Queensland Mining Corporation continues to drill high grade copper at Greenmount Friday, March 01, 2013 by Angela Kean
Queensland Mining Corporation (ASX: QMN) has returned high grades of up to 3.03% copper in recent drilling at its Greenmount Prospect in Queensland.
The company has received assays from a further two of the four diamond drill holes completed at Greenmount in the December quarter of 2012. Highlight intercepts include:
17 metres at 1.5% copper, 0.84 grams per tonne (g/t) gold and 0.36% cobalt from 74 metres, including 6 metres at 3.03% copper, 1.55g/t gold and 0.6% cobalt;
7 metres at 1.44% copper, 0.65g/t gold and 0.05% cobalt from 138 metres;
6 metres at 2.61% copper, 0.9g/t gold and 0.13% cobalt from 154 metres; and
14 metres at 1.53% copper, 0.82g/t gold and 0.12% cobalt from 172 metres.
These intersections confirm the continuity of the broad high grade zone of transitional copper and gold mineralisation identified in earlier drill holes.
Earlier this month, Queensland Mining revealed drilling of this high grade zone had produced intercepts of 3 metres at 13.1% copper and 4.9g/t gold from within a broader zone of 18 metres at 5.7% copper and 2.3g/t gold from 156 metres.
This was found in the first of the four diamond holes drilled that is located about 50 metres north of a reverse circulation hole that intersected 72 metres at 2.4% copper and 0.92g/t gold.
This zone of mineralisation in the central part of the Greenmount deposit was not fully recognised by previous explorers and drilling so far has identified a zone of at least 100 metres of strike length.
One hole was drilled to test the potential depth extensions of mineralisation located 200 metres south of the main high grade zone at Greenmount.
The hole intersected two lower grade zones of mineralisation – a gold dominant intersection, which returned 11 metres at 0.06% copper, 1.22g/t gold and 0.01% cobalt from 83 metres and a copper dominant intersection, which returned 11 metres at 0.74% copper, 0.33g/t gold and 0.06% cobalt from 221 metres.
The results from this hole indicate that the mineralisation may be controlled by a synclinal fold structure which closes out at about 200 metres vertical depth on this section.
Importantly, recognition of these structures can assist Queensland Mining in identifying further controls and plunge directions on high grade mineralisation at Greenmount.
Further drilling in the 2013 field season will aim to identify further strike potential to expand the zone.
Queensland Mining expects to complete an updated JORC Resource for Greenmount this month based on the previous reverse circulation drilling.
The company had A$2.9 million in cash at the end of December 2012.
Ends.
QMN Price at posting:
3.8¢ Sentiment: None Disclosure: Held
