Green Critical Minerals Ltd (ASX:GCM) has lodged two new exploration licence applications designed to fully realise the greater iron oxide copper-gold (IOCG) potential near the North Barkly Project in the Northern Territory.
The applications cover shallowly covered magnetic structures while historical drilling points to IOCG alteration in the project’s far north.
What’s more, Geoscience Australia has conducted geochemical sampling in the area that outlined extensive copper, gold, molybdenum, uranium and rare earths anomalism in the cover centred over the project.
If granted, the applications will expand the explorable IOCG target structures — based on magnetic modelling and geochemistry — within the North Barkly Project to about 100 kilometres.
The story so far
Recently, GCM commissioned magnetic modelling of public magnetic and gravity data, revealing extensive, shallowly covered, north-northeast striking, vertical magnetic structures.
These structures underlie the major geochemical anomalies under varying depths of cover and research conducted by GCM revealed that only one previous drill hole tested any of these magnetic structures.
CRA conducted diamond exploration in the early 1990s and drilled a magnetic body. While no metals of value were intersected by this hole, GCM interprets the intersection as typical IOCG alteration in a barren part of an overall fertile copper-gold system.
GCM is very pleased with the emerging North Barkly Project, which has the geochemical and geophysical characteristics of an entirely new mineral district, with the potential to host copper, gold and rare earth deposits.
On the horizon
GCM plans to return to the field in May, with multi-element sampling first on the to-do list.
Once the applications are granted, the sampling program will extend to reach prospective zones within the new exploration licences.
With the program under its belt, GCM could return to the soil for a drilling campaign before year’s end, pending regulatory and landowner clearances.
The explorer is also applying for NT Geological Survey grants, which will support sampling and drilling across the North Barkly tenure.