The potential for deeper copper deposits in the Cloncurry region based on geophysical data from True North Copper (TNC) exploration findings (Feb 26th, Investor Webinar), specifically Induced Polarization (IP) surveys, raises the chances of Mongoose Deeps being the source of the regional shallow copper deposits mined over the last century.
Previous Exploration: The Great Australia copper mine has been operating for over a century, and past geophysics explorers primarily used magnetic surveys.
Current TNC Resources Estimate: Mineral resource estimates of Great Australia, Orphan Shear and Taipan is in the order of 76,000 tonnes of copper metal & 32,000 oz of gold. While RNX's Mongoose resource stands at 17,000 tonnes of copper metal and 7,300 oz gold with Mongoose West likely to add additional metal units to the regional metal inventory.
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New Approach: TNC employed IP surveys, a technique more suited to the targeted copper-gold mineral system.
Large IOCG System: The IP data suggests a much larger Iron Oxide Copper-Gold (IOCG) system than previously understood. It appears to connect the previously isolated Taipan, Great Australia, and Orphan deposits. In terms of RNX, the Mongoose "shallows" resource (next to Taipan) will be part of this same system.
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High Priority Targets: Eight drill-ready targets with strong IP anomalies were identified within the Cloncurry operations area, near existing infrastructure by TNC. Target A is directly below Taipan pit hence confirming the suitability of the IP method for identifying new mineralisation zones.
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Target D: Target D is particularly exciting due to its association with major structures and its "open at depth" signature. It's believed to be the "structural feeder for the whole system" and could potentially hold significant copper resources.
The geophysical data indicates a deeper and more extensive copper system in the Cloncurry region than previously known and appears to be pointing to the Mongoose Deeps geophysics data anomaly. eg. the tip of the Mongoose Deeps "purple blob" near the Great Australia mining region.
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Therefore, the geophysics data suggests a large, deep conductive zone (Target D) at the intersection of structures, potentially feeding the entire copper system could be originating from the newly identified Mongoose Deeps anomaly. Drilling results in coming days will confirm this possible relationship.
Reference: Review of the TNC webinar exploration activities from 17 to 23 minute mark.
(20min delay)