Canobie Project
The Canobie project comprises five exploration permit applications covering approximately 1,620km² in the northern part of the Eastern Fold Belt of the Mt Isa Inlier, between 80 and 220 kilometres north of Cloncurry.
The tenements are located within the Cretaceous Carpentaria Basin, where the Proterozoic Eastern Fold Belt rocks of the Mt Isa Inlier continue north under the cover of the Carpentaria Basin rocks. Based on information from previous explorers, cover is considered to range from approximately 100-500 metres thick. The tenements are considered to be prospective for IOCG and Mt Isa-style copper-lead-zinc mineralisation.
The single westermost Wombool Yards tenement occurs on the northern extension of the Coolalluh Fault system within a highly magnetic domain and on the edge of a major gravity ridge. The eastern block of four tenements is located along the highly magnetic northeastern faulted margin of the fold belt, which is controlled by the northern extension of the northeasterly trending Quamby Fault, a crustal-scale throughgoing linear feature in the Mt Isa belt.
There has been little previous work undertaken previously in the area. The Wombool Yards tenement has not had any previous drilling but previous modelling of two magnetic traverses suggested a depth to basement of around 500 metres in that area.
In the eastern tenements, an airborne magnetic and regional gravity survey was undertaken by a previous explorer over parts of the Wurung and Wurung South tenements and two deep diamond holes tested magnetic/gravity targets defined, intersecting quartz-plagioclase-biotite-hornblende granite with only minor sulphide. Neither hole was mineralised and depth of cover is in excess of 500 metres.
Previous drilling to the east of the Wurung tenement intersected zones of disseminated pyrite/pyrrhotite with minor chalcopyrite and pentlandite in a mafic gabbro, under approximately 400 metres of cover. Best results in this drilling were 6m @ 0.98% copper and 10.4m @ 0.28% copper and 0.25% nickel.
Proposed work includes the acquisition and interpretation of available government and multiclient geophysics, followed by target generation. Targets generated by this work will be followed up with further appropriate geophysical methods (probably gravity surveys and potentially EM). Given the depth of cover, drill testing by diamond drilling would be required. The Company may elect to bring in a joint venture partner to fund deep diamond drilling.
