Cyclone Metals Ltd (ASX:CLE) has begun exploration at its two recently acquired New Zealand gold projects – Mareburn and Macraes South – with geochemical sampling, supported by SuperTrace and Iconic Leach assaying techniques.
The company is trialling these assay techniques over known occurrences of gold mineralisation and cross-cut structures, searching for gold mineralisation similar to that found in ‘thrust systems’ in Nevada, US.
The company believes Macraes – which has already produced some 10 million ounces to date from its own thrust system – may still hold large amounts of gold in the ‘cross-cutting fault systems’.
Mareburn, on the other hand, has demonstrated “significant” gold mineralisation in historical drilling and similar thrust type lodes, and has had no systemic exploration but does hold regional mapping and structural interpretation data.
As with Macraes, Cyclone will target the cross-cutting fault systems in this initial round of exploration.
Exploration success may extend mine life
“It is very encouraging to get on the ground so soon after border restrictions have eased,” Cyclone Metals chair Terry Donnelly said.
“The orientation sampling program, and site visit by a Cyclone geologist, to this prolific +10-million-ounce gold producing area will start to advance these assets.
“With both projects contiguous to OceanaGold Corp Macraes Gold Mine, that has a 6 million tonnes per annum plant and 6-year mine life, any exploration success at Mareburn or Macraes South has the potential to add to that mine life.”
Cyclone has contracted RSC Consulting in Dunedin to oversee the exploration and to assist with any future exploration efforts.