Essex Minerals Inc. (TSX-V:ESX) said that the first phase of 31 line kilometres (km) of induced polarization (IP) exploration has been completed by Meryllion Resources Corp at the Mt Turner copper-moly-gold project in Australia, which has identified a number of significant anomalies indicating sulphide mineralisation.
As previously reported, Essex has granted Meryllion a 90-day option to fund a minimum C$250,000 on exploration at Mt Turner, including a detailed IP survey to define drill targets within the porphyry system.
Meryllion then has the right to earn a 70% interest by funding up to a further C$3.8 million in exploration in three stages.
"We are delighted with the Phase 1 results from the IP program, which has identified significant near surface and deeper porphyry drill targets co-incident with previously identified surface gold, copper and molybdenum in soil anomalies," Essex Minerals CEO Paul Loudon said in a statement.
READ: Essex Minerals says it has optioned Queensland copper and gold project to Meryllion Resources
"These new sulphide targets are also associated with peripheral associated gold mineralization targets on the regional scale Drummer Fault and breccia complexes further to the north, making the Mt Turner property an exciting new exploration centre," Loudon added.
The IP survey found a number of significant high-intensity anomalies within a large felsic, porphyry-style mineralising centre with strike lengths of up to 1.6km and widths of up to 1.2km. The largest anomaly remains open to the north.
The anomalies were identified in four main geological settings, noted Essex. These are a flat-lying high chargeability zone at a depth of between 100 metres (m) and 150m on the eastern flank of the altered volcanic centre, and sub-horizontal and vertical deeper anomalies associated with the Mt Turner-type volcanic intrusives.
There were also vertical anomalies associated with a north-east trending western structural corridor, and anomalies associated with vertical altered sub-volcanic intrusives, said Essex.
The Mount Turner project in north Queensland lies in the western portion of the Georgetown Inlier, which constitutes the bulk of the proclaimed Etheridge Goldfield, and consists of variably metamorphosed and deformed sedimentary and volcanic rocks.
The property was initially examined under a special Department Reserve during the 1975-78 field seasons by geologists of the Australian government's bureau of mineral resources and the Geological Survey of Queensland after the discovery of extensive hydrothermal alteration around Mt Turner.
A subsequent report in 1982 described the intrusive complex as a porphyry copper-molybdenum system with zoned polymetallic mineralisation.
A portion of Mt Turner was held by Kidston Gold Mines (KGM) between 1994 and 1998 and assessed for gold only. Mega Uranium flew detailed regional aeromagnetics in 2006-2007 as part of a regional uranium assessment.
No follow-up exploration has been undertaken on the porphyry copper-molybdenum potential identified in the 1970s until the ground was staked in 2019 by KNX Resources Limited, an Australian exploration company now wholly-owned by Essex.
Also in the statement, as previously disclosed, the company has adopted a new form of Articles, which include, among other things, the adoption of advance notice provisions in respect of the nomination of directors for election at annual general meetings. It received shareholder approval for the new Articles at its annual general and special meeting held on May 16 this year.
Essex Minerals is focused on mineral exploration and mine development and finance opportunities where it can adopt an option earn-in and joint venture model.
Contact the writer at giles@proactiveinvestors.com