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() has built the base metal inventory at the Mount Garnet Project in Queensland with soil sampling identifying two new targets.
Samples taken from the historic Triple Crown South and Stockies prospects returned anomalous base metal geochemistry similar to historic soil results reported from the nearby Mount Garnet high-grade zinc skarn deposit.
The Mount Garnet skarn deposit – located about 3 kilometres south of Stockies and 4.5 kilometres southeast of Triple Crown South – had a zinc-copper resource of about 2 million tonnes at 9% zinc and 0.5% copper prior to mining.
Arc holds an option agreement with Snowmist Pty Ltd to farm into their package of mining tenements containing the Triple Crown gold deposit. It also holds an exploration permit located close to Triple Crown.
The anomalies are defined by >75 ppm copper >200 ppm lead 75 ppm zinc at Stockies and >50 ppm copper >100 ppm lead >250 ppm zinc at Triple Crown South.
Additional ground work is in progress including mapping and rock chip sampling to better define the anomalies.
“We are highly encouraged by the anomalous base metal results recently returned from soil sampling completed at the Triple Crown South and Stockies prospects at the Mount Garnet Project” managing director Dr Jeffrey Malaihollo said.
“The results are similar in size and tenor to those obtained from historic soil sampling reported over the nearby Mount Garnet zinc deposit and therefore highlight the potential for similar high-grade zinc skarn targets at these two prospects.
“Triple Crown South and Stockies have had only cursory previous exploration work. We look forward to progress these targets in 2015.”
Soil sampling demonstrates potential for high grade zinc skarn
Arc recently completed soil sampling over the historic Triple Crown South and Stockies mineral prospects that were originally identified by AOG Minerals in the 1980’s.
Triple Crown South soil grid is located within ML 4363 and ML 20018 about 1 kilometres to the immediate west of the 69000 ounce Triple Crown gold deposit and is underlain by northeast-striking gossanous calc-silicate rocks that are interpreted to be possible mineralized skarn.
The Stockies soil grid is located within EPM 25343 about 1.5 kilometres east of Triple Crown and is underlain by gossanous brecciated metasedimentary rocks that could indicate the presence of a mineralized skarn at depth.
Both prospects are located close to the old Mount Garnet zinc skarn mine.
Soil sampling has highlighted large areas (>500 metres length) of anomalous base metal geochemistry across both grids.
Maximum soil results obtained on both grids were 314ppm copper 3180ppm lead 440ppm zinc at Stockies and 237ppm copper 1310ppm lead 3290ppm zinc at Triple Crown South.
These results compare favourably with the size and tenor of zinc lead and copper anomalies reported from historic fine-fraction soil sampling over the Mount Garnet zinc-copper skarn deposit.
Follow-up work at Triple Crown South and Stockies is in progress and includes geological mapping and rock chip sampling to provide further definition of the soil geochemical anomalies.
Mount Garnet Project
The Mount Garnet Project located near the major regional centre of Cairns comprises three Mining Leases (ML’s 4363 4390 20018) covering about 150 hectares that are 100% held by Snowmist and an exploration tenement (EPM 25343) covering about 17 square kilometres that is held by Arc.
In August 2013 the company elected to proceed with a two-year option to farm-in to earn up to 80% of the leases held by Snowmist by paying $50000 and committing to a minimum expenditure of A$150000 during the option period.
It may then earn 51% in the leases by sole funding A$500000 within two years. This can be increased to 80% by sole funding a further A$580000 within a further one year.
The project is hosted within the historic Mount Garnet mining district of the Hodgkinson Province where tin and base metals have been produced from vein-lodes and skarn deposits.
Analysis
is building its Mount Garnet target inventory for 2015 with soil sampling identifying potential for high grade zinc skarns to be present at the Triple Crown South and Stockies prospects.
That samples have returned similar results to historic soil sampling over the nearby Mount Garnet high-grade zinc skarn deposit is encouraging.
This deposit had a zinc-copper resource of about 2 million tonnes at 9% zinc and 0.5% copper prior to mining.
There is news flow ahead with the company carrying out follow-up work at Triple Crown South and Stockies to provide further definition of the soil geochemical anomalies.
Arc is also carrying out work at its Junee and Oberon gold projects in New South Wales which include the 77000 ounce Dobroyde gold deposit as well as its Trenggalek Project in East Java Indonesia.
Capped at circa $4 million Arc offers significant upside to the current market valuation and share price.
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