Carawine identifies more copper-gold targets in Victoria
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Special Report: Carawine will soon add more drill targets to its hit list after a geophysical survey identified a number of magnetic anomalies at its Jamieson project.
A detailed helicopter-borne magnetic and radiometric geophysical survey has identified new porphyry copper-gold targets at Carawine Resources’ (ASX:CWX) Jamieson project in northeast Victoria.
The news won over investors, with shares gaining as much as 17 per cent to hit an intra-day peak of 24c on Tuesday.
The survey found large magnetic complexes at the Hill 800 and Rhyolite Creek prospects, a new magnetic target directly down-dip from Hill 800 and other magnetic targets throughout the project.
Modelling is now underway to define targets for direct drill testing in the first quarter of 2020.
Late last month, the company kicked off diamond drilling that initially targeted depth extensions of known gold mineralisation at the Hill 800 prospect.
The next phase of drilling is expected to be guided by the results of this geophysical survey, which is four times more detailed than previous regional magnetic surveys.
“Since establishing a link between mineralisation at Hill 800 and the potential for large gold and copper porphyry mineral systems at the Jamieson project we have been working to identify and refine targets for drill testing,” managing director David Boyd said.
“Magnetic anomalies are commonly associated with mineralised porphyry systems and therefore provide excellent drill targets. The results from this detailed survey will be used to model the size and depth of each anomaly, which can then be prioritised for drill testing.
“Of particular interest is a magnetic high anomaly potentially down-dip from Hill 800, where we are currently drilling. This anomaly is characteristic of the typical geophysical response from a mineralised porphyry copper-gold stock and is therefore high on the priority list for modelling and drilling.”
Hill 800 is currently being drilled to depths between 80m and 160m below the current limit of drilling, which returned results of up to 93m at 3.22 grams per tonne (g/t) gold from just 2m below the surface that included a higher grade zone of 31m at 6.64g/t gold from 58m.
A separate hole hit 43m at 4.24g/t gold and 0.3% copper from 177m including a 5m intersection grading 24.1g/t gold and 0.4% copper from 203m.
The Jamieson project covers an area of about 120sqkm near the township of Jamieson, a historical gold mining region.
While the focus of exploration has been on Hill 800, which was first discovered by New Holland Mining in 1994, the project also hosts the Rhyolite Creek zinc, gold and silver prospect that was discovered in 2008.