Iron Oxide Copper Gold Projects
Exploration for IOCG deposits has focussed on South Australia and the Mt Isa Inlier largely, yet the northern Western Australian Proterozoic basins have similar settings and prospectivity. The Company has five individual exploration licences located in the northern part of Western Australia and totalling an area of approximately 770km², which in most instances cover magnetic anomalies that are prospective for Iron Oxide Copper Gold (IOCG) deposits. Three of the tenements totalling 528km² are granted.
The granted Nuninga Springs tenement has a broader prospectivity for IOCG, structural copper and Mt Isa-style copper-lead-zinc mineralisation. The project is located within the Proterozoic Bangemall Basin and covers the Neds Creek Fault, which hosts a number of small historical vein-style copper deposits. Little systematic regional exploration has been undertaken on this area, with most historic exploration restricted to the small copper workings themselves. Proposed work at Nuninga Spring consists of full evaluation of previous data and a structural interpretation based on geology and geophysics. Based on this work, further ground magnetic and gravity surveys may be undertaken, with soil sampling as warranted. Drilling will be contingent on targets defined.
The remaining IOCG targets at Marilla, Welcome Creek and Moondama are located on isolated and discrete magnetic highs, while the Gibson Desert anomaly is a discrete magnetic "hole". The Marilla anomaly is a very strong "bulls-eye" magnetic anomaly associated with a subtle gravity high within a strong gravity ridge. A single hole was previously drilled into this anomaly which penetrated to 450 metres without intersecting Proterozoic rocks, which implies a deep cover sequence. The Marilla lease was recently granted and detailed review of the information and geophysical modelling of the anomaly will be required before contemplating further drilling. A gravity survey will be considered to aid the depth modelling and to potentially define a more discrete target.
