CLONCURRY COPPER AND GOLD PROJECT
FLORENCE BORE NORTH AND SOUTH DEPOSITS
Florence Bore North and South total Inferred Mineral Resources of
1.61Mt @ 0.77% Cu and 0.15g/t Au (for 12,398t Cu and 7,607oz Au contained)
Exploration potential for both deposits consists of possible strike
extensions.In addition, there is a wide zone of low-grade copper mineralisation associated with the footwall host in FBS1 which remains open due to a lack of drilling – further drill testing is required
Florence Bore North and South deposits have associated conductivity (SAM) anomalies. Several conductors have also been identified nearby with significant drill intersections – clear potential for further discoveries
Figure 1: Florence Creek SAM conductivity survey with selected
Maiden Inferred Mineral Resource estimates (JORC Code) have been completed at both Florence Bore North (“FBN”) and Florence Bore South (“FBS1”) deposits located within the Cloncurry Copper and Gold Project. Total inferred mineral resources of 1.61Mt @ 0.77% Cu and 0.15g/t Au (for 12,398t Cu and 7,607oz Au contained, Table 1 – ASX 30 January 2015).
EPM 15285 is located in the Eastern Fold Belt of the Proterozoic Mount Isa Inlier within the Quamby-Malbon Tectonic Zone. The Florence area is located on the margins of the
Mineralisation is related to Sub-Audio Magnetic (SAM) conductors and consists of possible skarn related copper, as chalcopyrite or oxides, depending on the depth of oxidation with significant gold associated. The deposits also contain cobalt and rare earth minerals, although these were not included in the resource estimation.
A total of 618 one metre composites were extracted from the drill hole database using the mineral wireframes. No top cutting was applied to the data. Reporting of the resource estimates used a 0.5% copper cut off with a partial percent volume adjustment for the relevant mineral wireframe.
All resources are classified as inferred based on the wide drill hole spacing, the geological model, the lack of density data and the lack of grade continuity.
Table 1: Resource estimate figures for Florence Bore North (FBN) and Florence Bore South 1 (FBS1)
Exploration potential for both deposits consists of possible strike extensions to the mineral structure. In addition, there is a wide zone of low-grade copper mineralisation associated with the footwall host in FBS1 which remains open due to a lack of surrounding drilling.
Further potential also remains with other conductivity (SAM) anomalies in the Florence area. Several nearby conductors have been drill tested and returned significant drill intersections. These and other, untested conductors demonstrate a clear potential for further discoveries.
Figure 2: Cloncurry Copper and Gold Project Location