Porphyry deposits are known around the globe to be some of the largest sources of copper, so it’s unsurprising that Corazon is keen to delve into a new potential find of this kind at its Mt Gilmore project.
An innovative mineral chemistry vectoring study by the University of Tasmania uncovered a new target area within the project in New South Wales with signatures similar to known large deposits such as Northparkes – the second largest porphyry copper-gold system in Australia.
The university’s Centre for Ore Deposit and Earth Sciences’ (CODES) porphyry vectoring and fertility tools (PVFTs) use the chemical compositions of hydrothermal minerals to predict the likely direction and distance to mineralised centres, and the potential metal endowment of a mineral district.
This is welcome news for Corazon Mining (ASX:CZN) as while previous geochemical and geophysical surveys had highlighted potential for concealed intrusion related or porphyry copper-gold hydrothermal systems, identifying precise drill targets was challenging due to the size of the geochemical anomalies, poor surface exposure and lack of historical drilling.
It noted that the initial studies are extremely encouraging and that further mineral studies and geophysics will assist the definition of targets that are expected to be easily tested with drilling.
Work will include surface rock-chip sampling for detailed mineral chemistry vectoring studies and geophysical surveys (possibly gravity and induced polarisation), initially targeting the Gordonbrook Hill prospect.
Big potential at Mt Gilmore
The Mt Gilmore project is located within the New England Orogen of northeastern NSW with work by the company identifying a very large copper-cobalt-gold-silver soil geochemical anomaly over the full 22-kilometre strike of exposed basement rocks.
This soil anomalism is supported by high-grade rock chip samples from outcrops throughout the project.
Reconnaissance IP identified chargeability anomalism at the Gordonbrook Hill, Lantana and May Queen anomalies while subsequent drilling at Gordonbrook Hill supported the use of IP as a very good mapper of alteration despite failing to intersect strong sulphide mineralisation.
Rock chips and drill core samples over a strike of about 16km were submitted to CODES for testwork, which found that the Mt Gilmore copper-gold-cobalt trend has a complex hydrothermal history and geochemical characteristics particular to known large porphyry copper deposits.
Gordonbrook Hill in particular displays both a porphyry copper deposit and skarn style signature with epidote chemistry comparable to that of Northparkes while May Queen has a strong skarn signature, trending to a porphyry system.
This article was developed in collaboration with Corazon Mining, 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.