Yeah thanks Christo.
From the 2012 report
REGIONAL EXPLORATION
During the year, as forecast, Marengo increased its
exploration effort within the Yandera tenement area.
A highlight of the year was the completion of an airborne
geophysical survey over approximately 40% of the Yandera
project area.
This new magnetic and radiometric data will be combined
with the data flown in late 2009 together with public data,
flown during 2007, as part of the European Union’s mining
sector support program. This data will assist in targeting
future regional programs, and aid target generation in the
Company’s north western tenement areas.
(Page 15)
http://www.marengomining.com/reports/2012ANNUALREPORTFINAL.pdf
Just a little history
McMillan and Malone (1960) reported calcareous veins in
Dengaru Creek, these assayed
4
dwts. of gold per ton but were
not assayed for copper. McMillan and Malone also reported alluvial
gold mining in the vicinity of Yanderra but this has now ceased.
All samples from the current investigation were check-assayed for
gold and silver. Silver was present in most samples and ranged up
to 7.16 dwts. per ton. There were only trace amounts of gold.
Attention is drawn to a copper anomaly which was noted by
Dow and Dekker (1964). They carried out a program of stream
sediment sampling in conjunction with their regional mapping; the
following is extracted from their report;
^
The most anomalous sample was taken
2 miles downstream from the Yandera Copper Prospect,
and it contained 300 ppm copper. The stream has a
steep gradient, and most of the sediment collected
was silt size, so it is likely that the high Copper
value is due to detrital material transported from
the mineralized area, and not to absorption of
copper by clay.
The anomaly is important, because it shows
that copper mineralization can be detected by the
method up to 2 miles downstream in an area of high
rainfall and steep streams."
CONCLUSIONS AND ft_i;OOKLMATIONS.
The preliminary investigation has shown that there is copper
mineralization, in the form of disseminated sulphides, over a con-
siderable area in the Yandera-Gogumbagu area. The leaching of
primary sulphites, and the subsequent deposition of carbonates has
created several areas of intense and spectacular green staining.
The systematic sampling of the two areas of most intense disseainated
sulphide mineralization produced results which average 0.153i
,
copper.
From the assay results and the general mineralization pattern it is
concluded that the prospect (Plateg) may not constitute a low-grade-
high tonnage proposition.
The more confined area on Omora Hill, where the alteration of
primary sulphides in a brecciated zone has given rise to an area of
prominent green copper carbonates, remains of interest. The system-
atic evaluation of this hill remains to be done and the present
indications are that this rather confined locality does contain
mineralization of
a
higher grade than that exposed in Morgaru Creek.
The
mineralization pattern, with letasomatic alteration of the host
granodiorite and secondary enrichment, is favoured for "porphyry
copper" tyre mineralization. The lateral and vertical extent of
this area of brecciated granodiorite is completely unknown and
warrants investigation. Considerable prospecting and development
work could be carried out on Omora Hill at low cost, and it is
suggested that systematic geochemical sampling on a grid pattern
over this area might serve to delineate anomalies which could then be
investigated by pitting and costeaning, and finally, if preliminary
indications warrant it, by a diamond drilling program.
http://www.ga.gov.au/webtemp/1343969/Rec1965_114.pdf
Yes Christo,all those years ago,with some very rudimentary scientific analysis Yandera was discovered.
The genie,is now out of the bottle in terms of where management have now looked to increase MMC's SP.
Exploration no less,a value will have to be attributed towards the exploration,particularly with Les's,"several Yandera look a likes"comment.
Please note the valuation in particular the exploration component.
http://www.andrewjohns.ca/sites/default/files/CUM_20121214%20Turning%20the%20Focus%20to%202013.pdf
Its worth remembering we've gone from a 5 percent figure, to fourty percent in terms of our permit area.
I would think a very large exploration budget will be necessary to fully determine the prospectivety of the expanded area.
To date we've spent circa $150 million on Yandera alone,the key question is how many multiples of this amount for the additional 35 percent of our permit area now under exploration?
Management wont be able to hide this activity now.
It goes without saying Christo,when Yandera is up and running,with profit around $600 million annually,we can only go one way,with our new discoveries,yes,its ridiculously early,but I'm calling it.
LOL,I wonder what was in the 2009 survey,that they didn't release.
Raider
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