COPPER – GOLD
(100% AQD – Selected Prospects Subject to South32 Strategic Alliance Agreement (SAA)
The Hamilton Project is located in north-west Queensland, ~120km south of the world-class Cannington mine. It consists of two Exploration Licences covering an area of ~520km². Exploration is targeting Iron-Oxide Copper-Gold (IOCG) mineralisation beneath the extensive cover in the region where historical drilling has provided strong evidence for “near-miss” situations.
To date the company has completed IP surveys and three stages of widely spaced drilling at Hamilton South and one stage of drilling at Hamilton North. Results from the most recently completed drilling program confirmed the presence of mineralised banded iron formations (BIF’s) similar to those that host the Osborne copper-gold deposit (global resource ~36Mt @ 2% Cu, 1g/t Au), located approximately 70km to the north.
The mineralised BIF stratigraphy is associated with highly altered metasediments (carbonate altered) and can contain highly anomalous pathfinder elements (Cu, Bi, Mo, Se, Sn, W, U, Te, S, Pb, LREEs) highlighting potential for the discovery of further copper mineralisation nearby.
Follow-up diamond drilling (two holes for ~1,100m) targeting the off-hole conductor and possible fold closures is scheduled to commence in November to test these targets. Exploration work at Hamilton is being funded under the SAA with South32.
The company is currently exploring within Australia & Peru and holds in excess of 5,000 km² of exploration title (granted tenements and tenement applications).
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