"BIF" related assays have been excluded from AUT's resource announcement today. Relevant extract from above article:Gold-bearing BIFs
While most banded iron formations are composed of at least 15% iron (Fe), some BIFs are associated with non-Fe resources, including gold deposits in greenstone terranes - fragments of crust broken off from tectonic plates.
Research suggests that black shales found in banded iron formations played a role in the creation of gold deposits. However it’s still a matter of debate as to whether the gold was part of the original BIF, or if it came from an external source.Black shales are associated with two BIF-hosted gold districts, Randalls in Australia and Homestake in the US state of South Dakota.
Canadian mines include Detour Lake, Madsen-Red Lake, Pickle Crow, Musselwhite and Dona Lake in Ontario.
The gold in banded iron is associated with greenstone belts believed to be ancient volcanic arcs, or in adjacent underwater troughs. Greenstone belts often contain gold, silver, copper, zinc and lead ores.
The gold is usually found in cross-cutting quartz veins/ veinlets, or as fine disseminations associated with pyrite, pyrrhotite and arsenopyrite. The host strata has generally been folded and deformed. In terms of mineralogy, gold-bearing BIFs may include native gold, pyrite, arsenopyrite, magnetite, pyrrhotite, chalcopyrite, sphalerite, galena, stibnite, and rarely, gold tellurides.
Gold in banded iron formations make excellent exploration targets because of their scalability. LikeVMS deposits, they are often found in clusters, something that is attractive to major gold companies looking for new deposits that can be developed into mines with longevity.
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