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Brisbane, Jan 28, 2010 (ABN Newswire) - D'Aguilar Gold Limited (
ASX:DGR) advise that the assay results have now been received for the first diamond core hole drilled on the Peenam Prospect within EPM 13361. The presence of strongly anomalous copper gold mineralisation to the end of the hole and its location on the southern edge of a magnetic high feature evident on detailed airborne magnetic imagery suggests the hole was drilled on the edge of a large porphyry copper gold system.
EPM 13361, situated south east of the town of Goomeri in Southern Qld, has been previously considered by D'Aguilar to contain a porphyry copper gold target at Peenam.
Earlier soil and stream sediment sampling provided encouragement for the recent drilling program. Rock chip samples on an exposed stockwork on a creek bank assayed 3.05 g/t Au, and mapping indicated that the porphyry style mineralisation is mostly concealed and only exposed only in the topographically lowest areas, notably in stream beds. As previously announced, three shallow reverse circulation holes were then drilled in 2006, with the best assay from 16 - 64m (48m) at 0.23 g/t Gold (Au), and 0.22% Copper (Cu).
In 2007 D'Aguilar conducted a detailed helicopter borne electromagnetic and magnetic survey (VTEM) on EPM 13361 to assist in the mapping of the Peenam area. In late 2009, the Company drilled an inclined diamond core drillhole (PEED1) to 288 metres to test the outcropping copper mineralisation. Assays have been received for the top 198m of this hole, demonstrating a grade of 800 ppm Cu overall. Gold grades are less than 0.1 g/t overall.
Finely disseminated pyrite and minor chalcopyrite was noted from the base of oxidation at 18 metres until the end of the hole at 287.8 metres. The main copper gold mineralisation was within a quartz - chalcopyrite - magnetite vein phase that overprinted the pyritic disseminations over the entire length of the hole. The widespread potassic and chloritic alteration, visible copper minerals and associated vuggy anhydrite fractures, indicated that the hole was drilled within a large poorly exposed porphyry copper gold system.
The high pyrite to chalcopyrite ratio, the lack of intrusive rocks, and the distribution of more volatile and distal peripheral element assemblages (arsenic antimony lead and zinc) suggest that the Hole PEED1 was drilled into the edge of a porphyry system, in an outer alteration zone which would not be expected to host ore grade copper gold mineralisation.
A review of the geophysical and geochemical data has highlighted a 6km x 500m combined magnetic and airborne electromagnetic anomaly centred about 1km to the southwest. The magnetic anomaly has associated low level gold anomalism within flat lying andesite volcanics, and is surrounded by soil anomalies of elements that are peripheral to porphyry copper gold deposits.
Following consideration of the exploration results from the Peenam Prospect and the Oaky Creek Prospect south of Gayndah, D'Aguilar has formed a new subsidiary to specifically focus on the identification and development of large porphyry copper gold systems in Qld.
Porphyry copper gold systems are typically very large and low grade, and occur in distinctly different geological settings to the sediment hosted "Carlin Style" gold exploration to be undertaken by D'Aguilar subsidiary Navaho Gold Pty Ltd in northern Qld.
D'Aguilar is in the process of transferring the Peenam and Gayndah exploration permits in to Barlyne Mining Pty Ltd, and Barlyne has applied for a larger exploration tenement surrounding the Peenam EPM.
The Oaky Creek prospect near Gayndah is an outstanding porphyry copper gold prospect, situated within the centre of a well preserved Triassic volcano, and as previously announced the first diamond core hole into a large diatreme (breccia pipe) revealed continual mineralisation from surface to the end of hole (500m). The mineralisation was intensely clay altered and silicified volcanic rocks with strong zinc and lead anomalism. This is typical of that encountered above a porphyry copper system which has yet to be tested by a deep diamond drill hole.
D'Aguilar geoscientists seconded to Barlyne Mining have identified other prospective targets based on a comprehensive geological, geophysical and geochemical database assembled by the company over the past five years, and further applications for exploration permits at Colo and Yorkeys / Calgoa have been lodged with the Queensland Mines Department.
ASX:DGR) advise that the assay results have now been received for the first diamond core hole drilled on the Peenam Prospect within EPM 13361. The presence of strongly anomalous copper gold mineralisation to the end of the hole and its location on the southern edge of a magnetic high feature evident on detailed airborne magnetic imagery suggests the hole was drilled on the edge of a large porphyry copper gold system.EPM 13361, situated south east of the town of Goomeri in Southern Qld, has been previously considered by D'Aguilar to contain a porphyry copper gold target at Peenam.
