Astute Metals NL (ASX: ASE) has generated additional high-priority IOCG targets from continued geophysical modelling at the Banks and Leichhardt West prospects, both located within the highly-prospective central tenement area of its Georgina IOCG Project in the Northern Territory.
The modelling process has remained largely unchanged from that which identified the strong IOCG target at Leichhardt East, announced earlier this year. In 2023, an Ambient Noise Tomography (ANT) geophysical survey identified a coherent zone of low seismic velocity rocks in the shallows of the survey area, which was interpreted to approximate the Georgina Basin limestone. The limestone covers the underlying basement rocks, which have the potential to host iron-oxide copper-gold (IOCG) deposits.
Consulting group Mitre Geophysics performed constrained inversions of the gravity survey data, with a view to removing the effects of the overlying limestone cover rocks to produce a more accurate model for where prospective gravity (density) anomalies reside in the underlying basement.
Previous results from this modelling approach at Leichhardt East identified an outstanding model of dense rocks located just off-hole from drill-hole KNXLE001RDD, which intersected ironstone mineralised with respect to copper, bismuth, silver and uranium.
The most recent modelling effort has identified further targets, at the nearby Leichhardt West and Banks prospects. The former owner of the Georgina Basin Project, Greenvale Energy previously drilled a single hole into each of these targets, both of which intersected elevated levels of copper, silver and bismuth, metals associated with IOCG-style deposits.
With geophysical modelling work essentially complete and the key characteristics of the three high impact targets understood, the company has elected to test Leichhardt East as first priority, given its size, high-density character and depth to the target. Drilling is scheduled to commence in mid-2024.
“Following our recent success in defining a strong IOCG target at Leichhardt East, modelling of the existing geophysical and gravity data has now produced two additional compelling IOCG drill targets at Banks and Leichhardt West. These results have added significant value to the Georgina IOCG Project and represents one of the most compelling discovery opportunities in our portfolio,” Executive Chairman, Tony Leibowitz, said.
“We are now moving ahead with plans to drill test these exciting new targets, with our initial focus expected to be on Leichhardt East because of its size and other defining characteristics. We are looking forward to moving this project to the drilling stage, in parallel with a new phase of drilling at our lithium claystone projects in Nevada, USA.”
