Gunson Resources (ASX: GUN) has updated drilling progress at the Tennant Creek gold-copper project in the Northern Territory.
In a statement the company said the first hole designed to test the 2km long Gosse 5 gravity anomaly some 70 km east of Tennant Creek (TCD 1) advanced to 330m before being stopped at this depth on 18th May.
There was no obvious source of the gravity anomaly in the drill core, the main rock types being felsic to more mafic volcanic rocks of the Warramunga Formation, the host rock unit of the goldcopper ironstone deposits in the Tennant Creek district.
Localised breccia zones with hematite infill are present below 170m and a narrow zone of minor copper sulphide (chalcopyrite) mineralisation associated with thin quartz veins was noted at 243m.
Gunson said that overall, alteration of the Warramunga Formation host rocks appears to increase downwards, supporting the possibility that the source of the gravity anomaly is below 330m depth.
The core from TCD 1 is currently being sampled for gold-copper-silver assay and density measurements will also be made.
Once the results from this sampling have been received, deepening of hole TCD 1 will be considered.
The company said a high grade gold-copper deposit at depths below TCD 1 is still a financially attractive exploration target.
The drill rig was released from the contract yesterday.