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Iceni Gold Limited (ASX: ICL) (Iceni or the Company) is pleased to provide an exploration update on the Everleigh Target Area.
Highlights
- Quartz reef veining has been discovered that is returning high grade gold results in rock chip samples.
- Gold in specimen stone has been found very close to source.
- Gold nuggets discovered across the Everleigh target area.
- Fieldwork remains focused in the Everleigh and Guyer target areas, defining targets for follow up.
Technical Director Dave Nixon commented:
“The high-grade gold in quartz veining and the gold bearing specimen stone discovered at Everleigh are strong indicators for the presence of reef gold mineralisation”.
“The 200m long gold bearing quartz vein is in-situ and the specimen stone with visible gold is very close to source, indicating that these locations have an increased probability for the discovery of quartz reef gold mineralisation”.
“The gold in the Everleigh specimen EV-1 is now confirmed to have a lower gold fineness that is more characteristic of an epizonal style of gold mineralisation more akin to the deposits of the Golden Mile in Kalgoorlie”.
“The combined data for the gold nuggets, specimen stone, gold in drilling and rock chip geochemistry forms a compelling focus for Iceni within the Everleigh target area”.
“Geological fieldwork is continuing at the Everleigh and Guyer target areas to define drill targets for follow-up exploration work.”
Specimen Stone from Everleigh Well
Figure 1. Specimen stone with visible gold found in the Everleigh Well Target area.
Figure 2. Integrated gold data sets from rocks, drilling, nugget finds and historical workings showing the distribution of gold across the Everleigh target area.
Gold in specimen stone has been recovered from the Everleigh target area. This is a significant result because the specimen stone is coarse and angular indicating it has not been transported far from source. Searching in the general area of the finds has located outcropping rock that is similar to the host material within the specimen stone. Further sampling is planned in this area.
Specimen stone EV-1 was previously found near diamond drillholes FMDD0032 and FMDD0034. The specimen was analysed to identify any characteristics that can assist the search for mineralisation.
Analysis by Orexplore involved the x-ray imaging of EV-1 to identify the internal distribution of gold within the specimen. The analysis identified two types of gold. The first type has a fine disseminated texture throughout the quartz. The second type is confined to the outer surface and along penetrative fractures through the specimen.
Analysis by Portable Spectral Services involved surface scanning of the specimen to identify the composition of the gold. The first type of gold has a low gold-silver ratio that is consistent with the known early epizonal styles of mineralisation within the Yilgarn. The second type of gold has a high gold-silver ratio, which is consistent with expected supergene modification of existing gold.
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Positive Findings from Newmont Ti Benchmarking Study
Highlights
- Titanium industry expert TZMI completes titanium benchmarking study on the Salazar Critical Minerals Project
- Study identifies Newmont as a standout from its peers in terms of Ti and TREO in-situ grade
- Benchmarking study is highly encouraging and supports validating flowsheet for production of titanium minerals from Salazar
Salazar Critical Minerals Project Ti Benchmarking Study
Following successful characterisation testwork of Ti mineralisation at the Newmont Deposit area1, West Cobar Metals engaged international titanium expert TZ Minerals International Pty Ltd (TZMI) to complete a benchmarking study of the Newmont resource.
TZMI is a global, independent consulting and publishing company which specialises in all aspects of the mineral sands, titanium dioxide and coatings industries2.
The Newmont resource3 and characterisation data was used by TZMI to benchmark the Salazar project deposit against several existing operations and potential new projects under development using publicly available information and TZMI estimates. The outcomes of the benchmarking are shown in Figure 1.
The benchmarking study shows that the Ti contained within the Newmont deposit has promising potential for economic extraction and that the Newmont resource is positioned favourably amongst peer resources in respect of both Ti and rare earth element content.
Figure 1 : Salazar Project (Newmont deposit) benchmarking
The relative positioning of the Newmont Inferred Ti and rare earth element resource is very positive for West Cobar, with relatively high insitu TiO2 grades and TREO grades compared to its peers. The Ti levels of the resource (on a whole rock basis) compare very favourably to both developing and operating projects.
