THE BOURSE WHISPERER: Trafford Resources has compiled new data from recent field reconnaissance carried out on the Death Adder IOCG target located in the north of the Eyre Peninsula, South Australia.
Trafford has claimed to have discovered an outcropping, massive, hematite rich breccia it considers to most likely be of hydrothermal origin.
The outcrop was discovered near a small prospecting pit situated 1.1 kilometre to the east of the main 10.5km long Death Adder gravity anomaly.
Death Adder IOCG target showing magnetics and gravity and position of
Olympic Hill prospect. Inset shows details of Olympic Hill with results
from recent sampling. Source: Company announcement
Trafford said the outcrop is associated with a separate, shallow gravity anomaly and has named it the Olympic Hill prospect.
Assays from the outcrop returned:
– 1.44 grams per tonne gold, 12.5 grams per tonne silver and 41 per cent iron.
“Gravity modelling in the Olympic Hill area suggests that the source of the gravity high is closer to the surface than the main Death Adder anomaly to the west,” Trafford Resources said in its ASX announcement.
“The anomalous silver and gold returned from outcrop samples further supports a shallow source.”
The latest results follow on from the company’s recent announcement of the Death Adder IOCG target where it indicated coincident gravity and chargeability highs as well as anomalous copper in soils in proximity to a magnetic feature have defined an exciting new exploration target.
Hydrothermally altered hematite breccias are known to be associated with all known IOCG deposits in South Australia such as Olympic Dam, Prominent Hill, Carapateena etcetera,” Trafford said.
The company considers the discovery of such an outcrop in the same area as the Death Adder target to be significant.
As a result Trafford will now include the Olympic Hill target as part of a larger scale drill program it anticipates will begin as soon as it is able to source suitable drill rig.