Leigh Creek Region
The Company holds 2 exploration licences in the Leigh Creek area, to the south of its existing 3 mining leases at Mountain of Light, Mount Coffin, and Lynda/Lorna Doone (refer map below).
Other Adelaide Geosyncline
The Company completed a 14 hole, 1024 meter RC drill program at the Black Hill Gold prospect (Mongolata region) in August 2013. Anomalous gold and copper was identified over a 3km strike length however the results do not warrant follow up at this time.
A JORC compliant, inferred copper carbonate mineral resource has been calculated for the Princess Royal copper deposit, located 10km south east of Burra, approximately 130km north of Adelaide, in the mid-north of South Australia.
The inferred mineral resource at Princess Royal, using a mining cut-off grade of 0.4% copper is 216,586 tonnes of ore at an average grade of 0.96% copper containing 2,083 tonnes of copper.
478 samples were assayed for both gold and copper and the average gold grade for those returning greater than 0.4% copper is 0.2 g/t gold.
This inferred resource occurs at shallow depths (less than 40m), and the proximity to infrastructure and labour make it an attractive resource.
To define the resource, a total of 26 diamond holes were drilled for 1017.5 m, 44 reverse circulation holes for 969.3m, and 37 rotary air blast holes for 1349m, details of which are shown below.
|Cu Cut-off Grade||Ore (Tonnes)||Cu Grade %||Contained Cu (Tonnes)|
Princess Royal Inferred Mineral Resource at a range of cut-off grades
Princess Royal drill collar location map, coded by drill type
Although there has been significant historic drilling in this area, the Princess Royal resource is based solely on drilling conducted by PNX Metals Limited, as historic drill collars could not be precisely located.
The mineralisation at Princess Royal occurs in the Upper Proterozoic Skillogalee Dolomite, the same formation which is host to the nearby Monster Mine ore body at Burra. Mineralisation generally consists of malachite and lesser azurite, chrysocolla and cuprite.
Further exploration/evaluation activity at Princess Royal is dependent on further capital raising.
No exploration work of significance has otherwise occurred recently on the Company’s other projects in South Australia. The majority of exploration work conducted to date has been XRF analyses, seeking IOCG mineralisation.