G'Day all-some considerations for review.
A 70/30 J.V.-with $ 7,000,000 usd is Anglo's required exploration expenditure -before they Anglo meet terms to officially acquire 70% from OGX
This is a standard J.V. within the industry & any future expenditure would then be distributed on a 70% Anglo / 30 % OGX proportional basis .
Personally i'm not overly concerned as prior the 30% future obligation - 7 Million USD of exploration & drilling is enough to very likely advance any priority targets -Anglo have their agenda dialed in be assured if the J.V. goes ahead what is the likely first cab off the ran target & would the drilling lead to discovery or extensions to already held JORC resources.
imo its likely to be Sertao as the first probable target, some indications in this regard are .
1) Asx Ann-28th Jan 2016 -Completion of Maiden Sertao Drilling Campaign
Extract- Hole collared on boundary of Mining Lease by neighbouring explorer deviated into Sertão Mining Lease to intercept mineralisation 1.6km down plunge from the abandoned Sertão open pit: 2m @ 18.7g/t Au (SRT001 from 541m vertical depth)
Seems like something nothing does it not ?- Nada not in my opinion.
At Sertão, a hole drilled by the neighbouring explorer deviated 50 into the Sertão Mining Lease to intercept the mineralised zone approximately 1.6km down plunge from the floor of the abandoned open pit (figure 1).
What was the resulting effect of this oversite by the adjoining North Western tenement ?
Quote-Based on analysis of the grades intersected in historic and current drilling when combined with the structural models summarised above the Exploration team has interpreted the occurrence of a high grade shoot that extends out the base of the old open pit and continues down plunge for at least 600m where high grade intercepts in hole in Troy hole GVD 080 clearly indicates the continuation of the shoot.
SRT001 is also modeled to occur within this shoot structure a further 1km down plunge .
Extract continued- Ore Shoot GeometryDuring mining of the open pit between 2003 and 2006 public reports by Troy clearly indicated a strong shoot geometry of the high-grade zones which were shown plunging shallowly towards the west.
Detailed analysis of all of the historic Troy data including drilling and open pit grades along with new information collected by the Company from mapping the old pit and, this program and re-interpreted geophysical data have led to a slight change in Orinoco’s interpretation.
The Orinoco exploration team now believe that the ore shoots in the unweathered deeper parts of the ore body plunges shallowly to the west-north west (285o) and are developed parallel to an intense mineral stretching lineation that is well developed and spatially and chronologically associated with the gold mineralisation.
A further factor in gold distribution which may also be important is the interpreted ramp and flat geometry of the major ore hosting structures which can create dilatant zones.
Based on analysis of the grades intersected in historic and current drilling when combined with the structural models summarised above the Exploration team has interpreted the occurrence of a high grade shoot that extends out the base of the old open pit and continues down plunge for at least 600m where high grade intercepts in hole in Troy hole GVD 080 and clearly indicates the continuation of the shoot.
SRT001 is also modelled to occur within this shoot structure a further 1km down plunge-(thanks to the neighbors accidental intercept right on the West North Western corner)
Some history for the less informed
The Sertão Mine was operated by Troy Resources between 2003 and 2006 and processed 320 kt of ore at a grade of 24.95g/t producing 256,800 ounces of gold, from an open pit that exploited the shallow (10° -15°) west dipping oxidised mineralised horizons.
Geological mapping during the operation documented high-grade gold mineralisation associated with intense quartz sulphide veining and silica, sericite and ankerite alteration that is broadly parallel to the regional layering.
Some historic drilling to the North West of the Sertao TRY pits 0.7m @ 48.2g/t gold (~ 30m down dip from Sertão open pit in hole GVD029) and 0.33m @ 119.6g/t gold (~650m down dip from Sertão open pit in hole GVD080) prompted OGX to further test for extensions of previously mined mineralisation at Sertão. more to come one that regard as their has been two more subsequent drilling programs that support the High Grade continuation of mineralised ore shoots ( from the very high grade 25 g p/t recovered average mined TRY pits ) expressed here in 2016 by OGX Geo's.
But first some important information is detailed in the Mine Sequence .
A thick package of iron rich limestones interbedded with carbonaceous horizons and Banded Iron Formations (BIF) host the mineralisation
at Sertão.
The mine sequence dips shallowly to the west in to the north of the mine and shallowly northwest in the area of the open pit.
The rocks of the mine sequence are intensely penetratively deformed and a strong schistosity and abundant boudinaged quartz veins are developed parallel to the regional layering.
Fresh rock gold mineralisation at Sertão is related to a broadly layer-parallel zone of shearing within the mine sequence that is interpreted to represent a major west to north west dipping thrust fault.
Whats this ! -The geometry and timing of the faults within the structural history is identical to the faults at Cascavel that host the gold mineralisation there.
The mineralised fault zone at Sertão usually occurs close to the contact of the carbonates and carbonaceous zones and a strong mineral stretching lineation defined by elongated fuchsite and sericite is well developed, the lineation consistently plunges shallowly west north west (285° -Figure 2.)
Detailed logging of the alteration has revealed a consistent pattern of hydrothermal minerals around the main gold ore system at Sertão that culminates in the Main Hydrothermal Alteration (MHA) zone that is spatially associated with the gold mineralisation that is readily recognisable
by the exploration team during logging.
