Republic Gold (ASX: RAU) has reported that the company has made significant progress at the Burraga Copper Project located in the Lachlan Fold Belt in Central New South Wales.
The Project has been intermittently drilled over the past 40 years, with the most recent programme carried out by the company in 2007.
Based on geological modelling of this drilling, existing sub-surface drilling, extensive geochemistry and recent sampling work by the company, Republic in consultation with a range of specialists has identified a number of conceptual exploration targets at Burraga for ongoing sampling work.
Highlights include:
- A tailings conceptual exploration target size in the range of 250,000 to 350,000 tonnes at a copper grade of 1.0 to 1.5%. Recent sampling of these tailings has produced good grades that are confirming historical estimates. A detailed sampling programme is underway on these tailings.
- A hard rock conceptual exploration target size of 5 to 8 million tonnes at a copper grade of 1.0 to 1.2% in the vicinity of the historic Lloyd’s Mine, to a depth of 100 metres below surface.
- A conceptual exploration target, over the broader field with a size of potential of 75 to 125 million tonnes at a copper grade of 0.7 to 0.9%.
Republic’s Managing Director; John Kelly, said: “Burraga has been a sleeper in the company’s project portfolio, but we now believe it may be the key to a substantial base metals resource for the company."
"With recently unearthed historic drilling data and the modelling of the historic, high grade Lloyd’s Mine, the company has advanced exploration activity significantly."
"The area hosting the Burraga Project has historically delivered large gold and base metals resources, and we are pleased to report that the company has designed a drilling programme to further explore the project in light of the increased scale and development potential.”
“Two new anomalies have also been outlined and high grade copper analysis results have been received from a preliminary auger drilling programme on the tailings stockpile from the Lloyd’s Mine operation. Additionally, Newmont’s recent pegging activities follow the delineation of a large gold resource to the north of Burraga at McPhilamy’s," Kelly said.
The Project area includes the historic Lloyds Copper Mine and Lucky Draw, mined by Renison for gold in 1980’s. The drilling program is to test new anomalies and define larger target zone for future drilling.
The Burraga Copper Project is located 40km southeast of the 2.4Moz McPhilamy’s Project - Joint Venture between Newmont Exploration Pty Limited and Alkane Resources Limited.
Newmont Australia and Alkane Resources now surround Republic’s exploration leases at the Burraga Copper Gold Project following a series of recent exploration lease applications by these two companies.
The company said ongoing structural mapping and deep target definition by Steve King will be completed by the end of May. New geochemistry has defined an untested 1,000-ppm copper anomaly at Mine Road - 600 metres north east of the historic Lloyd’s Mine.
An untested anomaly hosts similar geometry to the historically mined +3.4% shoot at Lloyd’s Mine.
Republic Gold said drill testing of a significant gold & arsenic anomaly, 1,100 metres in strike length has been outlined at Burraga South.
Potential for re-treatment of significant historic tailings containing in excess of 1% copper can provide early cash flow for a future drilling programme.