EXPLORATION REVIEWS 40 SEG NEWSLETTER No 78 JULY 2009 ... from 39 Exploration Reviews (Continued) thick intercepts <strong>of</strong> Cu-Au, including 224 m <strong>of</strong> 0.77% Cu and 0.11 g/t Au (LIN-03) and 224 m <strong>of</strong> 0.62% Cu and 0.06 g/t Au (LIN-02). The intercepts were contained in a thrust fault located 1.2 km to the N <strong>of</strong> silica and clay altered quartz dacite intrusive complex. Ten drill holes (5,423 m) over the large Kamarangan prospect yielded mostly 0.1 to 0.2% Cu and
JULY 2009 No 78 SEG NEWSLETTER 41 intersections including hole MDQ0119 (58 m @ 2.25% Mo, 29 g/t Rh and 0.09% Cu from 408 m, including 20 m @ 6.26% Mo, 82 g/t Rh and 0.14% Cu) in which a 5.4m interval consisting <strong>of</strong> massive molybdenite enclosing sediment clasts assayed 19.3% Mo and 253 g/t Rh! The deposit is hosted in a sheared-fault breccia developed in black shale and siltstone adjoining a granite, and forms part <strong>of</strong> the cluster <strong>of</strong> the Swan-Mt Elliott Cu-Au deposits which Ivanhoe claims to be “the largest announced IOCG system discovered in Australia since Olympic Dam.” Conceptually, the Merlin project is contemplated as a high-grade operation which would be mined via decline access. The high value ore would be processed via gravity concentration and flotation to produce a molybdenum concentrate containing rhenium. Drilling by Ivanhoe at the nearby Lanham’s Shaft prospect has confirmed the discovery <strong>of</strong> a second Merlintype system. Assays received for nine recent holes showed good molybdenum grades with encouraging copper, gold, rhenium and uranium, with a best intersection <strong>of</strong> 34 m @ 0.74% Mo, 3 g/t Re, 0.43 % Cu, 0.37 g/t Au and 232 ppm U from 143 m. Icon Resources is has purchased the mothballed Mt. Carbine tungsten mine inland from Cairns, and has an option to acquire the processing plant from the nearby MetalsX Collingwood tin project to use at Mt Carbine. The company has brought in the Polymetals Group to develop and operate the Mt Carbine tailings re-treatment project, allowing Icon to concentrate on the redevelopment <strong>of</strong> the Mt Carbine hardrock mining operation. Wide-spaced soil sampling and geologic mapping by D’Aguilar Gold has located zones anomalous in chrome, nickel, and platinum over a strike length <strong>of</strong> about 4 km, near the Mimosa chromite prospect, about 35 km south <strong>of</strong> Mundubbera. The mineralization can be recognised as zones <strong>of</strong> massive chromite rubble within the soil, typically 400 m long and 10 m wide. The prospect includes some historical diggings within Devonian basaltic volcanics and limestones, and tectonically emplaced serpentinite and ultramafics. Diatreme Resources has completed a 3-D induced polarization survey at the Rosevale Corridor, located 15 km SW <strong>of</strong> Clermont. The survey identified eight high priority drill targets that may represent porphyry-style copper-molybdenum systems. A deep diamond drilling program has commenced. Exploration drilling at Cracow (New - crest Mining, 70% and Lion Selection, 30%) continued to focus on a new gold ore shoot 100 m south <strong>of</strong> the Kilkenny resource. Seven holes were recently completed defining mineralization over a 200 × 150 m area with best intersections <strong>of</strong> 12.8 m (6 m true width) @ 14.2 g/t Au and 5.5 m (2.9 m true width) @ 3.7 g/t Au. NEW SOUTH WALES Cortona Resources has enjoyed continued success at its Majors Creek gold project located east <strong>of</strong> Canberra. The latest assays from recent drilling include positive results from Plums Lode and Hangingwall Lode, and the discovery <strong>of</strong> high-grade gold mineralization southwest <strong>of</strong> Dargues Reef, each <strong>of</strong> which highlights the potential for significant expansion to the Dargues Reef resource, which currently stands at 1.44 Mt @ 6.2 g/t Au for 286 koz Au. The latest results include a broad, high grade intercept <strong>of</strong> 20 m @ 6 g/t Au from 158 m in the Plum Lode. The last hole <strong>of</strong> the drill program swung appreciably at depth and failed to reach its planned target. But all was not lost as it did intersect a lode <strong>of</strong> previously unrecognized high-grade gold mineralization (4 m @ 28.0 g/t Au), from 78 m downhole ! The Drake polymetallic mineral field in the New England orogen hosts Rex Minerals’ Mt Carrington gold-silver project, where recent drilling programs have been conducted at the Strauss, Guy Bell and Lady Hampden gold deposits. Best intersections were 20 m @ 2.1 g/t Au and 16 m @ 4.3 g/t Au (Strauss), and 4 m @ 10.8 g/t Au (Guy Bell). In addition, high-grade copper-silver mineralization has been discovered near the Kylo gold resource, with best intersections <strong>of</strong> 18.7 m @ 5.9% Cu, 10.1 m @ 6.3% Cu, and 9 m @ 290 g/t Ag. Goldminco has announced an update to the mineral resources at their Discovery Ridge gold project, where recent drilling has discovered a western lens. The Discovery Ridge resource has increased by 41% in contained ounces to 508Koz Au at a 0.5g/t Au cut-<strong>of</strong>f grade, while a maiden resource was announced for Bald Hill <strong>of</strong> 37 Mt @ 0.5 g/t Au for 596 koz Au at a 0.3 g/t Au cut<strong>of</strong>f grade. VICTORIA Northgate Minerals has continued aggressive near-mine exploration at the operating Fosterville and Stawell gold mines, respectively in central and western Victoria. At Stawell, two new mineralized zones were discovered close to current underground workings, with grades between 6.9 g/t Au and 18.1g/t Au over true thickness <strong>of</strong> approximately 5 m for each zone. Resource definition drilling <strong>of</strong> these zones is currently underway. Goldsearch has continued explora - tion at the Mount Wellington project in eastern Victoria. For the Hill 800 prospect, the company announced the inferred resource <strong>of</strong> 1.1Mt @ 1.5g/t Au, based on drilling completed in late 1990s. At the Rhyolite Creek prospect, a follow-up drilling program was completed to test the lateral extent <strong>of</strong> a previously discovered mineralized shear zone (5.6 m @ 2 g/t Au, 34 g/t Ag and 4.7% Zn from 220 m). One hole, partially funded by the Rediscover Victoria initiative <strong>of</strong> the Victorian government, intersected the mineralized zone 300 m from the nearest intercept, with the best result <strong>of</strong> 2.6 m @ 2 g/t Au and 13 g/t Ag from 178m. Synergy Metals has announced an inferred resource <strong>of</strong> 0.3 Mt @ 7 g/t Au and 11 g/t Ag at the Glen Wills project in eastern Victoria. This resource is in addition to the inferred resource <strong>of</strong> 0.1 Mt @ 2.6 g/t Au in tailings at Glen Wills and the previously announced inferred resource <strong>of</strong> 80 kt @ 7g/t Au at the Sunnyside prospect, 5 km away. TASMANIA Bass Metals has announced high-grade intersections below the northern end <strong>of</strong> the P-Q pit at the Que River mine in the Mt Read Volcanics. Better results include 6.6 m @ 4.0 g/t Au, 465 g/t Ag, 24.2% Zn, 11.6% Pb and 0.7% Cu, and 7.9 m @ 5.1 g/t Au, 250 g/t Ag, 18.8% Zn, 10.3% Pb, and 0.5% Cu. The company also expects to complete a feasibility study into mining the Hellyer remnants and Fossey zone in mid-2009. A five-year mine life with a throughput <strong>of</strong> 250 to 400 kt per annum is under consideration for the project. Metals X has reported several high grade tin intersections into the Federal zone at their carbonate replacement Renison Bell mine, including 10.9 m @ 4.45% Sn, 4.05m @ 9.43% Sn and 5.7 m @ 5.04% Sn. Proto Resources has announced further intersections <strong>of</strong> lateritic nickel-cobalt mineralization, including 9m @ 1.7% Ni and 0.07% Co, and iron mineralization, including 16 m <strong>of</strong> 43.1% Fe at their Barnes Hill project north <strong>of</strong> Launceston. The company has also announced that it expects the final phase <strong>of</strong> the Barnes Hill feasibility study to be completed by the second to page quarter <strong>of</strong> 2010. 42 ... EXPLORATION REVIEWS
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