(MENAFN- ProactiveInvestors)
() is cashed up and ready to drill at its Windsor Prospect in Western Australia's East Kimberley region having located a very large conductor generated by recent induced polarisation data.
A reverse circulation drilling rig has arrived on site to test potentially five priority targets for copper-gold mineralisation that may never have been exposed at the surface.
Windsor formerly the King River Fault Zone and the 5 kilometre-long Chapman-Greys corridor are the two shallow IP prospects that the cashed-up company will focus on in 2015.
This moves away from its previous focus on identification and drilling of targets below high grade surface samples that proved to have only eroded remnants of past mineralisation due to extensive weathering and multiple tectonic events within the Speewah Dome.
Windsor Prospect
is drilling up to 10 reverse circulation holes to a maximum depth of 200 metres targeting five targets identified by IP surveys.
Completed gradient array and dipole-dipole IP surveys have indicated that both chargeability and resistivity anomalies correlate well with known geology and structures along the King River Fault Zone.
This hosted the ABCE fluorite deposit and several previously reported low grade copper drill intersections along A B and G Veins.
Significantly all these previous intersections are associated with low IP chargeability anomalies confirming the IP methods has been successful in mapping the copper mineralised zones.
Importantly the IP surveys at Windsor have shown that the eastern fault of the King River Fault Zone has the strongest chargeability anomalies and has been completely missed in previous drilling.
This structure is a through-going lineament from which the western faults (A Vein and G Vein) splay off.
The intersections off these splays and some cross linking structures with the main eastern fault show significant chargeability anomalies and these anomalies will be drilled in the current program.
On completion of that drilling program at Windsor the rig will then be moved north to test additional IP targets around the Greys Hayden and Chapman locations.
Phase 1 of the drill program consists of 3000 metres.
Chapman-Greys
At Chapman-Greys reverse circulation and diamond drilling completed in the December 2014 Quarter had identified a series of shallow dipping thrust-like structures and associated ladder quartz veins referred to as the Chapman and Greys Thrusts.
Re-modelling of the magnetic and SAM geophysical data have highlighted these thrust structures and also a series of steep east dipping structures to the west referred to as the Hayden and Gap Faults.
Re-modelling of the IP survey has identified a moderate IP anomaly located between the surface trace of the two fault sets west of Greys and below current drilling with the strength of the IP anomaly increasing to the north below the Catto West drilling.
The IP anomaly is thought to be located on the Greys Thrust and is an important target for drilling in 2015 within the Chapman-Greys structural corridor where further IP surveys (gradient array and dipoledipole) are being completed.
Analysis
Cashed-up from a recent $1.3 million capital raising has now kicked off exploration in its East Kimberley tenements to test for mineralisation that may never have been exposed at the surface.
The company is now focused on shallow IP anomalies rather than identifying and drilling targets below high grade samples. With an uber hot prominent conductor target now located it is onwards to drilling with an RC rig now on site.
Drilling in 2015 will be carried out on the Windsor prospect and Chapman-Greys corridor where the strongest anomalies were missed in previous drilling.
Highlighting his belief in ’s exploration upside in 2015 chairman Tony Barton has since the beginning of this year more than doubled his shareholding in the company to 36371285 shares. He has also mopped up shares on market.
The company had $1.49 million in cash as at 31st March 2015 which adequately funds the current exploration program.
This will be one of the more fascinating exploration programs to watch in 2015. It has taken some time to understand the project. The new geological model indicates that there is still excellent buried potential along wide structural and litho-structural zones to test for mineralization that may never have been exposed at the surface.
This is where it will get interesting.
We expect the share price to be strong moving into drilling and results.
Proactive Investors Australia is the market leader in producing news articles and research reports on ASX emerging companies with distribution in Australia UK North America and Hong Kong / China.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.