jv target bigger than olympic dam signature, page-3

What is on the website is old.
Straits were given 6 months permission to drill.
They drilled 2 1/2 holes based on Andamooka Island.
Towards the end of the 6 month period they were granted permission to drill on the lake, but due to time constraints they chose to continue with the land based drilling.
Straights and Argonaut will return.

Some info to wet the appetite..

Target
The target for the drilling at Torrens is a large high grade iron oxide hosted Copper-
Gold-Uranium-REE deposit of the Olympic Dam style. The mineralisation at Olympic
Dam and at Prominent Hill is closely related to a massive alteration system of
magnetite and haematite. This alteration system produces large magnetic and
gravity anomalies. The size of the alteration system is indicated by the anomaly size
suggests these are very large systems with potential to host a massive ‘world class’
deposit.
The target is expected to be similar to Olympic Dam and Prominent Hill and be a
Copper-Gold-Uranium-REE, with grades to support a large underground operation.

Target Geology & Proposed Drilling
The Torrens Project is a large 8 by 8 kilometre geophysical anomaly that shows
strong similarities with the Olympic Dam and Prominent Hill deposits. Situated
approximately 75 km south-east of Olympic Dam. Torrens is situated at the
intersection of a number of interpreted structures and is one of the strongest
gravity/magnetic signatures in the region. (Figures 3-5).
The Torrens Project area was originally drilled by WMC during the period 1977 to
early 1982, with three holes (TD1, TD2 and TD3) centred on the strongest coincident
gravity and magnetic anomalies. (Figures 6-7).
TD2 intersected a metasomatic magnetite-quartz-haematite-K-feldspar minor fluorite,
carbonate altered and weakly brecciated sequence with chalcopyrite and pyrite
veining, from the base of cover at approximately 500m to the bottom of the hole at
881m. The hole was highly anomalous in copper, with a maximum of 1.09% Cu and
two significant zones of low grade copper with trace to weak uranium values. Holes
TD1 and TD3 also intersected magnetite-haematite-K-feldspar altered and
metasomatised volcanosedimentary units
The economic mineralisation is interpreted to be associated with the dense, nonmagnetic
bodies on the margins of the magnetite alteration. These target areas are
clearly shown as gradients between the magnetic and gravity data currently available
(Figure 8). More detailed infill gravity will however assist in defining a number of
these areas for drill testing.
Three holes were planned to test various portions of the system. The holes were
further refined by detailed gravity and aeromagnetic surveys as well as detailed
modelling. Holes were to be drilled using diamond core from surface to maintain the
hole conditions and were to be drilled deep into basement to understand the geology.
Preliminary targets were defined 300m north of TD2, 1 km NW of TD1 and 2.5 km
NE of TD3. Holes were planned to a minimum of 900m depth with a minimum
program of 2,700m.


CONCLUSIONS & RECOMMENDATIONS
Modelling of the gravity & magnetics data by Jim Hanneson has identified numerous
drill targets both on the island & also on Lake Torrens.
Two of the generated land based targets that occur on Andamooka Island have now
been drilled. All results from geological logging, structural evaluation, petrography
and downhole geophysical investigations on the recovered core confirm a strong Iron
Oxide Copper Gold (IOCG) alteration and mineralisation signature, overprinting the
host metasediments, volcaniclastics, volcanics and intrusives. Chalcopyrite, pyrite
and lesser bornite mineralisation is also accompanied by significant LREE’s, low
grade uranium and low grade gold mineralisation, again supporting the IOCG deposit
style.
It is recommended to continue testing the targets identified by the model and also to
regularly update the model with new data obtained from the drilling.