Paradigm Metals (ASX: PDM) has reported a significant gold and base metal sulphide intersection in drill hole KAN003 at the Kangiara project, EL 7273, located near Boorowa central NSW (PDM 100%).
Drill hole KAN003 has intersected gold-copper-lead-zinc mineralization throughout a 76 metre interval from 84-160 metres depth within a pervasively altered felsic volcanic rock.
The 76m grades 0.56g/t Au, 0.25% Cu, 10.7g/t Ag, 0.82% Zn + Pb from 84-160m depth.
Interestingly, and as a pointer to the future, KAN003 while stopped at 160 metres depth - was still in gold-copper mineralization at base of hole.
The assays indicate that gold-copper mineralisation is generally increasing down the hole.
Graham Carman, managing director of Paradigm said, "At this early stage the dip of the mineralisation is unclear, but it is believed the mineralisation is subvertical, or steeply dipping to the east."
“This drill intersection at Kangiara is very significant because the gold and copper mineralization, in particular, is far stronger than was previously found in any other drill hole at Kangiara," Carman said.
The company is optimistic that there is potential for a large polymetallic deposit at Kangiara.
Drilling is continuing with several other holes planned to test the strike and depth extent of the mineralization encountered in KAN003.
The Kangiara mineralisation is open to the south, where a 500m IP chargeability anomaly exists. Currently, KAN004 is still in progress and will be drilled to a depth beyond 200m.
Assays are expected shortly for KAN001 and the top part of KAN004.
The Kangiara mine near Boorowa, New South Wales (approximately 100km north of Canberra) produced about 500,000 oz silver, 7,000 tonnes lead, 1,000 tonnes copper and 3,000 oz gold from underground stopes during the period 1902 to 1922.
However, the mine worked two sub-parallel north-south striking, steep east dipping sulphide veins separated by a few metres, to a maximum depth of only 120m from surface.