DHEM Surveys To Locate Possible “Near-Miss” Mineralisation
AusQuest Limited (ASX: AQD) has identified the potential for nearby copper mineralisation similar in style to that found at the Osborne copper-gold mine located approximately 70km to the north with diamond drilling at the Hamilton Copper Project in north-west Queensland.
The wide-spaced drilling intersected chalcopyrite-pyrite mineralisation within a banded ironstone sequence in three of the four holes completed, providing a vector for follow-up exploration targeting potential massive mineralisation.
Narrow intervals (~5m to 9m) containing visual estimates of trace to 1 to 2% chalcopyrite, associated with greater amounts of pyrite and magnetite, were intersected in drill-holes HMDD012 and HMDD013 in the southern area, and over an approximate 40m down-hole intervalin drill-hole HMDD015, the first hole drilled into the northern magnetic target.
Drilling also intersected wide zones (~20m to 60m) of relatively intense carbonate flooding, mainly within amphibolite host rocks (metamorphosed mafic igneous rocks), which is known to reflect alteration associated with mineralisation found elsewhere in the district.
The company said these results are considered to be highly encouraging and follow-up down-hole electromagnetic surveys (DHEM) are currently being planned to test for massive copper mineralisation close to the drill-holes (within ~200m). The DHEM surveys are expected to commence in late July, pending the availability of geophysical crews, with further drilling likely to be undertaken subject to the results of these surveys.
The current drilling programme consisted of a total of four diamond drill-holes for 2,113m.
Three holes (HMDD012, HMDD013, HMDD014) were drilled in the southern prospect to test discrete magnetic/gravity targets associated with potassic alteration defined by earlier drilling and one hole (HMDD015) was drilled ~15km to the north, to provide an initial test of a similar magnetic complex that had not been previously drill-tested.
AusQuest’s Managing Director, Graeme Drew, said results from the current round of drilling had significantly improved the prospects for a copper discovery at Hamilton, with further work needed to locate stronger mineralisation and fully evaluate the potential of the area.
“We are particularly encouraged by results from drill-hole HMDD015, which is the first drill- hole to be completed into the northern magnetic target,” he said.
For further information please visit: http://www.ausquest.com.au/
