Carpentaria Exploration adds to NSW gold portfolio
THE DRILL SERGEANT: Carpentaria Exploration (ASX: CAP) has expanded its gold portfolio in the Lachlan Fold Belt, having been granted the Grong Grong licence (EL 8189) near Narrandera in New South Wales.
Grong Grong adjoins Carpentaria’s Barellan tenement for a combined area of 702 square kilometres, which the company considers to be prospective for intrusion related gold systems (IRGS) and orogenic sulphide fault replacement hosted deposits.
Grong Grong EL over regional RTP aeromagnetic image. Source: Company announcement
The Grong Grong project also includes the Harry Smith prospect, where historical drilling identified a coherent gold mineralised structure.
Carpentaria said historical drill hole intersections on the same section, open down dip and along strike, provide it with a promising immediate target for drilling.
The company indicated it is focused on quickly advancing the latest addition to its gold portfolio and has field reconnaissance planned to begin before the end of the year.
“Grong Grong is a highly attractive prospect, due to its prospectivity for IRGS-style gold deposits and it also has the benefit of an existing drill target,” Carpentaria Exploration managing director Quentin Hill said in the company’s announcement to the Australian Securities Exchange.
“When combined with the encouraging recent results at our Advene gold project and existing prospects at Barellan and Temora, Carpentaria has assembled a strategic gold portfolio with great potential for discovery.
“It is rare to find such prospects with existing untested near economic drill hole intersections available on open ground at no acquisition cost.”
“Carpentaria will continue to exploit these opportunities and explore for gold during this down turn in market sentiment.
“However some recent market commentary has suggested that only five per cent of gold companies would be making money at current gold prices, and if this is even partly true, supply will contract and prices will likely rebound.”
Carpentaria’s wholly-owned gold project portfolio now totals 1800sqkm across four projects within the Lachlan Fold Belt.
The company believes its portfolio has potential for discovery of significant IRGS and Fosterville style deposits at its Advene, Barellan and Grong Grong projects, as well as epithermal and/or large porphyry copper gold deposits at its Temora and Glen Isla projects.
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