THE BOURSE WHISPERER: Sheffield Resources (ASX:SFX) has completed a review of historic exploration undertaken at the company’s Red Bull project.
Red Bull is located within 20 kilometres of Sirius Resources (ASX:SIR) recent Nova nickel-copper discovery in the newly-identified Fraser Range nickel province in Western Australia.
Location of Sheffield Resource’s Red Bull project. Source: Company announcement
The Red Bull project tenements comprise two exploration licences: E69/3033 which was granted in July 2012 and E69/3052 which is still under application.
The tenements have a combined area of 525 square kilometres.
Reconnaissance aircore drilling was carried out by Gold Partners between 1995 and 1997, which outlined an eight kilometre-long nickel-copper-cobalt-(platinum-palladium) anomalous trend.
“The review of historic data confirms an extensive nickel-copper-cobalt anomaly, overlying a sequence of mafic and ultramafic rocks similar to those which host the Nova nickel-copper discovery,” Sheffield Resources managing director Bruce McQuitty said in the company’s announcement to the Australian Securities Exchange.
“This has given us the confidence to accelerate exploration of the Red Bull project by commissioning a VTEM survey which will target an area of over 140 square kilometres for potential sulphide conductors.
“This survey is scheduled to commence late October 2012.
“The Fraser Complex is shaping up as an exciting new nickel-copper province and Sheffield intends to expedite evaluation of its tenement holding within this emerging region.”
The planned VTEM survey has been designed to cover an area of 144sqkm of prospective rocks of the Fraser Complex.
The survey will be flown at 100m spacing in the northeast and at 200m spacing in the southwest.
Sheffield said the survey will target the nickel-copper-cobalt-(platinum-palladium) anomaly that was defined by the historic data at 100m line spacing.
If conductivity anomalies indicating potential sulphide bodies are encountered, Sheffield indicated it would conduct additional infill lines.
The company anticipates the VTEM survey will provide an efficient and effective first pass exploration test for near surface nickel-copper sulphide mineralisation.
The survey area is focused on mafic and ultramafic sequences located under shallow transported cover.
Sheffield said this regolith environment is very similar to shallow cover concealing mineralisation at the Nova prospect.
The survey is scheduled to commence in late October 2012, with processing expected to be completed in Q1 2013.
Sheffield Resources is currently conducting work on its Western Australian minerals sands projects, including the Dampier project, located near Derby and the Eneabba project comprising multiple HMS deposits near Eneabba south of Geraldton.