TZMI concluded that “In terms of final ilmenite product quality, the composition of the magnetic fraction (comprising predominantly ilmenite) shows some promise with TiO₂ levels as high as 48.5%. This suggests the ilmenite is likely present as primary ilmenite … the CaO, MgO, V₂O₅, Cr₂O₃ in the magnetic fraction all seem relatively low which is positive and likely to be within the accepted levels for ilmenite used in sulfate pigment production.”
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High Grade Copper Rock Chips to 18% on New Targets at Ti-Tree
- Two new prospects, Tiberius and Claudius, have returned high-grade copper and significant silver assays in rock chips from recent field work
- High grade assays up to 17.8% Cu and 282g/t Ag have been discovered on the Tiberius zone, currently 3m wide and extending for over 200m along strike.
- Claudius, 11km south of Tiberius, comprised of several parallel zones over a 100m by 300m area, returned grades up to 6.6% Cu and 86g/t Ag.
- The discovery of these prospects, 30km northwest from Copper Ridge which contain historic workings not marked on GSWA maps, highlights the significant prospectivity of the Gascoyne region.
- Further field work is being planned to determine the extent of these new discoveries.
Andrew Ford, GM Exploration
“These results highlight the potential of this underexplored area to host as yet undiscovered mineralisation. Less than 5% of the 3,600 sq km area of the Ti-Tree Project has had any previous exploration, and to discover unrecorded historic mining areas is very exciting. These results are a credit the Augustus geological team.”
Figure 1 Location of the Tiberius and Claudius prospects
Tiberius
Reconnaissance field work conducted on the Ti Tree Project’s northwestern tenement has discovered high grade copper and silver mineralisation (Figure 3) in two areas. Tiberius, the northern target comprises a quartz-sulphide vein system up to 3m wide and outcrops for over 200m (Figure 5).
A shallow shaft has been dug on the vein system (Figure 2). Another vein set was identified 600m along strike east-northeast of the main vein increasing the potential size of the target. The high grade veins contain both oxidized copper, high silver grades, lead sulphide and anomalous gold (Table 1).
Claudius
The Claudius prospect is located 10km to the southwest of Tiberius, comprised of quartz veined brecciated and silicified granite with mineralised veins mapped over a 100m x 300m area. The main area of outcropping mineralisation has been trenched by prospectors and rock chip sampling returned strong copper mineralisation in an iron rich siliceous vein. Silver was consistently elevated (up to 86g/t) with associated gold anomalism to 0.68g/t (Table 1, Figures 4 and 6).
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Exceptional Uranium Results at Lyndon - 6,612ppm U3O8
Highlights:
- Rock chip assay results up to 6,612ppm U3O8 at the Baltic Bore and Jailor Bore prospects
- 12 rock chips returned assays >1,000ppm U3O8
- 5 rock chips returned assays >1,000ppm V2O5
- Uranium anomalism spans strike lengths of 2.6km at Baltic Bore and 2km at Jailor Bore
- Lyndon Project Immediately adjoins Paladin Energy’s Carley Bore Uranium Project (15.6MLbs U3O8)
Figure 1: Carnotite (uranium) mineralisation within siliceous calcrete at the Jailor Bore prospect in sample XT0938.
David Lenigas, Executive Director of Odessa, said:
“Results of our preliminary field work have returned outstanding uranium and vanadium results, confirming the presence of calcrete-type mineralisation across multiple prospects at the Lyndon Project. The results of this campaign have exceeded expectations through the discovery of the highest-grade uranium and vanadium results at the Project to date. Odessa is now focussed on assessing the extent of high-grade uranium mineralisation through follow-up field campaigns that will involve ground-based radiometric mapping and further sampling to generate drill-ready targets for sub-surface testing during Q3, in conjunction with the palaeochannel roll-front uranium drilling at the Relief Well prospect. With multiple radiometric targets outside of the Jailor Bore and Baltic Bore prospects remaining untested, the Company is excited to undertake further field programs to expand on this round of assay results.”
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This article includes content from Odessa Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
