C29 Metals Ltd (ASX:C29) has exercised its option to acquire the Mayfield Copper-Gold Project in the eastern fold belt of the Proterozoic Mt Isa Inlier of Queensland, gaining exposure to an underexplored and highly prospective tenement.
Mayfield is just 25 kilometres from Carnaby Resources’ Nil Desperandum and Lady Fanny projects – which have produced assays up to 41 metres at 4.1% copper and 0.5 g/t gold and 27 metres at 2.8% copper and 0.8 g/t gold respectively – and less than 50 kilometres from Hammer Metals Kalman deposit, which holds a JORC resource of 20 million tonnes at 0.61% copper, 0.34 g/t gold 0.14% molybdenum and 3.7 g/t rhenium.
C29 believes Mayfield will complement the company’s core projects and provide the opportunity to further expand its copper-gold inventory.
Historical data indicates Mayfield may have “excellent” potential, with greater than 80% of the project area under thin alluvial cover, demonstrating extensive near-surface mineralisation associated with magnetic anomalies.
The option agreement is with Isa Tenements Pty Ltd, a 100%-owned subsidiary of GBM Resources (ASX:GBZ) Limited.
“Opportunity to find substantial mineralisation”
“The company is excited that the licence renewal has been granted and will now work with GBM Resources to complete the transfer and settlement of the option terms,” C29 Metals executive director Mark Major said.
“This project is an opportunity asset for the company in a well-established mineral camp where numerous new discoveries are being made.
“It is now recognised that undiscovered mineralised systems exist at depth under the cover. We have a good opportunity to find substantial mineralisation and look forward to getting stuck into the exploration after settlement.”
Mayfield has so far been explored with only limited, shallow historic drill testing, with high potential to generate drill targets through modern geophysical and geochemical methods.
C29 is now seeking approval from the Queensland Department of Resources for the transfer of project title from Isa Tenements, after which settlement of the acquisition will be finalised and exploration will begin.