Confirmation of Copper Sulphide Mineralization: The diamond drilling program has confirmed the presence of bedrock copper sulphide mineralization within the Whaleshark Project. This is a significant finding because IOCG deposits typically contain copper, among other minerals.
Geological Indicators: The drilling intersected different types of rocks and alteration associated with IOCG deposits. These include granodiorite, diorite, chlorite and/or epidote alteration, and the presence of sulphides, primarily pyrite. These geological features are often associated with IOCG deposits.
Chalcopyrite Observation: Chalcopyrite, a copper-bearing mineral, was observed in two of the three drill holes. This is a strong indicator of copper mineralization.
Association with Iron Oxides: The presence of brown iron oxide-rich material within the shear zone is significant. IOCG deposits are characterized by the association of iron oxides with copper and other minerals. The iron-rich material being dragged into the NW-trending structure further supports this association.
Historical Reference: The statement mentions that this discovery is the most significant evidence of the potential for IOCG mineralization at Whaleshark since it was first highlighted by WMC Resources in the mid-1990s. This historical reference underscores the importance of the current findings.
Future Exploration Plans: The company plans to drill test other anomalies associated with the Banded Iron Formation, which is often a geological setting where IOCG deposits are found.
