IRIS expands gold target portfolio at Kookynie
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IRIS has confirmed the prospectivity of its Kookynie gold project after a high-resolution aeromagnetic survey identified 24 high priority targets.
The survey has also improved interpretation and modelling of the bedrock geology and structural framework as well as accurate delineation of strike extensions to the known mineralised structures.
IRIS Metals (ASX:IR1) adds that reverse circulation drilling at Kookynie is progressing ahead of schedule with over 4,500m of the planned 5,000m program already completed.
However, the company intends to continue drilling for the duration that the rig is booked for due to rig availability and the additional walk-up targets.
“The recent interpretation and analysis of the aeromagnetic survey data confirms the high level of prospectivity associated with the IRIS tenement portfolio at Kookynie,” chairman Simon Lill.
He added that the company believes Kookynie is a historical high-grade gold field with workings that have only scratched the surface and little modern exploration.
“The aeromagnetic interpretation shows the potential for discoveries and extensions at
depth, along strike and beneath areas of alluvial cover. We look forward to systematically
testing these new structural features during future drill programs,” he noted.
The high-resolution aeromagnetic data acquisition was processed by a highly experienced geophysicist and the interpretation incorporated historical geological datasets and mineral occurrences to further improve the structural and geological mineralising
models of the Kookynie goldfield.
IRIS notes that the 24 targets identified by this survey are in addition to its existing drill-ready gold prospects.
The current drill program was originally targeted at just the Lily, Rise & Shine and Treasure-Whale targets.
This article was developed in collaboration with IRIS 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.