Carawine Resources Identifies New Victorian Porphyry Copper-Gold Targets

THE DRILL SERGEANT: Carawine Resources (ASX: CWX) announced geophysical results from a detailed helicopter-borne magnetic and radiometric (heli-mag) geophysical survey completed at the company’s 100 per cent-owned Jamieson project in northeast Victoria, host to the Hill 800 and Rhyolite Creek prospects.

Carawine Resources declared the survey as an “outstanding success”, saying that it has provided support for the potential for porphyry targets beneath Hill 800 and Rhyolite Creek while confirming existing targets and providing a number of exciting new anomalies.

“Since establishing a link between mineralisation at Hill 800 and the potential for large gold and copper porphyry mineral systems at the Jamieson project we have been working to identify and refine targets for drill testing,” Carawine Resources managing director David Boyd said in the company’s announcement to the Australian Securities Exchange.

Carawine had recently established the potential for gold and copper mineralisation at its Hill 800 prospect to be related to a copper-gold porphyry system.

This was based on its analysis of multi-element geochemical data and the recognition of an alteration pattern typical of porphyry mineral systems that followed the identification of several new prospects around Hill 800 with strong magmatic / porphyry geochemical signatures, and the recognition of two broad but distinct regional-scale magnetic anomalies at Hill 800 and Rhyolite Creek.

Having established this potential, Carawine has been working to advance its porphyry targets to the drill testing stage.

“Magnetic anomalies are commonly associated with mineralised porphyry systems and therefore provide excellent drill targets,” Boyd continued.

“The results from this detailed survey will be used to model the size and depth of each anomaly, which can then be prioritised for drill testing.”

Carawine explained that the detailed heli-mag survey data identified a number of new, individual magnetic anomalies from within the broad magnetic complex underlying the Hill 800 area.

A clear relationship between gold mineralisation has also been previously defined by drilling and surface geochemistry and the larger magnetic anomaly complex, highlighting each individual anomaly as high priority targets.

What has whetted the company’s interest is a discrete magnetic high north-west of the surface exposure of the Hill 800 deposit encompassed by a distinct magnetic low.

Current drilling at Hill 800 is testing the down-dip extensions to the deposit, which appears to be trending directly towards this discrete magnetic high.

This anomaly has therefore been prioritised for three-dimensional (3D) modelling to determine its size and depth prior to designing a program for direct drill testing

“Of particular interest is a magnetic high anomaly potentially down-dip from Hill 800, where we are currently drilling,” Boyd said.

“This anomaly is characteristic of the typical geophysical response from a mineralised porphyry copper-gold stock and is therefore high on the priority list for modelling and drilling.

“We look forward to updating the market with results of this work and the drill program design in coming weeks.”

 

Email: info@carawine.com.au

Web: www.carawine.com.au