Australian Mines (ASX:AUZ) has discovered a new bedrock conductor from recently completed ground geophysics over its Foothills prospect in Western Australia.
The conductor is situated close to oxide gold mineralisation intersected by shallow historic drilling.
Importantly, the interpreted anomaly is also located near the intersection of two controlling geological structures in the Foothills Shear and the Big Head Fault, and is only 150 metres southwest of known copper oxide mineralisation.
The modelled depth of this bedrock conductor is approximately 120 metres below the surface, which is a depth that remains untested by historical drilling.
The deepest previous drill hole reached a maximum vertical depth of 75 metres.
The Foothills prospect is AUZ's primary focus within the broader Jumbulyer tenement package and the results from this ground geophysics survey strengthens its potential to host high-grade gold-copper mineralisation.
AUZ will now look to undertake a reverse circulation drill program and corresponding down-hole electromagnetics at Foothills to drill test this anomaly and identify additional conductors that may be present at depth.
AUZ acquired a 60% interest in the Jumbulyer project in March from Mount Magnet South (ASX: MUM) by committing to spend $1 million on exploration within an initial two year period.
It may then acquire a further 20% by spending an additional $2 million on exploration within the next two years.
Scout drilling at Foothills has including a peak result of 16 metres at 6.6 grams per tonne gold from 9 metres, and defined a zone of gold mineralisation extending over a 100 metre strike length.
This structure is open along both strike and at depth.
Foothills also appears to be an emerging copper target with Mount Magnet recently mapping multiple outcrops of oxide and supergene copper mineralisation across this prospect, including rock chips up to 18% copper.
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