C29 Metals Ltd (ASX:C29)’s first-ever reverse circulation (RC) drill program at Mayfield Copper-Gold Project, in the globally recognised Mt Isa Inlier of northwest Queensland, has yielded some promising results.
The program kicks off a comprehensive exploration strategy for the company, focused on unveiling the full potential of the 100% owned asset.
The seven deep RC holes, each surpassing 250 metres in depth, hit some substantial copper mineralisation with gold as well.
Highlights
Among the highlights was a standout intersection of 12 metres at 1.55% copper and 0.17 parts per million (ppm) gold from a depth of 48 metres, including a high-grade section of 3 metres at 4.88% copper and 0.40ppm gold from 56 metres.
Further findings included:
- 10 metres at 0.50% copper from 212 metres;
- 3 metres at 0.71% copper from 229 metres within a broader low-grade intersection of 75 metres at 0.21% copper from 159 metres; and
- 2 metres at 0.56% copper from 85 metres within a wider low-grade section of 34 metres at 0.15% copper from 65 metres.
These results are particularly compelling as they suggest the mineralisation extends in multiple directions, with all copper and gold intersections remaining open up and down-dip, as well as along strike.
Moreover, the association of anomalous gold values – up to 0.61ppm gold – with all copper intersections accentuates the polymetallic nature of the deposit.
The Mayfield Project's copper-gold mineralisation is linked with a vast 'redrock' alteration halo, a feature emblematic of iron oxide-copper-gold (IOCG) systems, where retrograde sulphide mineralisation typically exploits the same geological 'plumbing' systems for the mobilisation of copper and gold.
Example of intense redrock alteration.
The identification of such wide copper-gold intervals in three distinct areas within Mayfield heralds the project's considerable promise in hosting an expansive and potentially large mineralising system.
Executive director Jeremy King said: “We are excited by initial results from Mayfield, which are the culmination of a significant exploration commitment, and confirm our observations from drilling.
“These results are excellent for a first-up reconnaissance program and highlight the excellent prospectivity of the tenement, and we look forward to follow-up work.”