appendix 1) and no antimony mineralisation has previously been reported for Azure Coast (refer Figure 2).
Visible stibnite was reported in AZRC003 and antimony content was observed in initial pXRF evaluation (utilised on all holes). Samples from this hole were fast-tracked for laboratory analysis, with the returned assay results delivering an excellent interval of 8 metres at +2% Sb coincident with the zone where visible stibnite was observed.
Warriedar Managing Director and CEO, Amanda Buckingham, commented:
“The discovery of high-grade antimony mineralisation approximately 4km south of Ricciardo substantially enhances the prospectivity of the broader ‘Golden Corridor’ for this critical metal, along with the entire shear of the broader Golden Range Project. This outcome also follows the highly encouraging initial antimony metallurgical testwork results for Ricciardo that we released last week. While we are excited about this emerging opportunity, I want to emphasise again that pursuit of this opportunity will be in parallel with our growth-focussed gold drilling at Golden Range, which remains our current core focus.”
Figure 1: LEFT: The Golden Range and Fields Find Projects, with proximate mines, mills and projects. RIGHT: the Golden Corridor, a 25km stretch of gold deposits within the Golden Range Project.
Scout drilling and new high-grade antimony discovery at Azure Coast
The ‘Golden Corridor’ is located within Warriedar’s flagship Golden Range Project in the Murchison region of Western Australia (refer Figure 1). The Ricciardo deposit is the largest deposit within the ‘Golden Corridor’, with its Mineral Resource Estimate (MRE) recently doubling to 948 koz gold (refer Appendix 1).
Following the success of the growth-focussed gold drilling on Ricciardo through 2024, the final RC drilling campaign for this year has focussed on scout drilling at Azure Coast (a group of historical pits located approximately 4 km south of Ricciardo and extending across a slightly longer strike length of approx. 2.6 km).
This nine-hole scout program (refer Figure 2 for drill hole collar locations) was designed to assess broader potential at Azure Coast (which has only historically been drilled to a typical depth of 120m, with a select few holes reaching approx. 170m below surface) and evaluate whether it should be the focus of a dedicated growth drilling campaign in 2025.
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Visible Gold in Outcrop
HIGHLIGHTS
- Ongoing ground truthing focussed at ten high-priority structurally controlled gold targets, identified from aeromagnetics, delivered immediate success with visible gold in outcrop above high-priority gold target known as CUD-GPX01:
- CUD-GPX01 is defined by the intersection of north-south striking greenstone and cross-cutting northeast structures.
- Structural setting analogous to Westgold’s Cuddingwarra deposits just 2km to the east where these cross-cutting northeast structures control deposit locations and high-grade gold mineralisation.
- Cuddingwarra historical surface workings highlight extensive quartz reefs:
- Quartz reefs commonly associated with high-grade Murchison gold deposits such as Ramelius Resources’ Hill 50.
- Cuddingwarra mineralised greenstone corridor provides 10km of prospective strike. DEMIRS approval (POW) granted for Cuddingwarra drilling:
- Drilling planned to commence following the surface rock chip sampling and mapping program.
- +15Moz Murchison gold endowment with multiple mining and processing centres. Caprice has implemented a three-pillar gold development pipeline strategy:
- Pillar 1 – Exploration Cuddingwarra
- Pillar 2 - Resource Definition Island Gold Project
- Pillar 3 – Feasibility Study New Orient Gold Mine
Exploration has commenced at the Company’s Cuddingwarra Gold Project, with field geological mapping and surface sampling initially focussed at ten high-priority targets defined by the intersection of prospective north-south striking greenstone stratigraphy and cross-cutting northeast structures identified from aeromagnetics. At the high-priority target known as CUD-GPX01, an outcropping quartz reef, approximately 30m by 10m in size situated along a slightly elevated ridge, hosted vuggy, milky and clear quartz veining. Within the CUD-GPX01 quartz reef localised prospector surface workings have exposed fresh veining hosting visible gold mineralisation (refer to Figure 1).
Figure 1. Quartz vein hosting multiple zones of primary textured visible gold from the CUD-GPX01 target outcrop (Surface rock chip sample location 576,927 E and 6,968,276 N - Regional GDA2020 / MGA Zone 50 co-ordinates)
The Company cautions that with respect to any visual mineralisation indicators, visual observations and estimates of mineral abundance are uncertain in nature and should not be taken as a substitute or proxy for appropriate laboratory analysis. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations
Description of visual gold mineralisation:
CUD-GPX01 vein dominated by quartz with lesser gauge minerals and multiple zones of primary textured free gold mineralisation throughout the sample representing approximately one-percent (1%) of the total sample by volume. The sample will be sent for initial micro pXRF analysis and to the laboratory for assay; with results expected to be available in six to eight weeks.
CEO, Luke Cox, commented:
“With the Australian dollar gold price above A$4,000 an ounce, it makes rich pickings for anyone with high-grade gold deposits and Caprice has an exciting portfolio of gold projects within the prolific Murchison region. Our Cuddingwarra Gold Project is remarkably underexplored, as it has been dismissed by previous explorers who thought it was concealed beneath a blanket calcrete cover. Our field observations have confirmed that this is, in fact, not the case, with the location of outcrop including quartz reefs with visible gold by the Caprice team far exceeding our expectations and highlighting Cuddingwarra’s potential to deliver significant gold discoveries. Initial exploration at Cuddingwarra complements the Company’s growth and resource definition drilling programme at our Island Gold Project and New Orient Gold Mine, as we advance to identifying a potential development opportunity.”
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This article includes content from Caprice Resources 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.