C29 Metals Ltd (ASX:C29) has been granted two of three remaining exploration licence applications in the highly prospective Olympic Dam iron oxide copper-gold (uranium) (IOCG) province of the Stuart Shelf in central South Australia.
This means that four of the five applications submitted by the company have won approval from the authorities.
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.
Details of exploration licence.
Underexplored areas
Licence EL6805 ‘Yadlamalka’ and licence EL6804 ‘Mulgaria’ have a number of coincident gravity and magnetic anomalies that are prospective targets for IOCG-style Olympic Dam mineralisation.
Both areas are underexplored, and will benefit from the application of modern geophysical methods.
Historical drilling at ‘Yadlamalka’ has identified native copper in altered sediments, along with coincident lead and zinc sulphides, while ‘Mulgaria’ is considered as moderate to high prospectivity using the South Australian government’s Olympic Dam IOCG Prospectivity Model.
C29 is awaiting regulatory approval for the remaining licence application to complete the grant process for its Torrens Project.
It is also working to gain the necessary approvals to commence field work as soon as possible.
Location of the C29 Metals held ELA’s, relative to known mines and significant projects.