Astro Resources NL (ASX:ARO) project partner Greenvale Mining Ltd has kicked off a diamond drilling program at Georgina Iron Oxide Copper-Gold (IOCG) Project in the Northern Territory following the award of two co-funding grants.
The grants were received from the Northern Territory Geophysical Survey (NTGS) Geophysics and Drilling Collaborations program for a combined maximum value of $235,000, to be used in part to explore the newly identified Leichhardt (East) prospect.
Drilling will initially focus on the highly prospective Central Tenement Group targets at Leichhardt and Banks, with an initial program of two holes planned for a total depth of 1,100 metres.
Greenvale has entered into a conditional sale of 80% of its wholly-owned subsidiary Knox Resources Pty Ltd, holder of all of its interests in the Georgina Basin, to Astro Resources.
Moving toward potential “world-class discovery”
“We’re very excited to be back in the field and drilling again at Georgina. Our last program at Twin Peaks, completed right at the end of last year, highlighted the prospectivity of this frontier region,” Greenvale Mining CEO Matthew Healy said.
“We are now back again and drilling in what is increasingly emerging as the ‘hot’ part of the belt, in and around our Central Tenement Group.
“The two targets we have defined, Banks and Leichhardt, are compelling from a geological, structural and geophysical perspective and, importantly, they are located close to an area of significantly increased exploration activity, and the copper discovery announced by Middle Island Resources at Crosswinds.
“Recent drilling by Inca has also yielded clear evidence of IOCG and SEDEX (sedimentary exhalative deposit) potential in the immediate area, and we are very much looking forward to what these two pivotal holes can deliver.
“I would also like to extend my thanks to the NT Geological Survey for their continued support of exploration in this frontier district.
“We are absolutely delighted to have been successful in our Round 15 funding applications – which will not only help to further advance exploration at the Georgina IOCG Project but also add to the body of geological understanding in East Tennant more generally.
“With activity increasing and excitement building, we are continuing to move ever closer to unlocking what we all hope will be a world-class discovery in this emerging province.”
In addition to drilling and funding activities, Greenvale recently acquired a 1.01 square kilometre tenement (EL32964) within Georgina’s existing tenure, providing security and continuity for the central project grouping.