Quarterly Activities Report for June 2016
Sydney, July 29, 2016 AEST (ABN Newswire) - Alt Resources Limited (
ASX:ARS) announce the Quarterly Activities Report for the period ending June 2016 with significant highlights.
- Diamond drilling completed at Kidman and Windy Hill Prospects
- Major new buried intrusion-related gold targets identified at Windy Hill
- High grade copper-silver-gold intercepted during first pass drilling at Windy Hill Prospect in hole PDD008
- Diamond drilling at Kidman continues to support strike and depth extent of vein system
- Polymetallic results support the Company's Intrusion-Related Gold model
- Regional reconnaissance work identifies a new high grade silver-gold-bismuth Prospect at Paupong, named Lone Ranger
- Rock chip sampling defines parallel zone of massive sulphide mineralisation on surface at Myalla Project.
- Application lodged for second round of drill funding under the NSW Government New Frontiers Cooperative Drilling Program
OVERVIEW
NSW-focused base and precious metals explorer Alt Resources Ltd (ASX:ARS) ("Alt or the Company") has completed the current round of diamond drilling at its flagship Paupong Project in southern NSW. During the quarter the Company successfully identified and defined a number of significant new intrusion-related gold targets beneath the Windy Hill Prospect. These targets have been identified through a combination of aerial magnetic and ground-based Induced Polarisation (IP) 3D modelling, as well as geological mapping and soil geochemistry.
3D modelling of the geophysical data supports the Company's interpretation of near-surface intrusions coupled with surrounding zones of quartz vein-hosted mineralisation, while soil geochemistry reveals strong zonation for Cu-Pb-Zn-As across these targets. The Company recently amended drilling approval applications to include the newly discovered Windy Hill targets, which now form the basis of the 2016-17 drilling program scheduled to commence in November 2016.
First pass drilling at the Windy Hill prospect in the current quarter (to the west of the new modelled intrusion target) has intercepted narrow, high grade Cu-Ag-Au mineralisation in massive sulphide and quartz veining, with anomalous bismuth and lead in hole PDD008. This mineralisation has been extended to over 250 metres in strike with positive gold-silver returns in hole PDD013.
A second round of drilling of the Kidman Prospect has confirmed the continuity of the mineralised quartz-sulphide vein system to depths of at least 200m. Sulphide mineralisation consistently comprises pyrite - arsenopyrite +/- chalcopyrite +/- galena +/- sphalerite and is interpreted to represent distal type veining related to a buried gold bearing intrusion (IRGS). Mineralisation is variable, however the system remains open at depth and along strike, with numerous higher grade zones being intercepted.
Trace element analysis has been undertaken on significant drill intercepts from the 2015 drill program. Tellurium (Te) can be used as a strong indicator element of magmatically sourced fluids, and as a vectoring tool towards an intrusive source. Te and other pathfinder element analyses suggest that the western extent of the Tom's Vein is relatively close to a magmatic mineralising source with very high Te returns up to 23.2 ppm, 6.22 ppm and 6.09 ppm.
PAUPONG PROJECT
Windy Hill Model
3D modelling of the Company's aerial magnetic and dipole dipole IP surveys showed exceptional correlation with surface geological mapping and zoned soil anomalism. These data reveal a cluster of interpreted late stage, shallow buried intrusions (stocks) beneath the Windy Hill prospect. The interpreted stocks appear to postdate and penetrate a larger intrusive body located at a depth of about 400m below surface. The anomalies have been labelled M1 to M5 for ease of identification. The surface expression of the magnetic and IP targets is mapped as zones of quartz-sulphide veining, quartz stockwork and sheeted quartz veins, with significant areas of quartz or rock-flour supported brecciation (Figure 3 in link below).
Portable XRF analysis of soil samples reveals strongly zoned anomalies of copper, lead, zinc and arsenic associated with the combined geological and geophysical targets. The relationship between geochemistry and geophysics is especially profound for magnetic anomalies M1 and M2.
