THE BOURSE WHISPERER: Perth-based gold exploration play Invictus Gold said follow-up work it has recently carried out on the Scartwater prospect at its 100 per cent owned Drummond Basin project in Queensland has enhanced its prospectivity.
Invictus identified the Scartwater prospect as interesting on the basis of elevated gold‐in‐soil responses and highgrade rock chip assays taken during field checking in the Mount Kroman area earlier this year.
Assays of up to 32 grams per tonne in modestly outcropping weathered quartz porphyry were identified during this fieldwork.
“These high‐grade rock chip assays are associated with disseminated pyrite in the intensely and widely altered porphyry,” Invictus said in its announcement to the ASX.
“Detailed field mapping has now defined the surface extent of this porphyry in more detail and has identified a second similar porphyry about 750 metres west of the first porphyry.”
The two bodies have been called the East Porphyry and the West Porphyry and are each about 500m long and up to 300m wide.
Invictus has prioritised the East and West porphyry targets for drilling.
The company is in the process of finalising Compensation Agreements with the pastoral lease holder while statutory Aboriginal Heritage Surveys have already been completed.
Drilling is scheduled to commence in early to mid‐October.
Infill systematic soil sampling undertaken on a 200m by 50m sample spacing grid, has refined the broad gold‐in‐soil anomaly Invictus had identified in its initial program into two discrete anomalies of up to 600m by 250m.
Elevated molybdenum‐in‐soil responses have also been recorded at the northern end of the West Porphyry.
Invictus said these geophysical and geochemical signatures are similar in nature to those found at many porphyry‐style deposits in Queensland.
These include the Mount Wright and Mount Leyshon Mines, located about 100km to the north, and at the large Anthony porphyry‐hosted molybdenum deposit about 100km to the south.