Australia : Ironridge Resources : Significant Gold Mineralisation Intersected in Drilling at May Queen, Australia.
> Multiple high-grade gold and copper drill intersections reported, including:
2m @ 13.5g/tAu;
3m @ 2.58 g/tAu; and
lm @ 0.62 g/t Au & 1.3% Cu.
> Multiple gold and copper intersections along intrusive gabbro and feldspar porphyry contact; confirming zone of historic high-grade results.
> Mineralisation over 100m strike length open along strike and at depth.
> Both skarn and epithermal styles of mineralisation identified.
> Strong spatial association with magnetic anomaly on intrusive contact; additional multiple high-priority untested magnetic anomalies 2km to 8km to the south-east suggest copper-gold porphyry potential.
> High-grade gold has geological similarities to the 2Moz Cracow Mine, approximately 120km to the north west.
Commenting on the Company's latest progress, Vincent Mascolo, Chief Executive Officer of Iron Ridge, said: "The Company is very pleased to have confirmed the historical data and will consider a broader overview to develop regional and detailed programs to test the surrounding blind magnetic anomalies and regional zinc anomalism.
This, combined with the copper and gold anomalism, suggests some potential for bulk tonnage porphyry mineralisation."
Drilling Results & Geology
Hie Company has completed 8 percussion reverse circulation drill holes for a total of 567m at the May Queen Prospect within the Company's wholly owned Monogorilby license package, Central Queensland Australia.
Drilling has intersected multiple high-grade gold intervals confirming the 100m long zone of historic intersections, along the interpreted contact between intrusive gabbros and feldspar porphyry dykes. The contact is open along strike and at depth, providing opportunities for additional mineralisation within the target area.
Gold mineralisation occurs along the contact zone and in close proximity to the porphyry dykes. In detail, the gold lies within quartz chalcedony veinlets within a few metres of the porphyry contacts. Sulphide contents are generally less than 1% and there is a broad correlation with tellurium in the analyses. This is typical of the epithermal gold occurrences that appear in this district. The largest of these occurrences are at the 2 Moz Cracow mine.
Copper - gold (potential 'skarn' type mineralisation associated with copper-gold porphyries) was intersected in the north-east of the prospect (lm @ 1.3% Cu & 0.62g/t Au) where surface copper oxide staining had been recognised in reconnaissance mapping.
The May Queen Prospect is also characterised by a discrete magnetic anomaly, spatially associated with historical and new drill intersections. Additional magnetic anomalies occur along strike to the south-east of the May Queen prospect under approximately 20m to 50m of younger cover sediments. Potential exists for the discovery of additional high-grade gold mineralisation concealed below the younger cover sequence in settings similar to May Queen, 2km to 8km along strike to the south-east and associated with these magnetic anomalies and regional zinc anomalism.
Additionally, the occurrence of copper mineralisation in one of the drill intersections and a secondary oxidation at surface has similarities to the Red Dome copper-gold deposit within the Mungana District, in Northern Queensland, where there is a potential skarn association with base metal mineralisation along the sedimentary contact (exoscarn) in addition to bulk tonnage copper-gold porphyry mineralisation.
At Red Dome, the gold is restricted to the skarns and in the primary state occurs as very fine free gold, either as inclusions in sulphides (bornite, chalcocite, chalcopyrite and arsenopyrite), associated with silicates, tellurides and as minor electrum, with free gold in the oxide zone. Pre-mining geological resources at Red Dome in 1986 were 15 Mt @2.6 g/tAu atalg/tAu cut-off.
The Company will carry out a detailed review of current results at May Queen to plan the next phase of work. Detailed field mapping and sampling will be completed along the southern magnetic anomalies to ascertain any surface expressions to assist in the next phase of work.
The Board is delighted with the progress that the Company has made in 2016 and looks forward to keeping shareholders updated as further news becomes available.
[c] 2016 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||Nov 5, 2016|
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