In this area, surface geochemical anomalism has a diameter of ~850m, and displays a distinct pattern of zonation. An As-rich core is present, with a Pb-rich western margin, and Cu + Zn-rich eastern margin (Figure 4 in link below).
Figure 5 (above) shows the complete dataset (geophysical and geochemical) in 3D, focusing on the M1 and M2 anomalies. The relationship between geophysical features, both magnetic and IP, and surface geochemistry is clearly illustrated. In this case, the gridded arsenic surface is shown.
These lines of evidence lead the Company to believe that the combined geophysical, geological and geochemical anomalies represent a series of new Intrusion-Related Gold targets at Windy Hill.
Windy Hill Drilling
First pass drilling at the western edge of the Windy Hill Prospect intercepted narrow, high grade polymetallic mineralisation within a 300m long vein + sulphide structure. Best results were from PDD008 which included 0.3m @ 3.8% Cu, 83.6 g/t Ag, 0.4 g/t Au, 0.17% Pb and 0.3% Bi from 89.7m downhole (Figure 6 and Table 2 in link below).
Mineralisation is associated with semi-massive pyrite + chalcopyrite + galena in quartz, hosted in sandstone. A strong sericite and clay alteration halo is present. This result represents a four-fold enrichment in copper relative to the surface geochemistry from rock chip assays.
PDD007 targeted an IP anomaly which seemed to be associated with nearby quartz-vein supported breccia zones and mapped faults. The drill hole intersected 10m of diatreme breccia containing minor disseminated chalcopyrite and pyrite throughout (Figure 7). No significant assays were returned. Breccia clasts are dominantly sandstone and shale country rocks, with minor sericite-altered igneous clasts as well. The presence of altered igneous clasts within a diatreme breccia further supports the Company's IRGS model for Windy Hill.
Kidman Prospect
The Company has completed diamond drilling at the Kidman Prospect with 6 diamond holes comprising 1200m of drilling. Significant results include
- PDD006: 0.8m @ 1.43 g/t Au, 1.5 g/t Ag, 0.12 % Cu from 180.4m
- PDD009: 0.2m @ 1.72 g/t Au, 3.3 g/t Ag, from 66.2m
- PDD012: 0.3m @ 2.98 g/t Au, 10 g/t Ag, 0.73 % Cu from 112.4m
The new diamond drilling at Kidman has confirmed the continuity of the mineralised quartz-sulphide vein system to around 200m below surface, along the 1.5km strike length (Figure 8 below). Sulphide mineralisation consistently comprises pyrite - arsenopyrite +/- chalcopyrite +/- galena +/- sphalerite and is interpreted to represent distal veining related to a buried gold-bearing intrusion (IRGS). Mineralisation is variable, however the vein system remains open at depth and along strike with numerous higher grade zones being intercepted.
Trace element analysis has been undertaken on significant drill intercepts from the 2015 drill program with tellurium (Te) being a strong indicator element of magmatically sourced fluids, and as a pathfinder element towards an intrusive source. Our results suggest that the western extent of the Tom's Vein is relatively close to a magmatic mineralising source with very high Te in selected drill core samples; up to 23.2 ppm, 6.22 ppm and 6.09 ppm (Table 4 in link below).
REGIONAL PROSPECTIVITY
Lone Ranger Prospect
During the quarter the Company discovered a new mineralised zone called "Lone Ranger". The new zone lies 2 km east of the Kidman Prospect and 2.5 km south of the Windy Hill Prospect. Lone Ranger was discovered through reconnaissance rock chip sampling and regional soil sampling. The zone is characterised by quartz-sulphide veins outcropping at surface, hosted in Adaminaby Group sandstone.
Detailed geological mapping (Figure 9) shows the mineralised zone is hosted within a dilational jog along an east-west striking shear zone. Mineralisation is characterised by quartz-sulphide veins, quartz stockwork, and pyrite + sericite alteration. Rock chips returned results up to 451 g/t silver and 1.36 % bismuth, with up to 1.8 g/t Au and 0.78 % Pb.
