THE BOURSE WHISPERER: Australian-American Mining (ASX: AIW) has identified a new copper VMS target on recently-staked ground one kilometre north of the company’s Bluebell mine in Arizona.
The Bluebell North target was identified during the ongoing interpretation of a data package the company acquired in October this year.
The data recovered and interpreted includes:
– 339 soil samples on a 15 to 30 metre by 120 metre grid, 1km north of Bluebell (1990);
– 120m line-spaced magnetic survey covering 5 square kilometres around Bluebell (1989); and
– Interpretation of EMP survey covering 5sqkm around Bluebell (1989-1990).
Soil sample locations and rock samples (AusAmerican, 2012) on simplified geology. Source: Company announcement
“We are excited by the soil anomaly at Bluebell North as it shows potential for copper mineralisation outside of the mine area,” AusAmerican managing director Richard Holmes said in the company’s announcement to the Australian Securities Exchange.
“We plan to follow-up in the field to confirm the soil anomaly and complete a soil sampling program over a wider area in the first quarter of 2013.”
According to AusAmerican the soil samples demonstrate a 700m long copper anomaly over a threshold of 100 parts per million copper with an average copper grade within the anomaly of 413ppm with a highest value of 1,262ppm.
The anomaly is open towards the south at Bluebell North and sits on the eastern edge of a prominent magnetic ridge, a similar setting to the Bluebell mine.
Bluebell North is sensibly located north of the recent mapping completed by AusAmerican.
The recently acquired data package indicates that the anomaly sits within the Yavapai Schist; host to both the Bluebell and De Soto mines.
AusAmerican will drill the Bluebell open pit target in Q1 2013 and will complete geophysical work over the newly staked ground in Q2 and Q3 in 2013.