Minerals 260 Limited (ASX:MI6) has discovered a second significant zone of shallow copper-gold mineralisation at its 100%-owned Moora Project, which is located ~150km north-east of Perth in the Julimar Mineral Province of SW Western Australia.
The company has now received all assays from drilling completed earlier this year, with the results continuing to demonstrate the potential of the Moora Project to host major precious and base metal discoveries.
The drilling completed has discovered two separate copper-gold zones (Mynt and Zest) and a significant gold zone (Angepena), with all mineralised zones remaining open.
The Moora Project forms part of a contiguous, 1,000 sq. km land position which also includes the adjacent Koojan JV, where the company is in joint venture with Lachlan Star Limited (ASX: LSA) and has the right to earn up to 51% equity.
In January 2022, the company completed a 37-hole/6,196m diamond core/Reverse Circulation (RC) drilling program over four targets:
The Angepena, Zest and Mynt prospects are coincident with the Mt Yule Magnetic Anomaly (MYMA), a WNW/ESE trending feature that is 6.8km long and up to 2.2km wide, interpreted to be largely due to mafic/ultramafic rocks obscured by shallow cover.
The three prospects are also coincident with the margin of a large NNW/SSE trending gravity anomaly that is 10km long and up to 3.3km wide, the northern part of which is coincident with the MYMA.
The gravity anomaly is also interpreted to represent mafic/ultramafic rocks, including non-magnetic units which are part of a larger intrusive complex. The fourth target (Unnamed) is defined by a subtle EM anomaly located on the south-east margin of the gravity anomaly ~4.1km south south-east of Zest.
Results have previously been reported for 12 holes (MRRD0001-0005, MRRC0015-0021) from the Angepena prospect and the single hole drilled at Mynt.
The Zest prospect is coincident with the south-east margin of the MYMA, where an air-core hole, drilled as part of a longer north/south traverse, intersected highly anomalous gold and copper values (see highlights) hosted by completely oxidised bedrock.
Two RC holes were drilled to test for the primary source of this anomalism with MRRC0039 intersecting disseminated to semi-massive chalcopyrite hosted by a fine-grained dolerite. Due to the intrusion of a later, barren, granitic pegmatite, the total width of the copper-gold zone is not yet known.
The Zest prospect is not coincident with surface anomalism and the air-core drilling was designed to test the effectiveness of the geochemical sampling, which now appears to be dependent on the local regolith and depth of cover.
The latest drill results indicate that large parts of the magnetic and gravity anomalies remain untested, substantially enhancing the exploration potential of the Project. Ground geophysics (EM and IP) is not possible in the immediate area due to interference from a high-voltage powerline located ~500m to the north.
Follow-up drilling will be planned for later in the year (post-harvest) and will test for dip and strike continuation of the copper-gold mineralisation. This drilling will be part of a larger program including follow-up at other prospects within the Moora and Koojan JV areas.
Managing Director, David Richards, said the results from the company’s first drilling programme at Moora since listing last year had confirmed the potential of the project for major discoveries.
We are very excited by these results. Taking into consideration the scale of the project and the relatively limited nature of the first RC/diamond drill programme, we have already discovered two significant zones of copper-gold mineralisation and one large gold zone – an outstanding result in such a short space of time,” he said.
“What is even more exciting is that we have intersected mineralisation at the new Zest prospect in an area with no geochemical anomalism, suggesting that large portions of the gravity and magnetic anomalies remain untested.
“In short, we have a large, under-explored project with serious exploration upside. In addition to the known zones at Mynt, Zest and Angepena – which provide obvious vectors for follow-up drilling – there are extensive areas that still need to be tested.
“Information from the recently completed air-core drilling and ongoing geochemical sampling will be combined with data from the gravity, aeromagnetic survey and GAIP surveys already completed to help us prioritise targets for what is expected to be a major new phase of drilling commencing later this year.”