THE BOURSE WHISPERER: Rubianna Resources has defined six coincident copper gold target areas, with hints of lead and zinc by soil sampling at the Killara project, situated within the company’s 100 per cent-owned Murchison tenements, in the Peak Hill mining district of Western Australia,
The company said the targets are indicative of volcanogentic massive sulfide (VMS) style mineralisation.
Four of the target areas range in length from 0.5 to 2.5 kilometres and are distributed along the same magnetically anomalous horizon between the Killara and Johnson Cairn Formations.
Killara project location map. Source: Company announcement
Rubianna said the coincident anomalous soil assays it had received of copper (up to 260 parts per million), gold (up to 23ppb), zinc (up to 309ppm) and lead (up to 249ppm) provide the indicative response expected of VMS style mineralisation.
The other two target areas range in length from 1.5 to 2km and are distributed along a sub parallel magnetic horizon within the Killara Formation. The company said these are truncated or cross-cut by NW-SE trending faults.
Coincident anomalous soil assays of copper (up to 270ppm), gold (up to 185ppb), zinc (up to 150ppm) and lead (up to 30ppm) have been recorded on these areas.
Rubianna said it also identified other areas with enhanced geochemical responses it has earmarked for further work.
“The coincident copper-gold ± zinc ± lead soil anomalies coincide well with stratigraphic horizons and airborne magnetic data,” Rubianna Resources managing director Dr Steve Batty said in the company’s announcement to the Australian Securities Exchange.
“We will now focus our exploration effort on checking for false anomalies and prioritising drill targets.”
The company’s next work program will involve geological mapping and rock chip sampling, which it anticipates will be followed by ground electromagnetic surveys ahead of drill testing.
This work program will be used to prioritise drill targets as company considers the manganese and iron soil response in parts of the area may have enhanced the base metal elements and biased the targeting process.
Geological mapping and rock chip sampling is scheduled to be complete, with assays, by mid-quarter 3, 2012.
Meanwhile, work permits and heritage surveys will be completed so that drilling can commence on the priority targets by late Q3, 2012.