Magnetic anomalies are evident surrounding Lone Ranger (Figure 10 in link below). The anomalies are modelled to a high level (up to 900m RL, which is less than 50m from surface), though the 700m RL model slice is shown in Figure 10. At Windy Hill, 2.5 km north of Lone Ranger, similar anomalies are interpreted as igneous stocks. At Lone Ranger, the magnetic anomalies cluster around the mineralised zone and could also represent igneous stocks. Outcropping quartz porphyritic, pyrite-bearing granite has been identified nearby.
This zone represents a significant new addition to the suite of Intrusion-Related targets at Paupong. Further soil sampling and a dipole-dipole IP survey are planned at Lone Ranger to further define the extent and character of this new discovery, and bring this prospect to drill-readiness.
The new combined exploration results at Paupong clearly demonstrate that gold and associated mineralisation form part of an Intrusion-Related Gold System (IRGS). Based on current information, the locus of this system appears to be the magnetic anomalies present beneath Windy Hill. Drilling of quartz-sulphide veins has shown a very strong association between gold and arsenic, copper, bismuth, tellurium and lead.
The project area contains at least 15 different outcropping intrusive bodies, identified by geological mapping and petrology. Review of the new aeromagnetic data also revealed significant additional intrusions present at shallow depths, but not outcropping. The relationship between these intrusive complexes is poorly understood.
The Company intends to vigorously pursue the new targets at Windy Hill. Amended drilling permissions have been approved by the NSW Government to allow drilling to be undertaken. Furthermore, Alt have submitted an application for the second generation of exploration funding under the NSW Government New Frontiers Cooperative Drilling Program and is awaiting the results.
MYALLA PROJECT
EL8416
The Myalla project is located to the north east of Dalgety, approximately 45km east of Jindabyne and 35 km south of Cooma (Figure 1 and Figure 11 in link below). EL8164 was relinquished in 2015 and EL8416 was granted 9/12/2015, extending the Myalla exploration area from the previous tenement. The new tenement was granted for a period of 2 years.
Myalla is a known deposit of Cu-Au-Ag-Zn massive sulphide within deformed Ordovician sediments. Historical drilling of the deposit below old gold workings during the 1980's, has returned intercepts of:
- Hole 8: 12m @ 1.2 g/t Au, 9.8 g/t Ag and 0.2% Cu from 39m,
o including 2.7m @ 4.3 g/t Au, 35 g/t Ag and 0.73% Cu from 42.3m,
- Hole 2: 1.07m @ 13.5% Zn, 0.17 g/t Au and 6.6 g/t Ag from 75m,
- Hole 3: 7.4m @ 1.1 g/t Au from 9m, and
- Hole 4: 0.3m @ 5.6 g/t Au and 10.4 g/t Ag from 10.3m.
This mineralisation is associated with massive and disseminated sulphides within host phyllites, and is exposed on the surface as a distinct gossan.
Recent rock chip sampling to the west of the known sulphide body successfully identified a parallel lode of gossan mineralisation associated with a strong dipole dipole IP response. Results up to 1.5 g/t Au, 3.2 g/t Ag and 0.1% Pb were returned (sample ALT0519) (Figure 12 in link below).
Planned Exploration
Planned activities include:
- Commence drilling at Windy Hill IRGS targets pending results from the second round of funding by the NSW Government
- Conduct ground reconnaissance and sampling over targets identified from regional magnetic survey
- Complete regional BLEG sampling
- Continue soil sampling over outcrop-poor areas in the Kidman Prospect area and other areas of interest in the Paupong area
- Continue mapping and reconnaissance rock chip sampling in new areas of interest
- Submit REF study at the Myalla Project to obtain drilling permits over existing defined drill targets.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/SI19UOB8
About Aurenne Alt Resources Pty Ltd
Aurenne Alt Resources Pty Ltd is an Australian based mineral exploration company that aims to become a gold producer by exploiting historical and new gold prospects across quality assets and to build value for shareholders.
| ||
|
