Porphyry Cu-Au mineralisation hit from surface at Breccia West
Breccia West is shaping up to be one of the most exciting copper-gold greenfields exploration plays in Australia due to its close proximity to Cadia-Ridgeway (5km) and its footprint from surface! Key highlights:
BZD001 intersected significant porphyry copper-gold mineralisation associated with potassic altered magmatic-hydrothermal breccia of 196m @ 0.54% CuEq (0.35% Cu & 0.23g/t Au) from 1m, including:
o 84m @ 0.62% CuEq (0.40% Cu & 0.26g/t Au) from 29m o 12m @ 1.03% CuEq (0.65% Cu & 0.44g/t Au) from 185m
BZD002 identified a separate zone of porphyry mineralisation associated with strongly developed magnetite-rich potassic alteration hosted in basaltic wall rock along strike from a strong magnetic anomaly.
High priority target: drilling the guts of the magnetic high… Given the strong association with magnetite, a high priority follow-up drill target expected to drill through the porphyry core, has been defined by the nearby magnetic anomaly and down dip projection of the mineralised magmatic-hydrothermal breccia. This high priority follow-up hole could be drilled within the next few weeks. We note that the zone of mineralisation encountered in BZD002 is wall-rock hosted (within basaltic volcanics / volcaniclastics) and associated with magnetite-quartz-chalcopyrite veining and calc-potassic porphyry alteration showing strong similarities to near miss drilling at Ridgeway (155Mt @ 0.73g/t Au, 0.38% Cu). This could be it! Intersecting porphyry mineralisation at Breccia West’s maiden drilling program validates management’s thesis that there is a link between the epithermal system at Spur and a larger mineralised porphyry system. The next drill hole at Breccia West could be transformational for WTM. We maintain our Spec Buy recommendation and price target ($1.20).
Figure 1. Interpreted source porphyry down dip magmatic-hydrothermal breccia
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