Metals Australia (ASX: MLS) is ramping up exploration programmes across critical minerals and gold targets on the three key projects acquired through the purchase of an 80% interest in Payne Gully Gold Pty Ltd (PGG). The target areas being tested are all located along strike from major mineral deposits.
“These new exploration programmes are important steps in advancing our extensive and highly prospective Critical Minerals and gold projects in WA and the NT, which are all located along strike from major deposits in world-class mineralised terranes,” CEO Paul Ferguson said.
“High-quality drilling targets have been identified by our geological team at the Tennant Creek project, east of the high-grade Warrego copper-gold mine, and at our Warrambie project in the northwest Pilbara, which is only 10km east of the major Andover lithium discovery. We have also commenced a detailed aeromagnetic survey across a large project area located directly along strike from the five-million-ounce Big Bell mine in WA’s Murchison district.
“With exploration programmes across five key projects in Australia and Canada, the second half of 2024 will be an extremely exciting period for the company as we look to unlock the value of our portfolio.”
Very little previous exploration has been carried out within the Big Bell North tenements due to extensive soil cover and the lack of recognition of greenstone lithologies. Interpretation of regional magnetics imagery shows magnetic anomalies, likely associated with buried greenstones, which are intersected by prospective splay-fault structures that are interpreted from magnetics imagery to extend under sediment cover in untested areas. These buried greenstone and splay-fault targets are in an analogous setting to the Big Bell gold deposit to the south and Garden Gully gold mining centre to the north of the project area.
The company has commenced a large scale and detailed aerial magnetics survey (fixed wing) over the identified gold target areas within these key tenements. The magnetics will define the buried greenstone and splay-fault structures and allow the company to plan aircore drilling to bedrock to test these targets for buried gold deposits.