Austral picks up historic Lady Maggie copper mine just 15km from its Mount Kelly processing plant
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Copper producer Austral Resources has been awarded exploration permit EPM28325 ‘Dingo’ in Queensland, which includes the historical Lady Maggie surface and underground mine.
The mine was privately owned and operated during the late 1960s and early 1970s producing copper ore for shipment to Mt Isa for processing, ceasing production after 1971.
Exploration activities since 2004 have included surface geochemistry and RC drilling, which intersected high-grade near surface copper intervals with exceptional oxide results including 58m at 0.97% copper from surface (including 15m at 1.75% copper from 32m downhole).
The drilling also returned sulphide results including 17m at 2.01% copper from 59m downhole (including 6m at 4.70% copper from 60m downhole).
Austral Resources (ASX:AR1) says Lady Maggie is a highly prospective opportunity as the drill results demonstrate consistent, high-grade copper mineralisation, not to mention it’s just 15km from the company’s Mount Kelly copper oxide heap leach and solvent extraction electrowinning (SX-EW) processing plant.
The focus now will be on completing the required surveys and approvals to kick off a 21-hole drilling program totalling 2,200m.
The Lady Maggie historical surface and underground (UG) workings now present as a collapsed shaft and minor surface workings along a discrete line of lode.
Historical records indicate the shaft is 60m deep with narrow drives extending 200m either side of the shaft mainly from a level approximately 25m below surface.
“Austral considers the Lady Maggie tenement as highly prospective, with multiple regional first priority structural geology present, in addition to historical production and the reported drill intersections,” the company said.
“The review of historical exploration data at Lady Maggie included generating an indicative 3D model of legacy UG workings from historical maps.
“These workings define the known high-grade core of the system and have been used to target Phase 1 exploration drilling.”
This article was developed in collaboration with Austral Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.