Earlier soil and stream sediment sampling provided encouragement for the recent drilling program. Rock chip samples on an exposed stockwork on a creek bank assayed 3.05 g/t Au, and mapping indicated that the porphyry style mineralisation is mostly concealed and only exposed only in the topographically lowest areas, notably in stream beds. As previously announced, three shallow reverse circulation holes were then drilled in 2006, with the best assay from 16 - 64m (48m) at 0.23 g/t Gold (Au), and 0.22% Copper (Cu).
In 2007 D'Aguilar conducted a detailed helicopter borne electromagnetic and magnetic survey (VTEM) on EPM 13361 to assist in the mapping of the Peenam area. In late 2009, the Company drilled an inclined diamond core drillhole (PEED1) to 288 metres to test the outcropping copper mineralisation. Assays have been received for the top 198m of this hole, demonstrating a grade of 800 ppm Cu overall. Gold grades are less than 0.1 g/t overall.
Finely disseminated pyrite and minor chalcopyrite was noted from the base of oxidation at 18 metres until the end of the hole at 287.8 metres. The main copper gold mineralisation was within a quartz - chalcopyrite - magnetite vein phase that overprinted the pyritic disseminations over the entire length of the hole. The widespread potassic and chloritic alteration, visible copper minerals and associated vuggy anhydrite fractures, indicated that the hole was drilled within a large poorly exposed porphyry copper gold system.
The high pyrite to chalcopyrite ratio, the lack of intrusive rocks, and the distribution of more volatile and distal peripheral element assemblages (arsenic antimony lead and zinc) suggest that the Hole PEED1 was drilled into the edge of a porphyry system, in an outer alteration zone which would not be expected to host ore grade copper gold mineralisation.
A review of the geophysical and geochemical data has highlighted a 6km x 500m combined magnetic and airborne electromagnetic anomaly centred about 1km to the southwest. The magnetic anomaly has associated low level gold anomalism within flat lying andesite volcanics, and is surrounded by soil anomalies of elements that are peripheral to porphyry copper gold deposits.
Following consideration of the exploration results from the Peenam Prospect and the Oaky Creek Prospect south of Gayndah, D'Aguilar has formed a new subsidiary to specifically focus on the identification and development of large porphyry copper gold systems in Qld.
Porphyry copper gold systems are typically very large and low grade, and occur in distinctly different geological settings to the sediment hosted "Carlin Style" gold exploration to be undertaken by D'Aguilar subsidiary Navaho Gold Pty Ltd in northern Qld.
D'Aguilar is in the process of transferring the Peenam and Gayndah exploration permits in to Barlyne Mining Pty Ltd, and Barlyne has applied for a larger exploration tenement surrounding the Peenam EPM.
The Oaky Creek prospect near Gayndah is an outstanding porphyry copper gold prospect, situated within the centre of a well preserved Triassic volcano, and as previously announced the first diamond core hole into a large diatreme (breccia pipe) revealed continual mineralisation from surface to the end of hole (500m). The mineralisation was intensely clay altered and silicified volcanic rocks with strong zinc and lead anomalism. This is typical of that encountered above a porphyry copper system which has yet to be tested by a deep diamond drill hole.
D'Aguilar geoscientists seconded to Barlyne Mining have identified other prospective targets based on a comprehensive geological, geophysical and geochemical database assembled by the company over the past five years, and further applications for exploration permits at Colo and Yorkeys / Calgoa have been lodged with the Queensland Mines Department.
About D'Aguilar Gold Limited
D’Aguilar Gold Limited (ASX:DGR) is focused on generating exploration and development companies in a wide array of minerals.
Projects are conceived directly through the skills and experience of D’Aguilar’s accomplished team of exploration geoscientists (with an enviable track record), not by the costly purchase of properties. Each project or exploration strategy is held in a separate subsidiary.
Focused and specialist management is then engaged in the subsidiary, with project specific finance raised in the subsidiary – faster and less dilutive to D’Aguilar. As the subsidiary project develops and starts to derisk the subsidiary is separately capitalised (seed raisings followed by an IPO).
Investors can choose to invest specifically in a particular project/commodity, or by investing in D’Aguilar, invest in the resource company generating business which retains a significant carried interest in each project.
D’Aguilar projects tend to be very large, targeting new provinces with the potential to make world-class discoveries. The exploration concepts are often novel. While increased metal prices and advances in technology can turn former sub-economic deposits into viable projects, D’Aguilar subsidiary projects frequently emerge from detailed reassessment and reinterpretation of large databases – looking at things from a new angle and with a different focus using state of the art techniques. The D’Aguilar Directors and Managers have in the past applied new exploration models to extensive tenement areas which have led to identification of new mineral provinces and the discovery of nationally significant resources. Similar efforts are now being dedicated to D’Aguilar.
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