Canobie Project
The Canobie project comprises five exploration permit applications covering approximately 1,620 km² in the northern part of the Eastern Fold Belt of the Mt Isa Inlier, located between 80 and 220 kilometres north of Cloncurry, Queensland.
The tenements are located 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 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 western tenement has not had any previous drilling. An airborne magnetic and regional gravity survey was undertaken by a previous explorer over parts of the eastern tenements and two deep diamond holes tested magnetic/gravity targets defined, intersecting quartz-plagioclase-biotite-hornblende granite with only minor sulphide.
Previous drilling to the east of Rubicon's tenements 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.
Rubicon has interpreted best available geophysical data and defined a number of targets requiring follow-up with geophysics (probably gravity and ground magnetic surveys). Given the depth of cover, drill testing by diamond drilling would be required. Given the depth of the targets, the Company is seeking a joint venture partner.
