Askevold Trend

The Askevold trend is defined by a series of copper occurrences and geochemical anomalies associated with a sheared contact between the Askevold Volcanics and the overlying Abenab Dolomites. A 30km strike length of this highly prospective contact position lies within the Company’s EPL3743. Recent petrographic studies have shown that the mineralisation style is shear-hosted hydrothermal, more so than VMS, and have revealed a FeO-Cu-Au style mineral assemblage.

There are three very high priority targets on the Askevold Trend where previous explorers have documented significant drill intercepts and in some cases estimated a mineral resource. Approximately 30 kilometres strike length of the Askevold Trend lies within the Company’s EPL3743. As well as the Deblin prospect, exploration is progressing on several high-priority targets along the trend, including the Neuwerk, Redrob and Askevold South prospects (Figure 2).

Better drill intercepts included 5.35m @ 3.06% Cu at Deblin and 6.7m @ 1.98% Cu at Askevold South. Systematic soil geochemistry and field mapping has defined several other high priority copper anomalies.

Historical geophysical test work has showed that the semi-massive to massive chalcopyrite copper mineralisation at Deblin should be detectable by electromagnetics (EM). The Company plans to survey the recently completed Deblin drillholes using a downhole EM method. If successful, the EM programme will be extended to a fixed loop surface EM survey to test the full 1.6km strike extent of the copper in soil anomaly at Deblin. Successful downhole and surface EM at Deblin will allow the method to be used as an important targeting tool for identifying copper mineralisation along the whole 30 kilometre extent of the Askevold Copper Trend.

A recent structural interpretation using detailed aeromagnetic data has revealed at least seven cross-cutting north-east trending (050°) structures transecting the prospect area (Figure 2). Both Deblin and Redrob appear to be located near an intersection between the Askevold Trend and one of these north-east trending structures, one of which also appears to intersect the historical Kombat Copper Mine area (8.7Mt at 3.1% Cu & 26 g/t Ag) to the northeast. The Company believes these structures may represent regional controls on copper mineralisation and it intends to explore them in detail.

A zone of strong outcropping copper mineralisation has been defined over at least 1km of strike at the Redrob prospect, located just over 9 kilometres to the east of Deblin. The outcropping mineralisation is now the target of detailed mapping and channel sampling, in preparation for drill testing.

The Company intends to systematically target other copper targets on the Askevold Trend such as Redrob and Neuwerk. Regional scale soil sampling and mapping programmes are ongoing over the whole 30 kilometre strike length of the Askevold Copper Trend.

Figure 2– The Askevold Trend and prospect locations.

Deblin

The most advanced prospect on the Askevold Trend is the Deblin Copper Mine. A shaft and cross cut were developed at Deblin from 1973 to 1974. There are no production records available from the mine but it was closed early in 1974 due to flooding from a severe rain event. It is likely that the copper mineralisation was not reached by the cross cut before the flooding event and that the deposit remains in situ. It appears that very little work has been undertaken at Deblin since the late 1970s.

Data compilation and detailed mapping has revealed a compelling story at Deblin and laid the foundation for rapid advancement of the prospect. A new 3D target model has been developed which suggests that historic drilling was ineffective at testing an interpreted shallow easterly plunge (Figure 3).

Mapping has defined an extensive area of outcropping copper sulphide mineralisation and gossanous material about 350m North West of the Deblin Shaft, which is interpreted to be the surface expression of an easterly plunging mineralised system at Deblin. Several historic trenches are located in the area.

Channel sampling of the historic trenches and outcropping copper mineralisation returned encouraging results and a four-hole RC drilling in October 2012 has subsequently confirmed the historic drill copper intercepts and the new target model, supporting the concept of a broad area of untested potential between the outcropping gossans and the Deblin Shaft.

Drilling in 2012 reported broad intersections of copper mineralisation including:

DBDD0002        29.00 m @ 1.00% Cu & 1.86 g/t Ag from 57 m
Including                1.66m @ 5.38% Cu & 8.04 g/t Ag from 59.34m

DBDD0001           2.73 m @ 2.79% Cu & 6.80 g/t Ag from 135 m

The interpreted thrust positions and their related structures will be targeted for thick accumulations of copper mineralisation similar to those intersected in DBDD0002 (Figure 3).

Importantly, most mineralisation encountered at Deblin to date is within 100 metres of surface. The simple mineralogy of the Deblin deposit, the presence of a broad low-grade halo of copper mineralisation (in excess of 60 m) around the thickest intercept, and the newly interpreted geometry of the deposit (Figures 3 and 4), all combine to make Deblin potentially amenable to open cut mining.
 

Figure 3– Longitudinal projection of Deblin looking north, showing drillhole pierce points DBDD0001 and DBDD0002 as large purple dots
  

Figure 4– Interpreted geological cross section at 758545mE, looking west, and showing drillholes DBDD0001 and DBDD0002, new drill targets and new structural interpretation