(MENAFN- ProactiveInvestors)
() has received encouraging new rock chip results that highlight a new polymetallic target at the Stockies prospect of its Mount Garnet Project in Northeast Queensland.
This has the potential to host a polymetallic mineralised skarn similar to the Mount Garnet high grade zinc-copper deposit located 3 kilometres away.
Twenty-eight highly weathered and oxidised rock samples returned elevated lead results ranging from 231 ppm lead to 3.96% lead and up to 4140 ppm zinc 1750 ppm copper 371 ppm silver 558 ppm bismuth 910 ppm tungsten and 125 ppm tin.
Mapping is in progress to better define this new polymetallic target.
The company is also evaluating the potential to exploit the small oxide resource in the Triple Crown gold deposit.
“We are highly encouraged by these new rock chip results which support the original soil anomaly” managing director Dr Jeff Malaihollo said.
“The prospectivity of Stockies is further enhanced by its polymetallic nature and a possible connection to mineralised granites and associated high-grade base metal tin and tungsten skarn systems that occur in the Mount Garnet mining district.
“Stockies has had only cursory previous exploration work and we look forward to progress this target during 2015.”
Sampling Results
Arc conducted surface rock sampling in a large area of strong base metal anomalism that was highlighted by soil sampling in late 2014.
A total of thirty seven rock samples were collected within a north-south elongated lead-zinc-(copper) soil anomaly that extends over at least 1 kilometre length.
Lead was most strongly elevated in the previous results at Stockies and the soil anomaly is highlighted by greater than 200ppm lead.
The rock samples were taken as selective grabs from patchy outcrops and residual float of highly weathered and oxidised quartz veined and gossanous fine-grained clastic metasedimentary rocks located along the mineralised trend highlighted by the original lead soil anomaly.
The metal association reflected by the rock chip results at Stockies suggest that it is a granite-related mineralisation system similar to those that have produced a multitude of polymetallic mineral occurrences and mines in the Herberton-Mount Garnet mining district.
Stockies is located about 3 kilometres north-northwest of the historic Mount Garnet zinc mine.
The mine had a pre-mining zinc-copper resource of about 2 million tonnes at 9% zinc and 0.5% copper.
It is owned by Snow Peak Mining and the plant site continues to operate and produce base metal concentrates from other deposits mined in the region.
Both Stockies and Mount Garnet Mine are hosted in the same rock unit the Chillagoe Formation.
Clastic metasedimentary rocks similar to those mapped at Stockies are recorded in the Mount Garnet mine where they are interbedded with limestone calc-silicate rock and mineralised skarn.
It is inferred that the anomalous metal association reported in the rock geochemistry at Stockies could indicate the presence of a mineralized skarn at depth or along strike from this prospect.
The large mutli-element soil and rock anomaly defined at Stockies has never been drill tested.
Geological mapping of this prospect is in progress to help better define the target.
In addition Arc is evaluating the potential to develop the small oxide gold resource in Triple Crown gold deposit located on a mining lease about 2 kilometres west of Stockies on which the company holds an option to farm-in with Snowmist Pty Ltd.
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 Pty Ltd (“Snowmist”) and an exploration tenement (EPM 25343) covering about 17 square kilometres that is held by Arc.
The company holds an option agreement with Snowmist Pty Ltd (“Snowmist”) to farm into their package of mining tenements containing the Triple Crown gold deposit which contains a drill-indicated gold resource estimated to be 69000 ounces and includes a small oxide resource of about 25000 ounces gold.
The project area lies in the Mount Garnet tin-base metal mining subdistrict of the Herberton Tinfield and at the southern end of a belt of Siluro-Devonian metasedimentary rocks intruded by Permo-Carboniferous granites that are host to the large Mungana/Red Dome gold-base metal skarn quartz-stockwork and breccia deposits in the Chillagoe mining district.
It is located about 100 kilometres to the northwest of Mount Garnet.
Analysis
The new rock chip samples have improved the prospectivity of the Stockies prospect given its potential to host a polymetallic mineralised skarn similar to the nearby Mount Garnet high grade zinc-copper deposit.
Mapping is now underway to better define the target and the company seeks to progress it during 2015.
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