C29 Metals Ltd (ASX:C29) is trading higher after securing two of five exploration licence applications in the highly prospective Olympic Dam iron oxide copper-gold (uranium) (IOCG) province of the Stuart Shelf in central South Australia.
The IOCG province is a Palaeoproterozoic and Mesoproterozoic tectonic and lithostratigraphic domain that extends for some 700 kilometres along the eastern margin of the Gawler Craton.
C29 is undertaking the regulatory preparation to further field reconnaissance activities over the two granted tenements which are highly prospective for copper and uranium.
The market has welcomed the news with shares trading at 13 cents, up 8.33% from the previous close.
Type of mineralisation
This region is considered prospective for several types of economic precious and base metal deposits with types of mineralisation that could include:
- Sediment-hosted copper deposits, of the Zambian Copperbelt style or associated with brecciated diapiric structures.
- Mississippi Valley-type ("MVT") lead-zinc-copper-silver mineralisation systems.
- Structurally hosted gold deposits associated with large fault systems in the Adelaidean sediments.
- Disseminated sediment-hosted gold deposits.
- Willemite (zinc silicate) mineralisation similar to the deposits at the Puttapa Mine.
- Tertiary silcrete carnotite Uranium (Yeerlirrie) style deposits.
Within the Mesoproterozoic basement rocks under the majority of the tenements, the main exploration targets are the Olympic Dam-style copper-gold rich deposits also known as IOCGs.
Forward plan
C29 expects that the application process for the remaining three exploration licences should be completed by the end of next month.
The company does not believe nor is it aware of any reasoning that the applications won’t be awarded once the regulatory assessment process is completed.
Application status of outstanding ELA’sshowing indicative schedule.