GCR now has six active farm-in properties. Drilling is either underway or imminent, or results awaited, on four of the six properties, as follows:
1. At Copper Hill, in the first hole of the program, MEXCHD01, MIM intersected structurally-controlled porphyry style, quartz-magnetite veined mineralisation. Similar styles of mineralisation occur at the Cadia-Ridgeway system, owned by Newcrest Mining, located some 50 km to the south.
MIM's first hole intersected 148m at 0.32 g/t gold and 0.30% copper, including 42m at 0.64 g/t gold and 0.62% copper (See Figure).
Hole MEXCHD01 is located 100m northwest of Newcrest's hole NCR019, which intersected 157m at 0.78 g/t gold and 0.40% copper, and 750m southeast of hole CHRC58, which returned 217m at 1.67 g/t gold and 0.72% copper. MIM's second hole, MEXCHD02, was drilled 100m southeast of hole NCR019 and 250m northwest of hole NCR014, which intersected 80m at 0.42 g/t gold and 0.50% copper. Results are awaited for hole MEXCHD02.
There appears to be continuity of low-grade mineralisation along a structure defined by a deep southeast-trending magnetic low along strike of the porphyry system. A 0.5 g/t gold equivalent (using 1 g/t gold =1% copper) mineralised area 1.8 km long by 150m wide has been outlined (see Figure). Most of the drilling to date is at the northwest end of this zone, where an inferred resource of 6.6Mt at 0.8 g/t gold and 0.8% copper has been calculated for 340,000 ounces gold equivalent.
2. At West Wyalong the focus has been on the Gilmore Suture structural zone. This zone contains significant gold deposits worked in the late 1800s/ early 1900s and, more recently, has produced a number of porphyry copper-gold style intersections. Within the joint venture area previous explorers identified porphyry copper-gold systems along this structure at Narragudgil and Yiddah North. During the December 2002 quarter MIM plans to use its MIMDAS IP system over these areas to identify sulphide drill targets.
3. At Broken Hill, Sipa Resources has commenced exploration for high grade platinum-palladium associated with nickel and copper sulphides, like those in the unusually high grade intersection reported last year by GCR from hole GMS06, which returned 2m at 10.91 g/t platinum, 22.63 g/t palladium, 4.5% nickel and 6.1% copper.
Sipa has compiled past exploration data on the property and conducted geological mapping and geochemical sampling which has identified targets for detailed ground geophysical surveys planned for the near future. Drilling will follow.
4. At Yellow Mountain, Triako Resources has commenced a drilling program which will include the 6km-long gold soil anomaly outlined by GCR, where rock chips returned up to 8.0 g/t gold.
Concurrent with the drilling, Triako is exploring one of the most significant magnetic anomalies on the Gilmore Suture, the Melrose Magnetic Anomaly. Triako's processing plant lies less than 20 km away.
5. At Wagga Tank, Pasminco plans to follow up on drill results of 1m at 10.7 g/t gold and 7.8 g/t gold, in primarily a base metal environment, reported in GCR's June 2002 quarterly.
6. At Cargo, the large porphyry gold-copper system located only 12km along the northwest-trending structural corridor from the Cadia-Ridgeway deposit, Yardarino intends to commence drilling as soon as it has outlined targets. Yardarino is hopeful this will be in the December 2002 quarter.
Enquiries/requests to receive announcements by email: David Timms, MANAGING DIRECTOR, Ph (02) 9482 8833, email address: [email protected]
This report was prepared by David Timms, Managing Director and full time employee of Golden Cross Resources Ltd, who is a Fellow of the AIG and AusIMM and has more than five years experience in the field of activity in which he is reporting.
A copy of the full announcement, including the Figure, is available in PDF format on www.asx.com.au. Alternatively it is available for purchase from ASX Customer Service on 1 300 300 279.
GCR Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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