The MHA, which is effectively the ore zone, comprises quartz veinlets/veins with sericite, pyrite, chalcopyrite, pyrrhotite and arsenopyrite.
The presence of arsenopyrite is seen to be the best predictor of the potential of the zone.
Asx Ann 25 July 2018-Extract -As part of this review, the Company conducted a detailed study of the Sertão Prospect which has an existing JORC Mineral Resource estimate of 223,111 tonnes at 6.9g/t for 49,268 ounces of contained gold the Sertão Stage 4 and Stage 5 orebodies were 65m and 25m wide respectively and were intensely mineralised and structurally controlled along the shallow sections previously mined by Troy.
Analysing the data gathered from the 2015 campaign with historic data from SML, Troy, WMC and the SRT001 (Yamana) drilling together with the existing induced polarisation survey of the project provides very strong support for the theory of continuation of the intense mineralisation along a structurally controlled fluid pathway to the west and north.
Our exploration team assess the findings of this modelling to indicate potential significant extensions of the Stage 4 and Stage 5 orebodies.•
The statement that Anglo would be interested in Modelling of this potential orebody indicates that it is "directly accessible" for underground mining from the existing pit directly onto the continuation of the high-grade mineralisation that is present in the existing pit wall and floor.
Sertao 5 Open Cut -to the left left behind UN-MINED mineralisation left behind by TRY -shows mineralisation that very likley continues West North West from the bas of the open pits floor potentialy for some 1600 mts out to old mates next door accidental inteception of what is thought to be continuation of high grade mineralisation .
Figure 2 – Sertão Stage 5 open cut pit at the final depth of 65mSome of the historic drill intercepts that have contributed to this model include the following:
STO004 (OGX) 0.5m @7.33g/t FROM 141m
STO005 (OGX) - 4m @10g/t from 126.2m including [email protected]/t from 130.7m
STO006 (OGX) - 1.1m @5.05g/t from 140m
STO022 (OGX) - 4m @12.4g/t from 150.2m including [email protected]/t from 150.2m
GVD080(WMC) - 0.33m @129.60g/t from 259m
GVD029 (WMC) - 0.7m @48.26g/t from 72.4m
GVD061 (WMC) - 2m @2.62g/t from 108m
SRT001 (Yamana Gold) - 2m @18.73g/t from 541m
SRD7 (SML) - 0.8m @5.15g/t from 70.09m
SRD9 (SML) - 11.72m @2.78g/t from 78.5m, including [email protected] from 78.5m
SRD13 (SML) - 1.35m @6.28g/t from 74.45m
SRD14 (SML) - 0.62m @22.97g/t from 92.26m
SRD036 (SML) - 1m @19.99g/t from 68m
SRC58 (SML) - 1m @58.66g/t from 71m and 2m @2.19g/t from 72m
SRC132 (SML) - 1m @23g/t from 67m
SRC137 (SML) - 1m @17.9g/t from 55m
SRC139 (SML) - 1m @8.2g/t from 57m
SRC140 (SML) - 1m @3.44g/t from 76m
SRC141 (SML) - 1m @32g/t from 93m and 11m @0.27 from 120m
SRB130 (SML) – 6m @2.09g/t from 75m including 1m @10.04g/t from 78m
Whats this- ! As a result of this work, an "IP anomaly "consistent with existing ground geochemistry "has been identified directly to the WEST of the Sertão Stage 4 and Stage 5 open cut pits.
Ok an IP Anomaly has been identified to the West of the Sertao previously mined very high grade open pits,
HAVE WE HAD ANY MORE DETAILS-mmmm Nada !
OK -Thats right a CIL licence was submitted for Sertao !!!
ASX -17th August 2108-drill hole OST012 indicate significant high grade westerly extension of mineralisation in the Sertão Stage 4 orebody to the west of previously mined Stage 4 open-cut pit.
OST012 assays were requested to be processed as a high priority to allow the assays to be analysed with OST001 to confirm the priorities for ongoing drilling program to the west of Sertão -all while negotiations are in limbo or are continuing with Anglo mmm yes thats right Cascavel mine development being pursued chasing high grade narrow vein gold lower- now at level 7 whereby the geometry and timing of the faultswithin the structural history at Sertao is identical to the faults at Cascavel that host the gold mineralisation , this is a big statement imo given what was pulled from the TRY pits at 25 Grams Per Tonne Recovered Gold.
Whats outstanding as far as i'm aware
I.P. Survey completed at Sertao -IP anomaly "consistent with existing ground geochemistry "has been identified directly to the
WEST of the Sertão Stage 4 and Stage 5 open cut pits.
As far as i can remember Diamond Drill Hole's at North Western Sertao are still missing in action- assays pending.
CIL Licence applied for at Sertao -did we get an update ?
And thats right our mate TINTEIRO did we receive results -NaddaDo we recon Anglo will sign a J.V. -NO BRAINIER.
TINTEIRO ROCK CHIP SAMPLES GRADE UP TO 1.75% COBALT
Each to their own though -every one has the right to their opinion, will see how things pan out
for me its a Buy .
Probably a few grammar errors these posts & the research does take a lot of time
please clarify/verify any & all information sourced from H.C.& add to it by doing your own.
gltah-salt
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