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Investigator Resources (ASX: IVR) is exploring for iron oxide, copper, gold and uranium deposits in the southern Gawler Craton of South Australia. The majority of the company's 7,000 square kilometres of tenure is in South Australia, with tenements also in Queensland and the Northern Territory.
One of the company's key projects is the Paris silver discovery and other silver targets within the large newly recognised Peterlumbo epithermal field on north Eyre Peninsula.
Southern Uranium to kick off drilling at Ridgeback copper gold targets
Southern Uranium (ASX:SNU), a mineral resources exploration company focussed on copper, gold and uranium has resumed aggressive exploration of its extensive target portfolio across the southern Gawler Craton in South Australia.
This follows the successful completion of its rights issue to shareholders to raise A$4.6 million.
Drill testing of copper gold targets at Ridgeback on the Yorke Peninsula will start this week and the company is also advancing its exploration of other high priority areas on the adjacent Eyre Peninsula later in the calendar year.
Today’s drilling announcement is the third since May concerning progress with the company’s portfolio. On May 18, SNU announced drilling had made substantial iron ore intersections at the Jungle Dam prospect on the Eyre Peninsula.
On July 2, the company announced mapping had located strong silver gold potential at Peterlumbo, also on the Eyre Peninsula.
John Anderson, managing director, said the company was vigorously pursuing its target opportunities following encouraging results from its own exploration and Rex Minerals' (ASX: RXM) July 28 announcement of its large inferred resource of copper and gold at Hillside.
“Southern Uranium has formed a large tenement package based on our prospectivity model and we now have excellent opportunities to develop and expand our diverse portfolio of copper, gold, silver, uranium, iron ore and manganese targets,” Anderson said.
Drill contractor John Nitschke Drilling is secured to start testing Southern Uranium’s North Ridgeback magnetic and gravity targets on 1st September.
The targets lie along the interpreted extension of Pine Point Fault Zone and are considered analogous to the Hillside copper gold deposits that are located within the same fault zone on the eastern side of Yorke Peninsula.
“The timely availability of the drilling contractor, the grant of collaborative drilling funding by the State Government and Rex Minerals’ recent announcement of an inferred resource at Hillside only two years after that discovery all augur well for the upcoming drilling of the exciting Ridgeback targets,” Anderson said.
Two 600m long inclined diamond drill holes are planned to test the 400m deep magnetic target and adjacent gravity target. The drilling is expected to be completed within three weeks.
Southern Uranium is also vigorously pursuing its diverse target opportunities on Eyre Peninsula.
During August, new mapping located additional prospective outcrops at the Jungle Dam iron ore project and within the newly identified Peterlumbo epithermal field with silver gold potential.
Detailed helicopter-borne magnetic/radiometric surveys were also undertaken in August over both of these areas.
Anderson said the new data was being processed to enable interpretation of prospective units or structures extending from the subtle and limited outcrops.
Detailed calcrete sampling completed over a 2km by 1.5km area of the Botenella Gate gold silver target near Jungle Dam is awiting analysis.
“We are seeking another drill contractor to recommence drilling of the iron ore target zones at Jungle Dam in late September or early October,” Anderson said.
“By that time the new calcrete analyses will be available for the nearby Botenella Gate prospect so we will consider drilling that large gold silver target as well.”
Southern Uranium is also continuing field evaluation at Hopcrafts Dam of copper gold silver and uranium soil anomalies and extensions to iron manganese anomalous outcrops.
First pass soil sampling has resumed on extensions to uranium and gold anomalies at the Yalanda Hill Joint Venture with Adelaide Resources Ltd (SNU 40% interest with right to increase to 60%).
Southern Uranium’s unified prospectivity model is being strengthened by the positive exploration results. An upgraded prospectivity model underpins the promising outlook for this diverse and highly prospective exploration portfolio in the southern Gawler Craton.
In addition to the upcoming Ridgeback drilling, the company plans to continue to prioritise and drill test the resulting pipeline of copper gold, iron ore, uranium and silver gold targets over the next six months.
