Alicanto has hit the edge of a potentially massive copper-gold system
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Special Report: Alicanto may have drilled the ‘halo’ of a large-scale copper-gold system with its very first hole at Wolf Mountain, part of the Bergslagen mining district of Southern Sweden.
Last year, initial work by Alicanto (ASX:AQI) uncovered a previously unrecognised, 14km long large-scale hydrothermal system at Wolf Mountain, prospective for high-grade and bulk-tonnage copper-gold deposits.
Alicanto said there were early stage similarities with Aitik, Sweden’s largest open-pit copper mine, which made owner Boliden about $375m profit for 2018.
Now, the very first hole drilled into Wolf Mountain has intersected significant widths of disseminated (finely grained) pyrite and chalcopyrite — minerals often associated with gold and copper deposits.
This includes more than 60 metres of disseminated chalcopyrite from 54.25m to 117.5m depth, which also appeared similar to surface rock chips that graded up to 11.9 per cent copper and 2.9 g/t gold, the company says.
The disseminated sulphide mineralisation seems to be a ‘halo’ which surrounds the main higher-grade target zone.
That main target zone is where Alicanto will be drilling next.
The explorer also intends to drill its Oxberg and Naverberg targets in the coming months.
In November, the first two drill holes from a maiden reconnaissance drill program at Naverberg hit exceptional grades like 9.5 per cent copper, 16 grams per tonne (g/t) gold, 285g/t silver, 8.2 per cent zinc, and 3.9 per cent lead.
These are exciting times, Alicanto chief exec Peter George says.
“Initial geophysical Induced Polarization surveying (IP) at the Wolf Mountain Prospect last year identified multiple, large-scale anomalies that have never been drill tested prospective for high grade copper-gold mineralisation,” he says.
“This drilling represents the first of these exciting new targets to be tested.
“Drilling is interpreted by Alicanto geologists to have intersected the margins or ‘halo’ of what could be a large-scale mineralising system in the Wolf Mountain area.
“The rig has now been mobilised towards the interpreted geophysical higher intense anomaly of the system. Drill results will be anticipated over the coming weeks.”
>> NOW WATCH: 90 Seconds With… Peter George, Alicanto Minerals