IRIS eyes nickel and gold within new tenement application

IRIS has applied for an exploration licence that is highly prospective for nickel and gold in the Menzies Mineral Field just 35km west of its Kookynie project.

The 66sqkm Providence project was identified by the company’s geophysicist as part of the Kookynie aeromagnetic interpretation and analysis activities.

IRIS Metals (ASX:IR1) plans to undertake various site reconnaissance and desktop reviews to improve its understanding of the project’s geological setting and path forward before proceeding with systematic exploration using modern exploration techniques once the licence is granted.

“The application for E29/1152, which lies in close proximity to IRIS’ Kookynie and Leonora tenure, is consistent with the company strategy of adding potentially high impact assets to the IRIS portfolio,” executive director Tal Paneth said.

“The project was named Providence to reflect the fortuitous way in which it was brought to our attention, for which we would like to thank our geophysicist. We look forward to methodically exploring this geophysical anomaly.”

Providence project

Providence is characterised by a magnetic feature identified when reviewing the recently acquired detailed aeromagnetic data over Kookynie.

This feature is associated with a section of dyke near the Kalgoorlie and Kurnalpi terrain boundary proximal to the Moriarty Shear and is considered to be fertile for both nickel and gold mineralisation.

IRIS notes that while most of the dyke is reverse polarised, it displays normal polarisation at the flexure point at the terrain boundary, which suggests either a fluid mineralising event that has altered the magnetite or subsequent magmatic activity.

The feature also includes an annular low surrounding the flexure point that could be the results of magnetite destruction by hydrothermal fluids.

That’s interesting, because features such as this are often associated with mineralised intrusions close to crustal breaks and terrain boundaries, making it a good spot for exploration.

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.