Core Exploration (ASX: CXO) has made high grade rock chip assays of up to 567 grams per tonne silver and 15.11% combined lead and zinc at its Yerelina exploration licence in South Australia.
The high grades from gossans discovered at surface suggest mineralisation is more extensive than historical workings.
Yerelina (EL 5015) covers a 1,000 square kilometre area adjacent to the company’s Fitton Project.
Assay results have allowed Core to identify five separate north-south structures with high grade mineralisation.
This also shows that high grade mineralisation continues between and beyond the historic mineralisation, which was of initial interest to Core.
Two new locations with historic workings were identified from satellite imagery at Great Northern and Great Northern East.
Core’s recently completed field mapping and sampling was aimed at identifying extensions to the previously identified mineralisation at historical workings within the tenement.
Four historical workings are recorded within the tenement in an apparent east-west trend over 8 kilometres.
Limited documented information about the historical workings indicates that high grades of silver and lead were mined to a maximum depth of no more than 30 metres.
Analysis of modern satellite imagery and its recently completed detailed heliborne magnetic and radiometric survey data have identified that these workings are hosted by a large scale system of repeated north/south regional structures over many kilometres.
Core is now undertaking gravity surveys over areas of known outcropping mineralisation. Gravity anomalies identified in association with mineralised structures represent immediate drill targets.
Core had $1.7 million in cash as of 31 December 2012.
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