Clearly defined, very exciting: Magnetic gold and copper model lures West Cobar back to Mount Jack
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West Cobar Metals is within days of starting to drill a single diamond hole at its Mount Jack Copper-Gold project in central Western NSW that will give a strong indication as to whether it is on to a winner.
A diamond drill rig has arrived on site at West Cobar Metals’ Mount Jack Project in New South Wales, where an aeromagnetic bulls-eye anomaly has been confirmed through ground magnetics by previous explorers.
This ground magnetic data was recently remodelled for West Cobar by Southern Geoscience and results in a model of three sub-parallel magnetic lenses at about 200m depth dipping at around 550 towards the south-south-west.
The modelled magnetic body could reflect disseminated pyrrhotite or magnetite associated with classic Cobar-style steeply dipping lenses of copper-gold-silver mineralisation similar to deposits near the eastern edge of the Cobar Basin.
Such projects include the CSA copper-silver mine, the Peak gold-silver-base metal mine and the Hera gold-base metal mine.
West Cobar (ASX:WC1) says geochemical traces of gold and copper – where hits of 1 metre at 0.29 g/t gold and 386ppm copper have been returned – indicate leakage from a mineralised system from the underlying basement sediments.
Now, an initial 500m hole is planned to test the bulls-eye aeromagnetic and ground magnetic anomaly for a Cobar-style copper-gold deposit – which typically contain high-grades of base metals or precious metals.
West Cobar chief executive officer David Pascoe said Mount Jack provides a clearly defined and very exciting drill target for a Cobar-style copper-gold deposit.
“The first hole should be definitive and if successful, we will expedite core cutting and laboratory analyses,” he said.
“We look forward to success at Mount Jack, which, given West Cobar’s tight capital structure, should provide strong leverage to success for shareholders.”
Pascoe said West Cobar’s programs will be ongoing with preparations continuing for drilling at the Cawkers Well gold prospect and the Nantilla prospect (base metals and gold potential).
Work to re-evaluate the major potential for copper and base metal mineralisation at Bulla Park is also advancing.
A single diamond hole (MJD01) of 500m will initially be drilled to test this model.
If hole MJD01 is successful, a second hole (MJD02) of 650m will be drilled.
This article was developed in collaboration with West Cobar Metals, 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.