Syndicated Metals encounters thick copper-gold at Barbara
THE DRILL SERGEANT: Syndicated Metals (ASX: SMD) has been encouraged by in-fill resource drilling being conducted as part of the Feasibility Study on the company’s Barbara Joint Venture copper-gold project in North Queensland.
The Barbara JV is a 50/50 joint venture with North Queensland copper producer CopperChem Limited, which is funding the Feasibility Study as part of its earn-in requirements to the JV.
Project location plan. Source: Company announcement
So far 17 Reverse Circulation (RC) drill-holes have been completed within the current conceptual Barbara open pit, with assays so far received for 9 holes.
Syndicate Metals said the results it has received have confirmed high-grade copper mineralisation identified by previous drilling and further in-filled areas where resource confidence was low.
Intersections received to date include:
BARC076:
28 metres at 1.5 per cent copper from surface, including 9 metres at 3.04 per cent copper from surface;
BARC080:
10m at 1.86 per cent copper from 134m down-hole;
BARC082:
19m at 1.65 per cent copper from 77m down-hole, including 5m at 3.68 per cent copper from 77m down-hole; and
BARC083:
42m at 1.57 per cent copper from 75m down-hole, including 9m at 3.36 per cent copper from 75m down-hole.
“The drilling completed to date has already significantly de-risked the project development, confirming both the high grade nature of the hanging wall mineralisation and the significant widths of near-surface, ore grade mineralisation we see at the central region of the pit,” Syndicated Metals managing director Andrew Munckton said in the company’s announcement to the Australian Securities Exchange.
“We are particularly pleased with the width of the intersections encountered within the central part of the pit, which has confirmed the interpretation of the ore zone with a high-grade (+2.5 per cent copper) lode of copper mineralisation sitting on the hangingwall contact, supported by significant widths of generally lower grade (0.7 per cent to 1.5 per cent copper) in the footwall of the high-grade lode.
“Further drilling – in particular drill holes targeted below the base of the preliminary pit design are designed to further test this interpretation of high-grade hanging wall mineralisation sitting upon lower grade footwall mineralisation.
“The wide zones of near-surface, copper mineralisation encountered augurs well for low-cost mining techniques to be considered in this part of the open pit during the Feasibility Study.
“The drilling program is now moving into the southern and northern ends of the proposed pit shell where we believe potential extensions to the mineralisation may exist at depth and along strike.
“Near-surface mineralisation in this area is also being targeted.”
Syndicated Metals explained the program has been designed to in-fill and upgrade the current Indicated and Inferred Mineral Resource of 5.3 million tonnes at 1.4 per cent copper and 0.1ppm gold.
It is also testing for zones of high-grade mineralisation that could potentially extend outside of the existing mineralisation boundaries.
Drilling is continuing within the proposed pit area, which Syndicated said is helping to improve its understanding of the deposit with additional step-out holes targeting extensions of the Mineral Resource to the south-east.
Email:
info@syndicatedmetals.com.au
Website:
www.syndicatedmetals.com.au